Two sisters from Austin, Minnesota, both in their late 20s, have long pondered a move to Florida to escape the harsh Midwest winters. Given that they’re in customer service, they can telework from anywhere. But when it comes to homebuying, affordability remains a major issue -- even in Florida, where prices are gradually slipping and buyers are gaining the upper hand.

“Obviously we’re not making a fortune from our jobs. So we need an excellent deal to fulfill our dream. Also, we want at least a two-bedroom house with no homeowners association fee. In addition, because of our age, we don’t want a senior community,” says the older sister.

On a recent exploratory vacation to Florida, the sisters discovered the inland town of Ocala, which claims the title “Horse Capital of the World.” Not only are they attracted to an equestrian lifestyle, but they love the city’s laid-back vibe.

The sisters are now targeting for purchase an Ocala property that features vaulted ceilings and a spacious split floor plan. It also features two large bedroom suites, each with its own walk-in closet. There’s only one catch: The place has been serving as an investor-owned rental for more than a decade -- one factor accounting for its low asking price.

The property is within the sisters’ reach financially. But they’re worried about buying a rental unit. Their real estate agent is reassuring, yet the sisters want to be certain.

Here are a few pointers for purchasers in their position:

-- Plan your visit for when the renters are absent.

Though there are exceptions to the rule, those living in rental homes are usually unhappy when they learn that their landlord plans to sell and make them move.

“Many renters are angry their place is being sold. They may even try to undercut the sale through snide remarks about the landlord,” says Mark Nash, author of “1001 Tips for Buying and Selling a Home.”

Moreover, some tenants make derogatory comments about the condition of the home, exaggerating minor issues and sometimes even claiming problems that don’t exist.

“Don’t be surprised if the tenants rail about every little thing that’s wrong -- like a burned-out light bulb in the attic or a roof they falsely claim is leaking,” Nash says.

He recommends that buyers try to schedule a visit to see a rental property for when the tenants are absent. That way you can more effectively scrutinize the place.

“It’s a bad idea to visit when the tenants are following you around and disorienting you or your agent from really examining the property,” Nash says.

-- Make doubly sure you obtain an in-depth home inspection.

Many rental properties are overseen by professional management firms. Even so, they rarely receive the same level of attention as homes occupied by their owners. That’s why it’s important to make any bid conditional on a satisfactory home inspection.

“It’s essential that you find a truly professional home inspector -- a person with years in the field. Otherwise, you can’t be sure you’ll avoid facing horrific bills due to a failed roof or heating or cooling system. Every house needs a comprehensive inspection. But that need is all the greater if tenants have been living there,” says Dorcas Helfant, a past president of the National Association of Realtors (nar.realtor).

To find a qualified home inspector, she recommends you ask your real estate agent for the names of at least eight to 10 candidates. Then interview at least three on the phone before selecting the best one.

“I would urge you to avoid any inspector currently in the home improvement business. That represents a major conflict of interest -- especially if the inspector is offering himself to do the repairs,” Helfant says.

-- Make sure you obtain cost estimates for potential repairs.

Many real estate agents own rental properties. Their experience as landlords teaches them that tenants often fail to tell the owners about issues with a home until the problems become serious.

“Maybe the heating system has malfunctioned for many months. But the landlord has never heard about the problem until a home inspector determines that the heating system has failed and must be replaced,” Nash says.

He says the prospective buyer of a rental property -- or any home, for that matter -- should determine how much needed repairs will cost. He recommends you get estimates for all the repairs on your inspector’s list before finalizing a deal. Then be sure these expenses are factored into the price you negotiate.

-- Look for hidden value in a home with cosmetic issues.

In an increasing number of neighborhoods -- especially in the South -- sellers now outnumber buyers and bargain properties aren’t hard to find, says Helfant, adding that those willing to consider a rental unit could score a particularly deep discount.

“There’s a fairly big stigma attached to buying a rental unit. You need to get beyond that stigma when you’re seeking a wonderful deal. In some states, including Florida and Texas, there is a strong buyer’s market out there for many rental houses,” she says.

The key to finding a true bargain in a rental unit is to carefully consider each property on the basis of its own merits and deficits -- rather than lumping them all together.

