The Ultimate
PROPERTY
Buying
GUIDE
Everything you need to buy with confidence — from first tour to closing day.
Presented by Laura Norman — Your Trusted Orlando Realtor
Your Journey to Homeownership
Buying a home is one of the most exciting — and important — decisions you'll ever make. Whether you're a first-time buyer or a seasoned homeowner, navigating Orlando's dynamic real estate market requires knowledge, preparation, and the right guidance.
I've helped hundreds of families find their dream homes in Orlando, and I've created this comprehensive guide to share everything I've learned. From understanding mortgage options to negotiating the best price, I'll walk you through each step of the process with clarity and confidence.
Let's get started on your path to homeownership!
Getting Your Finances Ready
Understand Your Budget
Before falling in love with a home, know what you can afford. The general rule is to spend no more than 28% of your gross monthly income on housing costs.
Quick Budget Calculator
If your annual income is $75,000:
- • Monthly gross income: $6,250
- • Recommended housing budget: $1,750/month
- • Approximate home price: $300,000 - $350,000
Get Pre-Approved for a Mortgage
Pre-approval shows sellers you're a serious buyer and helps you understand your purchasing power. Here's what you'll need:
- Proof of income (pay stubs, W-2s, tax returns)
- Credit report and score (aim for 620+ for conventional loans)
- Bank statements showing assets and down payment funds
- Employment verification
Down Payment Options
20% Down
Avoid PMI, lower monthly payments, better rates
10-15% Down
Balance between upfront costs and monthly payments
3-5% Down
FHA and first-time buyer programs available
Understanding the Orlando Market
Top Orlando Neighborhoods for Families
Winter Park
Charming downtown, excellent schools, tree-lined streets. Median price: $550,000+
Best for: Families seeking walkability and top-rated schools
Lake Nona
Master-planned community, modern homes, cutting-edge technology. Median price: $450,000+
Best for: Tech-savvy families, medical professionals
Windermere
Lakefront living, luxury homes, A-rated schools. Median price: $600,000+
Best for: Buyers seeking upscale suburban lifestyle
Oviedo
Family-friendly, great schools, parks and trails. Median price: $400,000+
Best for: First-time buyers, growing families
📊 Current Orlando Market Snapshot
- • Average days on market: 30-45 days
- • Year-over-year appreciation: 4-6%
- • Inventory levels: Moderate, favoring balanced market
- • Best time to buy: Fall/Winter for less competition
Finding the Perfect Property
Create Your Wish List
Separate your "must-haves" from "nice-to-haves" to stay focused during your search.
Must-Haves
- ✓ Number of bedrooms/bathrooms
- ✓ Location/school district
- ✓ Maximum budget
- ✓ Essential features (garage, yard, etc.)
Nice-to-Haves
- • Pool
- • Updated kitchen
- • Home office
- • Walk-in closets
What to Look For During Tours
Foundation & Structure
Check for cracks, uneven floors, or settling issues
Roof Condition
Ask about age and check for visible damage or repairs
HVAC & Systems
Verify age and functionality of major systems
Water Damage
Especially important in Florida — check ceilings, walls, and windows
Making an Offer & Negotiating
Crafting Your Offer
Your offer includes more than just price. Here are the key components:
1. Purchase Price
Based on comparable sales, market conditions, and your budget. I'll help you determine a competitive yet fair price.
2. Earnest Money Deposit
Typically 1-3% of purchase price, shows you're serious and goes toward your down payment.
3. Contingencies
Protect yourself with these standard contingencies:
- • Home inspection contingency
- • Financing contingency
- • Appraisal contingency
- • Title contingency
4. Closing Timeline
Typically 30-45 days. A flexible timeline can make your offer more attractive.
💡 Pro Tip: Making Your Offer Stand Out
- • Write a personal letter to the sellers
- • Be flexible on closing date
- • Increase earnest money deposit
- • Get pre-approved (not just pre-qualified)
- • Limit contingencies when appropriate
Negotiation Strategies
As your agent, I'll negotiate on your behalf to get you the best terms. Here's what we might negotiate:
- →Purchase price based on inspection findings
- →Seller concessions (closing costs, repairs)
- →Included appliances or furnishings
- →Home warranty coverage
Home Inspection & Due Diligence
Why Inspections Matter
A professional home inspection (typically $300-$500) can save you thousands by uncovering hidden issues before you buy.
