Key West Waterfront Homes

Key West waterfront homes provide you with the perfect way to get acquainted with Key West. An island that was once a coral reef, Key West has few beaches. But what it lacks in beaches, it makes up for the tons of attractions that make this charming little island in the southernmost tip of the Florida Keys one of the hottest vacation spots in the country.

So if you are planning to make your home in this paradise of an island, you have got a lot of option – Key West waterfront homes, among them. Below are some general tips to help you when you decide to buy one of these lovely Key West waterfront homes:

Step 1: How much can you afford?

There are actually two issues involved – how much home you can afford and buying vs. renting. Sometimes, it's cheaper to rent than to buy your own Key West waterfront home, especially if you don't plan on staying long term.

But if you are truly looking to make a home out of this beautiful island facing the Atlantic Ocean, then by all means, BUY. But first, know how much home you can afford.

The answer depends on a lot of factors – income, credit rating, current monthly expenses, down payment and interest rate. There are many home buying calculators that can help you with these. But if you want to be sure, it's best if you visit a lender.

Step 2: As prospective owner, what are your rights?

Buying Key West waterfront homes means having title and ownership over the property – both of which connote several rights that are normally exercised by an owner. As a prospective owner of a Key West waterfront home, you might want to learn in advance about Fair Housing: Equal Opportunity for All, Real Estate Settlement Procedures Act, Borrower's Rights, and Predatory Lending.

Step 3: Find a Financing

Don't go with the first lender that offers you a loan for your Key West waterfront home. You can save a lot more money by doing your homework first. For the best value, talk with several lenders and compare costs and interest rates. You can even negotiate for a better deal if you feel up for it. Also, getting pre-approved for a loan could help you get an idea as to how much you are worth, financing-wise (meaning how much lenders are willing to lend you).

Step 4: Shop for a Home

The most important step perhaps. Certainly the most pivotal. This is it. This is really it. Choose a real estate agent who will help you find Key West waterfront homes that meet your personal criteria and get in touch with the owners for a showing. Before you personally visit the property for a look-see, consider making a wish list of all the features that you want.