10 Topical Tips for Buying Property in Miami

10 Topical Tips for Buying Property in Miami

Whether a buyer is relocating from another state or currently lives here and is buying a home, the steps to purchasing a property are constantly evolving.  To avoid a stressful situation and the unknowns of the totally unexpected, I have created 10 tips to buying property in South Florida. Understanding the process and the timeline helps in creating a smooth transaction.

 

  • What features in your new property are most important? Some things to think about are schools, pet policy (condo), condition of the property, proximity to houses of worship and golf courses, the beach, views, location, etc.

 

  • Purchase price. What is my ideal monthly payment? Speak with a lender to determine this before going to look at properties. A buyer will need to have a preapproval letter within 5 days when making an offer so important to do this in advance. (Applies to resales, not new construction.)

 

  • Can the property be financed? If a condo, some are not able to be financed due to # of renters in the building and/or maintenance delinquencies or they may be financed with a higher deposit. If a home, the condition of the home may require special financing that the buyer may not qualify for.

 

  • Know your #’s. If you are purchasing to use as a rental property know the market value for renting the property, monthly expenses and what the condo regulations stipulate as a rental policy.

 

  • Rescission. The Florida statutes allow for condominiums 3 days for resale and 15 days for new properties. The contracts can be terminated within this time period for any reason. Homes have no rescission on re-sales and 10 days for new properties.

 

  • Inspections. Always do an inspection for a resale. Ask the inspector to advise if there is evidence of mold, Chinese drywall, termites or rodents. Negotiating with the seller is very acceptable and everything is repairable. For new constructions, a walk through and punch list is protocol.

 

  • Septic or Sewer? Always get a septic inspection. Replacing them is very expensive so know what you have before you move forward.

 

  • Know the financial position of the building or home owner association. Great deals may mean temporarily the associations are short of cash. This may result in an assessment. Factor this into your purchase as a possibility.

 

  • Proof of Funds maybe required if paying cash for a property. A copy of a bank statement or a letter from a private banker is acceptable.

 

  • Educate yourself on the market. The market varies by area and by building. It still remains a buyer’s market but does vary by location. Know what is realistic so your time is well spent.

 

August 2016 ©MBKoeth Although there can always be unexpected blips along the way, the process in general is very straight-forward. Cheers to a smooth closing.