Standard Inspection Includes:
Additional Inspections for Florida Homes
🏊 Pool Inspection
If the home has a pool, hire a specialist to check pumps, filters, heaters, and structural integrity.
🐛 Termite/Pest Inspection
Essential in Florida! Many lenders require this. Cost: $75-$150.
🌊 Flood Risk Assessment
Determine if you're in a flood zone and if flood insurance is required.
🛡️ Mold Inspection
Florida's humidity makes this important. Request if you see signs of water damage.
After the Inspection
You have three options:
- 1. Accept the property as-is — Move forward with no changes
- 2. Negotiate repairs or credits — Ask seller to fix issues or reduce price
- 3. Walk away — If major issues are found, you can cancel within contingency period
Homeowner's Insurance in Florida
Florida homeowner's insurance is unique and often more expensive than other states due to hurricane risk. Understanding your coverage options is essential before closing.
What's Typically Covered:
🌊 Flood Insurance
Standard policies DON'T cover flood damage. If you're in a flood zone, you'll need separate flood insurance through the National Flood Insurance Program (NFIP) or private carrier.
🌀 Hurricane/Wind Coverage
Many policies have separate wind/hurricane deductibles (often 2-5% of dwelling coverage). Make sure you understand your deductible before buying.
🔨 Actual Cash Value vs. Replacement Cost
Replacement cost coverage is more expensive but better protection. It pays to rebuild/replace without depreciation deductions.
💡 Insurance Shopping Tips
Your lender will require proof of insurance before closing. Start shopping 30 days before closing to compare quotes. Bundling with auto insurance can save 15-25%.
Buying in an HOA Community
Many Orlando communities have Homeowners Associations (HOAs). While they maintain common areas and amenities, they also have rules and fees you need to understand before buying.
What to Review Before Buying:
✅ HOA Benefits
- • Maintained common areas
- • Amenities (pool, gym, parks)
- • Consistent property values
- • Neighborhood standards
⚠️ Potential Drawbacks
- • Monthly fees (can increase)
- • Rules and restrictions
- • Special assessments
- • Limited home modifications
💡 My HOA Review Process
I'll request all HOA documents during your due diligence period, including financials, bylaws, and recent meeting minutes. We'll review them together to make sure the community is a good fit for your lifestyle and budget.
Florida Property Tax & Prorations
Understanding Florida property taxes can save you thousands. Here's what you need to know as a buyer in Orlando.
🏠 Save Our Homes (SOH) Benefit
Florida's Save Our Homes caps annual property tax increases at 3% for your primary residence. This protects homeowners from dramatic tax increases.
Important: When you buy a home, the assessed value resets to market value. Your first year taxes may be higher than the seller's taxes.
📋 Homestead Exemption
File for homestead exemption after moving in to reduce your taxable value by up to $50,000. This saves most homeowners $750-$1,000 annually.
Deadline: File by March 1st following the year you establish residency to get the exemption for that tax year.
Portability
If you're selling a Florida home with Save Our Homes benefits, you can transfer up to $500,000 of your tax savings to your new home. This must be done within 3 years.
Tax Prorations at Closing
In Florida, property taxes are paid in arrears (you pay current year's taxes in November). At closing, the seller pays their share of annual taxes, and you'll see a credit/debit on your closing statement.
Budget for your first full tax bill arriving about a year after closing.
💡 I'll Help You Plan
I'll provide estimated property tax information for any home you're considering, including what to expect after the homestead exemption. This helps you budget accurately.
FIRPTA: Foreign Investment Considerations
FIRPTA (Foreign Investment in Real Property Tax Act) is a tax withholding law that affects transactions when the seller is a foreign person (non-U.S. citizen or resident).
⚠️ What Buyers Need to Know
If you're buying from a foreign seller, you (the buyer) may be required to withhold 15% of the purchase price and send it to the IRS unless the seller provides a FIRPTA exemption certificate.
Don't worry — I'll work with the title company and closing attorney to handle all FIRPTA requirements properly.
Common FIRPTA Exemptions:
- • Purchase price under $300,000 (buyer using as residence)
- • Seller provides withholding certificate
- • Seller is U.S. citizen or resident
For Foreign Buyers:
- • ITIN required for tax purposes
- • Larger down payments (often 30%+)
- • Different mortgage requirements
💡 We Handle the Details
FIRPTA compliance is handled at closing by the title company. I'll ensure all necessary documentation is collected early to avoid closing delays.
