Real estate in Florida is seeing its best sales since the financial crisis. With a decrease in mortgage rates and affordable rental prices available, potential real estate investors will be excited to see the new opportunities our state has to offer. Buying houses in West Palm Beach can now be a tangible realty for potential investors who have delayed in committing to home ownership as house pricing has decreased recently to a more affordable range. At the same time, the Florida Homeowner Association (HOA) has placed new regulations to keep the current growth under check and avoid possible mismatch between supply and demand.
Before purchasing property in Florida or searching for homes for sale Jupiter Florida, you should review changes that have been incorporated into the new HOA laws. Here is a quick overview of all the important changes for all potential Florida homeowners:
- According to a major amendment in the law, All Florida Homeowners Associations (HOA) will be bound to deliver reports consisting of the total number of houses and their total revenue generated. HOA will need to include all this within its budget as well.
- All public notices relating to real estate in Florida will be made available online. The notices will continue to appear in Florida newspapers but they will also appear online on the Florida Public Notices website. This independent website is being operated by the Florida Press Association. The long-term objective of this legislation is to move all public notices to the web so that everyone can access them instantly without ever having to look at a paper copy.
- In addition to these amendments governing general HOA management, there is legislation for specific troubled associations to help them avoid bankruptcy. This will help improve real estate West Palm Beach and other popular real estate hot spots within the sunshine state.