Buyers Need to Know
What You Need to Know About Buying:
Having lived in Coral Gables and Pinecrest for nearly two decades, and as a top producing expert in the luxury real estate market here, we know the South Florida neighborhoods you want to live in. Though our website, you can explore at your leisure… and get answers… every step of the way.
Lifestyle, Timing, and Choices: Whether you have outgrown your current home or are… Ready to downsize? Buying your first home? Looking for a vacation place? Making an investment? Stepping into something new? Starting over? We can help.
Questions for You: WHAT ARE YOUR NEEDS … WANTS?:
Lifestyle peference? City or neighborhood? Condo, townhouse, or single family home? Number of bedrooms/baths? Your style: formal dinner parties/ informal bar-b-ques ? Waterfront (bay, ocean, canal, intercoastal, lake)? View? Outdoor entertaining (grill, summer kitchen, covered patio?) Looking for a yard/balcony/terrace/patio? Garden/grounds (lots of grass/or very little?) Pool? Open kitchen? New construction or re-sale ( how new or how vintage)? High ceilings? (Impact glass, storm shutters, generator, elevator, garage spaces) Kids? Ages? Private or public schools? Pets?
ESTIMATING TAXES and INSURANCE:
Property tax should run approximately 2% of your purchase price on new construction. Since taxes are based on Millage Rates (which vary from one municipality to another), this 2% property tax formula will serve as a rough ‘guestimate’, giving you a ballpark figure. On resale properties, you can refer directly to www.MiamiDade.Gov for the tax calculations. Property taxes are initially based on the previous owner’s tax… but will be adjusted to the resale values. Because the adjustment is not necessarily automatic, you may want to submit the requisite documentation after purchase, if the price of acquisition varies significantly from the currently stated market value.
Insurance will run roughly another 1.5% (unless you’re buying in a condo, in which case insurance is often already included in your maintenance fee).
Financing your purchase? Lenders will generally pre-approve you for a loan without charging a fee. We recommend that you get “pre-approved” (rather than ”pre-qualified”). When you do find the perfect house, you’ll be ready to roll. Want recommendations? Just ask us.
( If you are looking for Seller Financing or Seller Contributions, please let us know.)
If you’re paying cash, get a letter from your Bank or Financial Institution, indicating that you have sufficient funds to cover your expected purchase price.
HOMESTEAD EXEMPTION: How and when to file .
PORTABILITY: Click on the Miami Dade link here for updates.
SHORT SALES and FORECLOSURES (the buzz words) – Good or Bad?
“Short Sale” does not refer to timeframe. It simply means that the seller is ‘short’ the funds to pay off the mortgage. (Buying at the top of the market, and selling in a depressed market often create this scenario). The bank’s timeframe for determining IF/ and AT WHAT AMOUNT they’ll accept a short sale payoff can be a tedious process.
“Foreclosure” occurs once the bank has actually taken over the property. Foreclosures tend to move along more quickly than “short sales”. Property conditions vary considerably.
WHEN NEW PROPERTIES ARE LISTED THAT MEET YOUR CRITERIA, I WILL GLADLY SEND YOU EMAIL UPDATES… JUST SEND ME A REQUEST HERE.