“Get beyond its bargain status to view the property with both your mind and heart. Forget such superficialities as dirty towels in the bathroom. Instead, think about the bones of the house and whether you really love it,” Helfant says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

Two divorced people in their late 50s, who live on the same Savannah, Georgia, street, happened to meet last year while walking their dogs. One thing led to another, and ultimately the pair, an accountant and a nurse, married in June.

Though the couple had a small wedding, they have large lives. Not only do they own two separate houses, each valued at more than $400,000, but they also each have two grown children who live on their own.

Right now, their plan is to sell both houses and buy another where they can live together. But before they pool their assets for the purchase, they want to be sure their children are protected financially when one partner dies.

“Love is one thing, and we’re happily married. But our first commitment is also the well-being of our children. They were born long before we married,” the nurse says.

Are you in a second marriage that involves a blended family? And are you planning to buy a home with your present spouse? If so, even before purchasing the new property, you may wish to develop a legally viable plan to ensure that all the offspring receive their fair share of the real estate (and other assets) after the death of one partner.

“If you don’t have a will in place, the courts get to decide what happens to all your stuff. In that situation, the division of your assets can turn out to be very different from what you had in mind,” says Eric Tyson, a personal finance expert and author of “Let’s Get Real About Money!”

Many people assume that estate planning is just for the wealthy. But even those with limited assets who need only a plain vanilla plan should get their intentions down on paper before making a major financial move, such as buying a home, says Lynn Meyers, a veteran estate planning attorney.

“It’s very, very important to have an estate adviser, particularly if you’re in a blended family,” says Meyers, who’s affiliated with the American College of Trust and Estate Counsel (actec.org), an organization of lawyers who specialize in estate planning.

Before you buy a home with your second spouse, Meyers says you’ll want to discuss your intentions on how equity in that property will be divided upon your death. For instance, the two of you should decide if you want your spouse to inherit the property in its entirety or if you want it to pass on to your children.

After you die, you don’t want your children to miss getting the equity from your home just because your plan was done wrong. By the same token, you also don’t want your spouse to be forced to move due to a bad plan.

Although a relatively simple will is sufficient for many couples, estate attorneys say those with children from a previous marriage may wish to establish a “living trust.”

Here are several pointers for couples in blended families who want to create an estate plan before a joint property purchase:

-- Acknowledge the need for expert advice.

Jordan Simon, the co-author of “Estate Planning for Dummies,” is an investment manager, not a lawyer. But he strongly advises people who want an estate plan to hire an attorney to help ensure they get solid advice. This is particularly important if they have children from a previous marriage and plan to buy real estate with their new partner.

“Trying to create your own plan makes doing your own taxes seem like a walk in the park,” Simon says.

Although several books and websites encourage consumers to create their own wills and trusts, Simon says that those who do so risk making mistakes their survivors could live to regret.

Charles Abell, a longtime estate planning attorney, says there’s no such thing as one-size-fits-all estate plan, even for moderate- to middle- income people. And because the laws governing probate differ from state to state, he says it’s critical you choose an attorney licensed to practice in your state.

-- Search for a lawyer through personal recommendations.

“The best way to find a good lawyer is by word of mouth,” says Patricia Annino an attorney and author of “Women & Money: A Practical Guide to Estate Planning.”

Tyson cautions consumers against choosing an estate planning specialist based solely on advertising. He also urges people to avoid picking a lawyer who offers them a free dinner to participate in an estate planning seminar.

“Although they don’t say so, many times these lawyers are really trying to sell you high-priced annuities or insurance products,” Tyson says.

When choosing an estate planning attorney, he encourages you to select someone who concentrates his or her practice in this field.

“Ask them what proportion of their practice is devoted to estate work. The higher that percentage, the better,” Tyson says.

-- Don’t delay your estate planning due to procrastination.

“A surprising number of folks get all the documents drawn up and then refuse to sign them. That’s because some people have a superstitious feeling that after they’ve signed the documents, they’ll die soon after,” Annino says.

She urges people to watch out for emotions that could cause them to avoid moving forward with at least a simple will.

