Ready to buy a new home or consider an investment? Read up on my tips to ensure a smooth process, and let me help you find the ideal property.
Buying a home.
The buying process can be overwhelming, especially if it’s your first time. Ask yourself the following questions before you start your search.
- What is your budget?
- What's your timeline?
- What attributes are important to you?
- Location – how close to do you want to be to your job / office / friends and family?
- How do you define your lifestyle? Do you want large living areas vs. outdoor space?
- Define “nice to haves” and things you could “give up”
- Do you prefer new or older construction?
- Do you want a turn key property or are you open to a fixer upper?
- How long do you envision yourself in this property?
- Families, what good schools are found in your desired areas?
Advice for new home buyers.
Are you looking for Investment Property?
The Search and Home Buying Process
Due Diligence Period
Be patient and optimistic. As your realtor, let me walk you through the current real estate market.
- We will discuss relevant market data (average price/square footage, inventory levels, sold vs. listed homes in your desired neighborhood, among other market variables)
- I will invite you to study the market to better understand opportunities and challenges
- It helps to maintain realistic expectations - sometimes the impossible is not possible
- Narrow down your options
- Don’t be overwhelmed. I am here to help you
- Beware that you may have to comprise certain things
- As your realtor, I invite you to have open and constant communication
I am with one of the most dynamic brokerage groups in South Florida. ISG World has a renown legacy for attracting local and foreign investors to Miami. If you are considering an investment property, evaluate the following factors:
Desired cap rate (and compared it to the market averages)
Neighborhood and property marketability
Ease of upkeep
Vacancy rate in the neighborhood
Long term vs. short term investment?
Property management costs: taxes, HOA, property management fee, among others
Are you currently looking for a new home or investment? Let me help you. A smart buyer prepares. A smart buyer has access to knowledge, the right tools and a good realtor. The process can be overwhelming, as there are often complex decisions that have to be made and tight deadlines that need to be followed. Here is my advice is to ensure a smooth process.
- It is imperative to first define the ideal time frame for closing on your investment or moving to your new home. Build in extra time, as there’s often delays or unexpected issues.
- Understand the financial aspect of buying. Map your source of funds (how much can you put down?); a serious buyer seeks pre-approval with a banking institution first.
- Understand your options for financing
- Understand costs and the additional expenses related with the closing transaction (see Closing Costs under this section)
- Be prepared and open to understanding the offer process. Often buyers/sellers have different goals and views. My job as your realtor is to ensure both parties can effectively and smoothly close a transaction.
- As your ISG realtor, I will assist you in every step of the search and offer process. Presenting an offer is a detailed process. A serious offer is always in writing. The possible outcome is: rejection, acceptance or a counteroffer.
- A counteroffer should be in writing to be considered serious
- In a competitive market, it’s better to present a solid offer to limit the negotiation period and avoid competing offers
Once the offer is accepted the work starts. Key dates after the offer is accepted:
- Effective Contract Date
- Additional Deposit Due Date
- The Closing date
- Financing period – buyer agrees to apply within certain time period
- Inspection period – meet deadline to ensure contract is not in default
- Walk-through inspection Date
You have found your home, yet the actual work of ensuring the property is transferred to you has just started. This is what is called the Due Diligence Period. Key areas that need to be addressed during this period are: (1) Financing & (2) Title Work and (3) Home Inspection.
Relay on very good home inspectors and understand any issues and repairs needed at the property. I will recommend one.
Hire a Closing agent – whether it’s a Title Company or a Tittle Attorney, make sure you have a team of experts helping you with the title due diligence. We at ISG, work with a reliable team of home inspectors and agents and can provide references.
The length of time for the due diligence period mainly depends on the type of property and whether the property is being financed or not.
- Make sure information about the property has been fully disclosed to you. Avoid surprises - which can prove costly.
- Understand the purchase contract, ask your realtor to clarify any questions and concerns. Don’t assume anything!
- Seek the services of a Title Closing agent who will assist you in making sure the closing process is smooth. We can recommend one.
- As your realtor, I will advise on deadlines, documents due and help you do the proper follow up. Avoid missing deadlines, as this can result on defaulting on a contract.
Worried about Closing Costs?
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The information above is intended to be for informational purposes, and should not be considered official legal advice.