Considered a golf home? Nowadays, homes situated on or around golf courses are highly desirable. A newer development in Coral Gables is attracting a lot of attention. These "villas" at the Deering Bay Country Club are situated in a private golf course and waterfront property.
They feature gourmet kitchens, golf cart garage, marble floors, a waterfront swimming pool and club amenities including spa, gym, tennis courts, marina access and restaurants. Finally, you'll be living right on top of an 18 hole, Arnold Palmer designed, golf course. The villas run about 5,000 square feet. This is the ultimate in luxury Miami real estate!
If you decide you want to purchase a second home, and then you decide you want it to be a Miami home, take your time and really find the right place at the right price. Since this isn't an investment property (as long as you don't rent it out) you can put less than 25% down if you want to, and you can even pull the down payment out of your primary home's equity.
The tax implications of a second home are complex, and really you need to make your decision based on the numbers, not on your heart's desire. Make sure you have a clear idea of not only your monthly mortgage payment on the second home, but the taxes, the insurance (especially for a beach house) and the costs of upkeep, utilities, garbage removal and the like.
Florida remains one of the best retirement location in the United States. Thousands of folks over the age of 65 retire permanently to Florida or split their year between their home state and their home away from home. Miami condos are perfect for "snowbirds" and retirees who want their money invested in real estate, but no longer want the stress and strain of home upkeep.
There are plenty of Miami condo's that offer great value and many of them will close down the unit while you are away, turning off power an securing storm shutters during hurricane season. Most condo complexes also offer elevators, valet parking and concierge services to make life that much easier.
If you have a large extended family, maybe you should consider a family Miami real estate investment. By purchasing a Miami investment home or condo as a family, you can build equity for a smart investment, rent the property out for a return and you can create a great, reasonable priced family getaway.
This is sort of like buying a time share without the pain of trying to unload it if you don't want it anymore. Buying a second home can offer great exposure to different parts of the country to your kids, give you a cheaper vacation spot and offer the luxury of warm weather and the comfort of a homey atmosphere.
So you want a Miami home with a swimming pool? You'll have plenty to choose from in South Florida. Consider a few things when you buy, though. First, swimming pools are not as valuable as they once were in terms of resale value. You aren't going to add a lot to your home's value if you install one, so you shouldn't pay through the nose to buy a house with one either.
Unlike an investment in a kitchen or bathroom, you won't see a return on the installation of a swimming pool either, so if you really want one, buy a home that has one already. You can also consider lap pools and smaller pools that can offer enjoyment without as much maintenance. Also, try to find one that is surrounded by a screen room. This will make your use of the pool that much more enjoyable.
The homestead exemption can be a bit tricky for the uninitiated Miami home buyer and can offer a nasty surprise when your tax bill arrives. This is a tax exemption that any homeowner in Miami can receive and it discounts the assessed value of your home by $25,000.00.
If you have just purchased your home and your seller had "HEX" then you can inherit it for that calendar year. The following year, you will need to reapply for the homestead exemption and the $25,000.00 will come off the newly assessed value of your home. This means that your taxes may be much higher because the assessed value of your home has risen.
You are protected from future inflation of your home's assessed value, as long as you own it, by the Save Our Homes Amendment, which is related to the Homestead Exemption.
|Jennifer Mathes, Ph.D.|