Bal Harbour Homes / A Guide for Buyers and Sellers


Guidelines for Buying Bal Harbour


Let’s say everything is a GO! You have found the perfect Bal Harbour home. You know you can afford it and it is actually priced below what you expected to pay. What a bargain! Yes there are bargains to be found in Bal Harbour. At this point it is fine to put in an offer on the property but only with a well-planned contingency. Of course, it the home is going to be financed, the lender will want a Home Inspection before agreeing to lend money on the property. However, you need to protect yourself by making an offer SUBJECT TO a clean bill of health from the Home Inspector of your choice. This kind of a contingency gives you an out if the inspector finds a problem with the roof, or foundation or other structural problem that was not apparent to the seller or to your agent. This does not mean you will not buy the house but you will have a good reason to renegotiate the price with the seller.


Bitten by the Bal Harbour Home Improvement Bug?


Unless money simply isn’t an issue, the financial implications of remodeling are definitely something to consider. When it comes time to sell your Bal Harbour home, the new buyer will usually not pay for over-improvements. This means that if you have the smallest home in an area of larger, more expensive homes, home improvements may make very good financial sense. However, if you already have the largest, most expensive home in Bal Harbour, more improvements may make you more comfortable but may not bring you a good financial return. You may find that it is financially wiser to sell and move to a different home that already has the features you want to add.

Taking Title to Your Bal Harbour


Each owner has a separate title to an undivided interest in the entire property. Each owner is allowed to sell, mortgage or give away his/her interest. Any number of people can take Tenancy in Common ownership of Bal Harbourand husband and wife may choose this option as well. When an owner dies, his/her interest passes by will to his/her heirs. In other words, there is no survivorship right.

Each owner has an equal interest in the Bal Harbour. If one owner dies, that person’s share of the property passes automatically to the other without going through probate. Any number of people can take ownership under Joint Tenancy and husband and wife may choose this option as well.

Community Property. Only husband and wife can take title to Bal Harbour in this way. Title is in the community


The Benefits of Selling Bal Harbour


If your Bal Harbour holdings consist of both a personal residence and a rental, you can sell your personal residence and exclude up to $250,000 ($500,000 for a married couple) on the gain. Then you move into your rental, live in it as your personal residence for two years and then sell it, again benefiting from the $250,000 or $500,000 exclusion. This is true even though most or all of the increase in value occurred before you converted the property to your personal residence.

The Benefits of Selling Bal Harbour


In order to sell Bal Harbour as your personal residence, you must have lived in it for two out of the five-year period ending on the date of the sale of the property. This means that you can buy a second home and live in it as your personal residence while renting out your first home. If, in a couple years you decide to sell your first Bal Harbour personal residence you can sell it and still benefit from the $250,000 to $500,000 Capital Gain tax exclusion. The law says that the home must be your personal residence for at least two out of the past five years.



Bal Harbour SEARCH


The easiest way to start your Bal Harbour search is to use the online search capabilities on this Website. This will give you a snapshot of all the homes that are available in your price range, with the amenities you require and the locations you might consider. Next, make contact so that a knowledgeable agent can help you narrow your choices and take you on a personal tour of your best options.