“Don’t let fears about mortality keep you from completing this important step,” Anninoann says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

It was mid-2021 when a PR specialist for the vaccine industry landed a new job in Washington, D.C. His move from Sacramento occurred abruptly, and he needed housing. Hence he quickly chose a one-bedroom condo in the affluent Northwest section of the city.

Given the pandemic-period listings shortage, the man had to compete with rival bidders through an “escalation clause” in his contract offer. Consequently, he believes he overpaid for the property and must now discount the unit to sell it.

“I’m sad about overpaying and having to sell below my cost. But I’m happy the next condo I plan to buy -- with double the square footage -- will probably come with a discount. So the math works out in my favor,” the PR specialist says.

As recent real estate market statistics attest, Americans have an overwhelming preference for detached, single-family homes -- an accelerating trend encouraged by pandemic-era aspirations for a large yard. That trend has resulted in a buyer’s market for many condo units, given weakening demand.

Fred Meyer, a real estate appraiser in Cambridge, Massachusetts, doesn’t know the trade-up buyer in this true story. But he urges caution for the man and all similarly positioned condo buyers.

“One factor you must keep in mind involves some rather steep increases in condo fees. You need to know exactly what these fees come to. Also, you need to expect increases in condo fees -- particularly if the complex you’re buying into is in urgent need of repairs,” Meyer says.

Michael Crowley, an independent real estate broker in Spokane, says, “Don’t overestimate your ability to get top dollar for a condo at a time of economic uncertainty like this one. Remember that all condo buyers must always take into account resale potential.”

He advises buyers to take a systematic approach to the selection of any property -- whether that’s a condo, townhouse or a traditional detached house. Still, he allows that your final selection should include an emotional component that will encourage you to stay on.

“To build wealth in real estate typically depends on having a long tenure in a place. At least five or six years or longer is ideal,” Crowley says.

Here are a few other pointers for condo buyers:

-- Search for an area with a healthy employment base.

The vitality of a local real estate market is tied closely to the employment strength of the area. But as Meyer says, the buyers of condos shouldn’t depend on a single employer keeping the local economy afloat.

“You don’t want to buy in a one-company town that would be badly hurt if that single employer closes. Look for multiple employers,” he says.

How can you investigate the strength of the local economy?

“Search the internet or go to the local chamber of commerce and ask what’s happening to jobs in the area,” Meyer says.

-- Examine data to discover the right condo complex.

Meyer says, “Look at the resale history for the building, going back as (far) as four years. Notice especially the median number of days it takes to sell units in the building. The more days it takes to go from list to sell, the less liquid the building (has).”

Also, be sure to check the reserves of the building -- which translates to the amount of money owners there have set aside for key repairs and renovations.

“If the building needs a new roof and there’s no money for this, all the owners could be hit with a big special assessment. A poorly financed building can become rundown, making it less desirable for future owners,” Meyer says.

-- Think twice about any complex with unusually low fees.

Nearly all condo buildings impose condo fees on their residents. Among other expenses, these monthly charges cover the cost of routine upkeep on a building and its grounds, along with support services -- like a concierge at the front entrance.

Condo buyers sometimes shop for a building with the lowest possible monthly fees to contain expenses. But seeking out a building with rock-bottom fees could be a mistake.

“This is a case where you usually get what you pay for. A place with very low fees might actually lose value due to poor upkeep. And poor upkeep could worsen resale potential down the road,” Crowley says.

-- Avoid any building with a large proportion of renters.

Homebuyer advocates are wary of buildings in which a large percentage of the units have been rented out by their owners.

“Owner occupants feel a natural pressure to ensure that a building is adequately maintained. Renters don’t feel that pressure,” Meyer says.

What percentage of owner-occupants is sufficient? In most cases, Meyer says you’ll want to see more than half the units occupied by owners. However, this rule may not hold in a resort community where seasonal rentals are the norm.

Though it’s wise to avoid a building with a large number of renters, it’s also prudent to avoid one that prohibits owners from renting out their units.

“That’s a huge right to give up -- to be forbidden to rent out your apartment if you want or need to do so down the line,” Meyer says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)