Read these 7 Shopping for Miami Real Estate Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Miami Real Estate tips and hundreds of other topics.
There are a lot of great older homes in the Miami area. Classic bungalows and Art Deco architecture and dot the greater Miami area and maybe one of these homes is just right for you. Older homes come with their share of history and character, but they can also come with problems, be they plumbing, electrical or even structural. If you are going to buy an older home, especially a "fixer upper" then you need to arm yourself with knowledge.
Have you found the Miami home of your dreams but you just can't seem to get the property under agreement? You may be falling curse to the unmotivated seller. This is a situation you want to avoid unless you have infinite money and patience. Here are some signs that you may be dealing with a seller who just doesn't want to sell.
If you've shopped for a Miami home or Miami condo before, the chances are you may have submitted and offer on a home and been turned down because a superior offer came to the seller. What makes a superior offer?
If you are ready to shop for a Miami Condo or a single family Miami home, make sure you get pre-approved before you start looking. In today's Miami real estate market, your offer needs to look better than that of your potential competitor.
You should have a solid down payment and a pre-approval letter in hand that shows you can get financing for the home you want. You used to be able to look around at homes and then secure financing after signing the offer or the Purchase and Sale agreement, but these days that's just too risky. Additionally, by getting pre-approved for your Miami home loan, you'll ensure that you shop within your budget.
No one should go into a home buying situation on a whim or without developing a buying plan. A buying plan basically means that you or you and your partner and/or family have established the criteria that are important to you in your home buying. For instance:
Have you ever gone to a garage sale about an hour before they are about to close up? Have you noticed how many items are now deeply discounted if not free? The same goes with real estate. No, you probably aren't getting a Miami condo or a Miami home for free, but you can get a much better deal if you find The Right Seller.
Highly motivated sellers may want to make some money on their investment, but they are sometimes more interested in just getting the sale of the property over with. For instance, perhaps they have already purchased another home and have moved. Or, perhaps they bought the property as an investment and they are anxious to liquidate. Perhaps the sellers are divorcing and liquidating joint assets. You never know - unless you ask.
Has the property been on the market for a while? Does the seller or agent return your calls immediately? These are some signs of "the right" seller. If you can, find out why the seller wants out. If you can identify an anxious seller, you may be able to negotiate a lower price, a quicker closing date or perhaps having your closing costs covered.
When you develop your Miami real estate buying plan, you should already have a strong idea of what you can and can't live without. Some people will take a "hit" on the neighborhood to have a larger home, while others will live in a smaller or less opulent home to get into the neighborhood they've always wanted.
Neither choice is the "right" one - it all depends on your needs and lifestyle.
One thing to consider is that you can always change your home - add on, rebuild or renovate - but their isn't much one person can do about a neighborhood or community. In many cases, you'll be able to figure out if a neighborhood is "up and coming" or "going downhill" or is just stable. If you are using a Realtor, this is the kind of information they will have on hand. You can discover this too by keeping up on local news and developments in the neighborhoods you are considering.
A great Miami real estate tip: Try to buy the ugliest house in the best neighborhood. In a couple of years you'll have enough equity to overhaul your home and you'll be secure in your happy community.
|Jennifer Mathes, Ph.D.|