5 Tips For Your Next Real Estate Purchase

Robin KhanStarred Page By Robin Khan, 20th Mar 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/8wbn1jal/
Posted in Wikinut>Guides>Property & Real Estate>General

If you are ready to move forward with the purchase of real estate, then there are a few things to know that can aid your experience.

The Five Tips

With the economy slowly making it’s way back to normal in the Miami area, there are still a number of people who are unsure of if they should be purchasing or selling a home at all. After all, a number of the properties found along Collins Avenue are still worth much more than the market estimation. However, if you are ready to move forward with the purchase of real estate, then there are a few things to know that can aid your experience.

Consider the Location

No matter if you are a first-time home buyer, an existing homeowner or an investor, it is important to understand what the best locations are for the investment you want to make. For example, purchasing a relatively small house on the very best street opposed to purchasing the biggest house on a street that is less preferred will provide you with significant rewards when it is time for you to sell. Also, while that beach front condo in South Beach may seem appealing, it may not be the best option.

Consider a Condo

When it comes to the condominium market, there is a surplus inventory, from South Pointe Park to Collins Avenue, which means that the realtors you use needs to be able to help negotiate a great deal. Even if you are purchasing as an investment, instead of a first-time home buyer, you still need to consider leasing the suite prior to selling since the market is on a definite upswing.

What’s Your Credit Rating?

You cannot just assume you know what your credit rating is. You need to ensure there are no unexpected surprises by finding out what your actual credit rating is before you even schedule an appointment with a lender. When you check your score ahead of time it will give you the time to resolve any issues that may stand in the way of the real estate purchase you want to make.

Know Your Budget and don’t Go Over

Take the time to meet with more than one mortgage lender in order to receive a pre-approved mortgage prior to even looking for a house. When you know what you have to spend, you will be able to narrow down all the choices. It is a much safer move to purchase within your budget, no matter your current financial situation.

Look Outside the City

In some cases, you can find newer and more affordable homes when you look outside of the main city area. There is no question that the metropolitan area of Miami is quite appealing, but if you are looking for more property and space, but have a limited budget, then looking downtown, or on the coastline, is likely not going to give you any results. You have to be willing to widen your circle of potential locations.

When you take the time to find quality real estate in Miami Beach, FL you will not only be satisfied with the property you purchase, but also be able to make money when you decide to resell the property. You cannot stick to the typical recommendations when you are trying to buy real estate on a budget or with other limitations. Taking the time to learn what to look for and how to shop will ensure you find the right real estate for your needs, no matter if you are buying for yourself or as an investment.

Tags

Florida, Miami Beach, Real Estate

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author avatar Robin Khan
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Comments

author avatar WOGIAM
20th Mar 2015 (#)

My dreams of purchasing my own home are fast fading, the cost of living escalates daily while income is stagnant.

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author avatar Robin Khan
20th Mar 2015 (#)

Very true. We all dream! That's what we all do.

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