Read these 11 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.
Renting Miami real estate, although convenient for some, is not a great long term plan. After all, why pay someone else's mortgage when you can pay your own? In some cases, renting is a necessity.
Perhaps you are moving to Miami for a new job or a job transfer. In this case, you may want to rent for a while to get a feel for the area and see if you want to stay for the long term. You may also find Miami real estate to be unaffordable whether due to home prices being too high or interest rates on the upswing. Either way, you need to consider how you are spending your money and where your money can do the most work for you.
For instance, perhaps you have found the property values dropping in the Miami neighborhood you've always liked. Move in as a renter, wait for the market to stabilize and then jump on the opportunity! Perhaps you can find a rent or lease to own property as well. No matter your situation, if you aren't a homeowner you should work toward becoming one. Save your pennies for that rainy day and when you find your Miami dream home, you'll be ready!
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.
Do you know where your new property line is? Fences do not always follow the boundaries of the property. In many Florida homes situated in developments this is a particular issue. This will only be the case if the seller had the property surveyed and had the fences built on the property line.
Often, sellers do not go to the expense of having surveys performed when they put in fences. The fences end up where the owners think the property lines are. Sellers may replace old fences that were built by previous owners who may not have known the location of property lines. Be certain. Ask your realtor.
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!
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.
Most of the public is aware that the Multiple Listing Service is a private resource where Realtors list properties available for sale. This is not different in Miami Real Estate. Once a property is sold and the transaction has closed, the selling price is posted to the listing in the Multiple Listing Service.
Over time, it has become a huge database on past sales, containing much more information on individual homes than can be gleaned from the public record. This information is only available to real estate agents who are members of the local Multiple Listing Service, although some internet sites also allow public limited access to this information.
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.
A home at a low price may be no bargain at all if the maintenance costs are prohibitive. Find out when the house was last painted and re-roofed. Ask the seller to provide copies of utility bills so you can accurately budget the ongoing cost of your home purchase.
Many homes in the miami real estate market have a swimming pool or a spa, and if you don't have the time or expertise to do pool cleaning or maintenance, find out what the current owner pays to maintain those amenities.
One thing to consider in the Miami real estate market is where you want to buy and how close you want to be to the beach or any water view. Although these properties can be tempting, especially if you can afford them, the ever increasing hurricane season is a factor worth considering.
Houses inland will typically sustain less damage and be less prone to flooding. You also want to consider the age of the home you are buying and whether it meets up to date hurricane codes. Obviously, you also need to consider the roof. Has it been recently replace or repaired?
The Miami real estate market is full of Incredible Properties and great values but you don't want to get stuck in bad situations in the future. Think carefully before you decide on the location of your Miami home.
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.
The Miami real estate market offers a lot of options and one conundrum faced by home buyers is whether they want to live in a single family home or in a condominium. Luxury Miami condos bring a lot of benefits to the table, including solid construction, shared maintenance costs, luxurious amenities, superior privacy, concierge and parking services and plenty of space.
Don't limit yourself to single family homes if you need two or three bedrooms since there are plenty of Miami condo's that could meet your needs. Finally, many Miami condo's are situated in very close proximity to the beach.
Single family homes offer an extra level of privacy, of course, since you won't be running into your neighbors in the elevator or at the pool. Miami single family homes also offer some outdoor space, so if you aren't interested in creating and maintaining a raised or potted garden, you may want your own home and land.
|Jennifer Mathes, Ph.D.|