Closing Day & Beyond
The Final Steps
You're almost there! Here's what happens in the final days before closing.
Final Walk-Through
Schedule this 24-48 hours before closing to ensure agreed-upon repairs were made and the property is in expected condition.
Review Closing Disclosure
You'll receive this at least 3 days before closing. Review all costs, loan terms, and ensure everything matches your expectations.
Wire Funds
You'll need to wire your down payment and closing costs. ALWAYS verify wiring instructions by calling your title company directly.
Closing Day
Bring your ID and be prepared to sign documents for about an hour. You'll receive:
- • House keys
- • Garage door openers
- • Security codes
- • Deed and title documents
Typical Closing Costs (2-5% of Purchase Price)
What Happens After Closing?
Congratulations, you're officially a homeowner! Here's your checklist for the first few weeks in your new Orlando home.
📋 File for Homestead Exemption
File with the Orange County Property Appraiser by March 1st to save $750-$1,000 annually on property taxes. You must establish this as your primary residence first.
🔌 Transfer Utilities
Set up accounts before moving in:
- • Electric (Orlando Utilities Commission or Duke Energy)
- • Water & sewer (usually through city/county)
- • Gas (if applicable)
- • Internet & cable
- • Trash/recycling service
🔑 Change Locks & Security Codes
Even if you received all keys, rekey locks or replace them entirely for security. Update garage door codes and alarm systems immediately.
📬 Update Your Address
File change of address with:
- • USPS (online at usps.com)
- • Employer & payroll
- • Banks and credit cards
- • DMV (update driver's license)
- • Voter registration
- • Insurance companies
🛠️ Locate & Document Important Items
Find and photograph:
- • Main water shut-off valve
- • Electrical panel
- • HVAC filters (change every 1-3 months in Florida)
- • Pool equipment and controls
- • Sprinkler system timer
- • Any warranties or manuals left by seller
Schedule Routine Maintenance
Florida's climate requires regular attention:
- • HVAC servicing (twice yearly recommended)
- • Pool maintenance (weekly if applicable)
- • Lawn care & pest control
- • Roof inspection (especially before hurricane season)
- • Gutter cleaning
📝 Keep Important Documents
Store safely: deed, title insurance, closing disclosure, home inspection report, HOA documents, warranties, and receipts for improvements (needed for tax basis when you sell).
👋 Meet Your Neighbors
Introduce yourself to neighbors, join community social media groups, and attend HOA meetings if applicable. They're great resources for local recommendations!
💡 I'm Still Here to Help!
Even after closing, I'm your resource for contractor recommendations, HOA questions, or advice about maintaining your home. And when you're ready to sell or buy again, I'll be here to guide you through that journey too.
Your Buying Timeline
Get Pre-Approved & Start Shopping
Meet with lenders, tour homes, refine your wish list
Make an Offer
Submit offer, negotiate terms, sign contract
Inspection & Appraisal
Complete home inspection, lender orders appraisal
Finalize Financing
Submit final docs to lender, get clear to close
Close & Move In!
Final walk-through, sign papers, get your keys
Common Mistakes to Avoid
❌ Skipping Pre-Approval
Shopping without pre-approval wastes time and you might lose your dream home to a prepared buyer.
❌ Ignoring Additional Costs
Budget for HOA fees, property taxes, insurance, maintenance, and utilities — not just the mortgage.
❌ Waiving Inspection
Even in competitive markets, an inspection protects you from expensive surprises.
❌ Making Big Purchases
Don't buy a car, furniture, or make large charges before closing — it affects your loan approval.
❌ Falling in Love Too Quickly
Stay objective during tours. Emotion can lead to overpaying or overlooking red flags.
❌ Not Researching Neighborhoods
Visit at different times of day, check school ratings, and talk to neighbors before committing.
Your Trusted Guide Through the Process
As your Orlando real estate professional, I'm committed to making your home buying experience smooth, informed, and successful.
The information in this guide comes from years of helping families navigate the Orlando market. Every step matters, and I'm here to ensure you avoid common pitfalls while taking advantage of every opportunity.
"My goal isn't just to help you buy a house — it's to help you find a home you'll love for years to come."
— Laura Norman, Wemert Group Realty
Ready to Start Your Home Buying Journey?
I'm here to guide you through every step with personalized advice and expert market knowledge. Let's find your perfect Orlando home together.
📧 laura@lauranorman.me