What you need to know when you’re ready to buy real estate in the sunshine state.
Whether you’re looking for a new home to live in or you’re interested in buying a property for investment purposes, finding the best deals is not always an easy task. In South Florida and in other markets, there are many factors to consider and details that shouldn’t be overlooked when considering your purchase. For that reason, it’s best to work with a seasoned realtor that not only has years of experience in the industry, but that knows the area you’re looking in inside and out. Here are some important things you need to be aware of and steps to take that will ensure you get the most value for your money:
1. Do the math and determine what you can afford
An important first step to any investment is being realistic about what you can afford. Even if you’ve been approved for a certain amount by a mortgage lender, it’s key to go through all your current expenditures and monthly expenses to ensure that your monthly payment, interest, fees and any insurance are within your means and will not put a financial strain on you or your family. Make a list that includes everything you spend on a monthly basis, include groceries, gas and insurance to utilities, cell phones, cable and entertainment.
2. Choose the best neighborhood you can afford
The expression, “buy the least expensive home in the most expensive neighborhood you can afford”, is wise advice for those seeking the best possible deal especially when it comes to investing. But keep in mind that when you choose a house that is the least expensive, it usually requires some updating, if not major renovations and repairs. This fact doesn’t make it a bad deal. If you can buy low, renovate and improve the value of the property, you can end up profiting greatly when you sell. It does, however, mean that you’ll have to plan ahead and budget for those types of expenses.
3. Ask for comps
Good realtors will run comps for you to see what similar houses in the neighborhood are selling for or have sold for recently. This will give you an idea of what you are looking at for each area being considered. If you have a particular house you’re looking at, comps are key in determining how well priced the property is and if you have any leverage to negotiate.
4. Don’t settle
There’s no reason to jump at the first property you see (although sometimes when it’s right, it’s right), so take your time and choose wisely. Your realtor will likely have many properties to show you that are within your price range and your criteria and even though the process may seem tedious at times, taking your time and finding the right property will payoff in the long run.
Finding the best real estate deals is best achieved when you follow these tips and get an experienced and well-respected realtor on your side. When you’re ready, turn to us at No Limit Real Estate. We were not only born and raised in South Florida, we specialize in residential, investment and development projects. It’s our goal to get you the very best deal and guide you through the buying process with ease and without stress.