Bal Harbour Homes Guide / Tips for Buyers and Sellers

Bal Harbour Home Inspection


The purpose of a thorough home inspection is to ensure that Bal Harbour home buyers know exactly what a home’s condition is prior to completing the transaction. A good Bal Harbour home inspection should include an evaluation of the foundation, framing, roofing, site drainage, attic, plumbing, heating, electrical system, fireplaces, chimneys, pavement, fences, stairs, decks, patios, doors, windows, walls, ceilings, floors and built-in appliances. All significant or pertinent findings should be reported in writing to the prospective Bal Harbour homebuyer. The home inspection report gives the Bal Harbour homebuyer the information he or she needs to determine whether to buy the property as is or to ask the seller to make repairs.

In most cases, when an Bal Harbour homebuyer makes repair requests, sellers usually agree to some if not all of the conditions.

Bal Harbour HOME BUYING PITFALLS TO AVOID


Sellers usually rely on sales of Bal Harbour homes of comparable value to determine a fair and realistic price to set for their home but many sellers feel their home is worth much more and price their home accordingly. Buyers must also be tuned into sales for comparable homes in Bal Harbour in order to judge the price of any home that is under consideration.

Being “House Poor” gets to be “Old New” real fast. A large and beautiful home with little or no furniture tends to be empty and cold. A life where almost every dime of income goes to the support of the Bal Harbour house wears thin very quickly and is a frequent cause of family stress. Pushing yourself right up to your limit leaves you highly exposed when the inevitable changes to the national or your personal economy occurs.

Bal Harbour. How Much Should You Offer?


Comparable sales figures is a good guide for homeowners who are pricing their Bal Harbour and a good guide for prospective buyers. Make sure you compare homes that are similar to the one your are considering...the same neighborhood, the same size, the same condition. Also, make sure you compare sales within the past six months.

Ask your REALTOR for a comparison of the list price and sales price of comparable Bal Harbour sales. This information may give you a trend and a guideline for your offer. For example, maybe homes in the area have consistently listed for more than they actually sold for. If that is the case, find out what percentage of reduction occurred. Use this information as a basis for your offer.


Bal Harbour ...How To Determine Price


The asking price of your Bal Harbour real estate is not something to decide willy-nilly. Price it too high and you may not get any offers. Price it too low and you fail to maximize the return on your investment. Here is a good way to go about determining the price for your Bal Harbour home.

Buyers who will consider your Bal Harbour are out there inspecting and comparing a variety of homes that are for sale at the same time your home is on the market. If your home is priced significantly higher than comparable Bal Harbour homes, you may not get very many buyers to even look at your home. Ultimately, it is buyers who determine what your home is worth. Buyers who are represented by an agent are privy to knowledge of what homes are actually selling for. You should be armed with this knowledge as well and you should use this knowledge to guide your pricing decision.


Buying Bal Harbour Real Estate...Will it Pay?


With a typical 30-year loan, most of your monthly payment goes toward interest payments with only small amounts going to the principle in the early years. Only half the principle is repaid in the first 23 years of the loan. You can build equity in your Bal Harbour faster by choosing a 15-year loan instead of a 30-year loan.

As a Bal Harbour real estate owner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in home equity, you gain $3,600.00. Investing in Bal Harbour can be a very good idea.


What Makes Bal Harbour Sell?


The Condition affects its salability and possibly price. Bal Harbour that is in move-in condition will usually sell for a higher price than a home that suffers from deferred maintenance.

The Home’s Accessibility refers to just that. Is the Bal Harbour accessible to shopping and local transportation? For some this would be a necessity and for others, the more remote the better.

Marketing Exposure refers to how Bal Harbour is advertised. Today the Internet is a fantastic way to market a home but it is still true that the best service a listing agent can do for sellers is to promote the home heavily with local brokers and agents. The Internet and other advertising certainly help, but it is still true that in most cases it is the agent that sells the home by making sure the right buyers know about it.