Buying a House in Florida: How Much Do I Need?

Florida is one of the most desirable states to own a home. There’s no wonder why – the gorgeous beaches and perfect year-round weather, what more could you ask for? Well, you might ask how much money you need for buying a house in Florida. Today we’ll take a look at just what it takes to own a home in the sunshine state.

Buying a House in Florida

Home prices in Florida have gone up over the last several years. In fact, it’s reported that South Florida home prices have gone up nearly 31% since 2015. However, Florida home prices were quite low to begin with, especially compared to other sunshine states, like California. Besides, increased prices are hard to swallow when buying a home, but are praised as they increase your equity thereafter.

Location, Location, Location

As you know, in real estate, location matters. So, exactly how much you need when buying a house in Florida will vary depending on which region you choose. Markets such as Naples, Orlando, Sarasota, Miami, and the like will require a larger investment as home prices are higher in these areas.


According to Zillow, the median home price in Florida is around $258,257. Though you can find smaller homes and those that need work for less if you spend enough time looking.

Extra Amenities

When determining how much money you will need to buy a home in Florida, you will also need to factor in any costs for extra amenities. This state is home to a good deal of beautiful golf course and planned communities. While these are desirable neighborhoods, most of them do require a yearly homeowner’s association (HOA) fee, and some require extra to become a member of the golf club.

Repairs or Upgrades

Does the home you’re purchasing require any repairs or upgrades? If so, you will need to factor this into your budget. Also consider that this state deals with hurricanes. It’s a great idea to invest in hurricane shutters, hurricane windows, and such. While you don’t have to do this as soon as you move in, it’s better to do it sooner rather than later.

Closing Costs

The closing costs you will pay largely depends on what type of property you purchase and how you are paying.


If you are a cash buyer you can expect to pay between $500 and $900 to the title company to cover the closing fee. You may also need to pay for:


  • A Survey – though a survey is not required if you pay cash, it’s still recommended. These cost anywhere from $375 to $500
  • Title Search – This is a search that looks for history of the property. It checks for unpaid taxes, easements, liens, and open permits. This service costs between $100 and $250
  • Recording Fees – This fee is charged by the title company to record the deed. It usually costs anywhere from $18 to $30.


Those buying a home with a mortgage can expect to pay fees of:

  • Appraisal – Because the money is being loaned, the lender will want you to pay for an appraisal. This can run from $450 – $500.
  • Title Search – Same reasoning as if buying for cash, costing between $100 and $250.
  • Stamp Tax – excise tax imposed on certain documents executed, delivered, or recorded in Florida. The tax is a percentage per $100, and depends on the county the house is located in.

The Total Estimate

Buying a house in Florida is one of the best investments you can make, but you will need to be sure you can afford it. As a baseline, you should figure the house will cost at least $200,000. So, with an FHA, you will need a 3.5% down payment of around $7,000. You will then need to factor in closing costs, and any other additional fees required. Of course, the more expensive the purchase price, the higher the down payment, closing costs, and additional fees.


For a great deal on a home, consider buying directly from companies that buy houses for cash. They specialize in buying houses at low cost, fixing them up beautifully, and then selling them at great prices. If you’re looking for a house in sunny Southwest Florida be sure to contact Tropic Coast Homes! We have many beautiful homes for sale in the area!


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