Perhaps you just got married or finally received that big promotion at work you’ve been waiting for. Whatever the case may be, it is finally time to purchase that Coral Gables real estate that you’ve had your eye on for so long. Of course, buying a home is an enormous investment, so you want to do it right.
To begin, do not let yourself get overwhelmed by the thousands and thousands of properties available in Miami-Dade County or South Florida in general. Fortunately, there are some helpful tricks to the trade that can make your life easier.
First, you should find a home that’s in your budget. People generally spend two to three times their annual incomes. For example, if Dave and Mellissa make a combined total of $100,000 a year, their next home should cost roughly $250,000. It is also wise to get your mortgage preapproved by a lender. Otherwise, it may be difficult for a seller to take you seriously, unless you are pulling up in a limousine.
How is the cash flow in your home? You should be able to put down 3%, if not more, of the property’s selling price. Don’t forget all the property taxes, repairs, various fees and closing costs that add up. It all costs a bit more than a pretty penny.
It is also crucial to make sure that you have a good credit score. Simply check out your credit score online through a reporting agency. If you see an error, report it and get it fixed right away. If may take a few weeks to get it all fixed, but it needs to get done. Remember, if you have a negative score, you may be in trouble when trying to buy a home for sale in Coral Gables. If this is the case, at least you can ask your mother-in-law to cosign your next mortgage.
While it is always wise to follow your emotions, you need to stay detached when it comes time to purchase a new home. Rely on your calculator, not your emotions, or you may end up overpaying for a piece of property just because you love the view from the backyard. In other words, use your head, not your heart.
Do a little homework on the internet. Search sites, blogs, and social media pages for properties. Doing so will allow you to compare prices, as well as neighborhoods, school zones, and real estate trends throughout the Sunshine State.
You can then take things a step further. When you find a house or condo that sparks your interest, search police records for incidents in the past. Look at the public-school system too. Doing so may have a big influence on whether to buy in a certain neighborhood or not. You can even sign up for e-mail alerts whenever an asking price is lowered.
Finally, it is also wise to find a reliable realtor, like a friendly professional at Berkshire Hathaway HomeServices Florida Realty. That way, you can rest assured that you are getting the best Coral Gables luxury home for the best price.
About Berkshire Hathaway HomeServices Florida Realty:
Berkshire Hathaway HomeServices Florida Realty serves 19 counties throughout Florida with over 40 locations and approximately 1,800 Sales Professionals. The full-service brokerage company, founded in 1999, is a subsidiary of Lennar Corporation, a Fortune 500 company and is a franchise member of the Berkshire Hathaway HomeServices’ network, one of the few organizations entrusted to use the world-renowned Berkshire Hathaway name. The company offers residential and commercial services as well as seasonal rentals, property management, REO & Foreclosures, corporate relocations, referral services, title, home service plans, and personal concierge services. Berkshire Hathaway HomeServices Florida Realty ranks in the Top 10 in the network among 42,000 Sales Professionals, 1,200 offices throughout 47 states. The company is the overall No. 1 fundraiser for The Sunshine Kids Foundation, having generated more than $3.37 million since 2001. Visit www.BHHSFloridaRealty.com.
