Inspection Costs in Longboat Key
Inspection Costs in Longboat Key: The Real Risks
Quick Answer
If you overlook inspection costs in Longboat Key, you risk unexpected expenses that can derail your deal. Florida Statute 553 governs building codes, and local ordinances like the Town of Longboat Key‘s Resolution 2022-20 dictate inspection fees. For instance, a foundation inspection alone can cost up to $1,820. Discovering these costs late can force you to come up with additional cash or risk losing your deposit. Call me at 941.400.8735 or reach out directly to Michael Renick – I’ll share my approach with you.
What Actually Breaks Deals in Florida
The Problem of Unanticipated Inspection Costs
The inspection framework, governed by Florida Statute 553 and local ordinances, can catch buyers off guard with costs that exceed expectations. I once saw a deal fall apart when a buyer was hit with a $1,629 foundation inspection fee they hadn’t budgeted for. The consequence? They had to scramble for additional funds or risk losing their deposit.
Recently my husband and I bought a condo in Longboat Key. We initially chose Team Renick simply because they were representing a property we were interested in, but decided to stay with them because they were so attentive. Eric Teoh was the agent assigned to us and he was very efficient, always prompt, and extremely knowledgeable about every property on LBK. When the day came for the walk-thru of the property we decided to bid on, Eric actually helped me measure the walls and even noticed when I wrote the dimensions on the wrong parts of the floor plan. When we had our closing, our attorney was impressed that our realtor was providing us with such a good home warranty. And then there’s Team Renick’s contribution to the LBK nature conservancy for every sale they make. On every front, an outstanding realtor!
– LWGraboys, Zillow Review
Insurance Binding Failures
Insurance binding is critical, especially on barrier islands like Longboat Key, where coastal risks are high. During underwriting, a client discovered their insurance binder was denied due to a pending structural inspection requirement. This forced a renegotiation of terms, delaying closing and adding stress to the transaction.
Where It Usually Blows Up
The transaction stage where these issues typically surface is during the inspection period. This timing is brutal because buyers are already financially committed, and any surprise costs or requirements can lead to significant financial strain. When these issues surface late, buyers may lose their deposits, face closing delays, or even have to walk away from the deal entirely.
What I Tell Clients Before They Risk Money
- Understand Local Ordinances: Review Longboat Key’s building permit fees and inspection requirements before making an offer.
- Budget for Inspections: Allocate funds for potential inspection costs, including specialized ones like foundation inspections.
- Verify Insurance Requirements: Ensure your insurance binder is in place and compliant with local and state regulations.
- Check HOA and Condo Rules: Confirm any association approvals or structural inspection mandates that could affect your deal.
- Review Florida Statutes: Familiarize yourself with relevant statutes like 553 to understand building code implications.
Purchasing a home can be a time-consuming and stressful venture: visiting prospective homes; identifying the pros and cons of each property; deciding which properties are right for you; final visit at these properties; making an offer (and counteroffer); dealing with the Sellers realtor; reviewing the Agreement For Sale; finding an attorney; finding a home inspection company; and acquiring home and flood insurance. Then the difficult task starts, working with a bank and filling out all the paperwork (Ugh!). Mike and Eric were very helpful throughout the process and kept us informed of our requirements and responsibilities for each deadline.
– bshea20047, Zillow Review
Let’s continue this conversation.
Call me at 941.400.8735 or schedule a 15-minute call. I’ll tell you what I would look for.
Call 941.400.8735 or Schedule a Call
Questions Clients Actually Ask
What are the typical inspection costs in Longboat Key?
Inspection costs can vary, but property inspections generally range from $278 to $338. Specialized inspections, like foundation checks, can be significantly higher, reaching up to $1,820. It’s crucial to budget for these costs early in the buying process.
How do local ordinances affect my real estate transaction?
Local ordinances, such as those in Longboat Key, dictate inspection and permit fees, which can impact your overall costs. For example, video inspections might save you money compared to in-person ones. Understanding these rules can prevent unexpected financial burdens.
What To Do Right Now
Request a detailed breakdown of all potential inspection costs from your real estate agent or directly from the Longboat Key Planning, Zoning & Building Department. This will help you anticipate expenses and avoid surprises.
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