Miami Beach Real Estate NewsMiami Beach-Home of Their Dreams
Ever think you would like to build your own Miami Beach home and have everything just the way you want it? Lots of people do and they often start by looking at land or lots for sale. With many people the idea is to buy a lot today, get it paid off or mostly paid off and then sometime in the future, contract with a custom builder for the Home of their Dreams via Miami Beach.
Miami Beach Real Estate Contract Options
Less common types of agreements include what is known as a “One Time Show,” and “Exclusive Agency,” and an “Open Listing” agreement. The One -Time Show and the Open Listing are similar and are often used by homeowners who wish to sell their Miami Beach real estate on their own but will agree to pay a commission to an agent who brings a qualified buyer for the home. A Miami Beach homeowner may agree to an Open Listing with several agents and also agree to a One-Time Show to any agent who has an interested buyer.
Miami Beach Real Estate Cycles
One problem with attempting to time your purchase to the business cycle is that even experts have problems accurately predicting the future economy. Even when they can, the Miami Beach market does not necessarily move in tandem with the stock market or the economy as a whole. Miami Beach is a unique situation.
When the economy is doing well, interest rates are generally higher. The result is that fewer people can afford houses, and Miami Beach is no exception. When the economy slows down, interest rates fall, the "affordability index" moves up and more people can afford houses. The Miami Beach market will take the lead.
Building Miami Beach Home Equity
As a Miami Beach homeowner 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 Miami Beach home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Miami Beach home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Miami Beach home appreciation values in your area, please call or E-mail me today.
Buying a Miami Beach Fixer-Upper
Some Miami Beach investors concentrate on buying fixer-uppers, making repairs and upgrades then selling for a profit. Going with a Miami Beach fixer-upper can also be a smart way for those who are handy to buy a home in a neighborhood that they might otherwise be unaffordable. Fixer-uppers are a wonderful opportunity for those who simply love to create their space to their own specifications but for whatever reason do not want to start with a vacant lot.
Best to know the extent of the job and whether or not you are up to it before you buy. Some Miami Beach fixer-uppers simply need cosmetic work such as paint, wallpaper, carpeting and maybe kitchen appliances are fairly easy to estimate the costs for fixing. Miami Beach homes that need minor structural repairs such as roofing are also fairly easy to cost estimate.
Does Your Miami Beach Have Curb Appeal?
Every prospective buyer who visits your Miami Beach home is struck by a variety of impressions regardless of whether your landscaping is eye-catching or merely so-so. Plants that overrun the walkway, trees that badly need pruning and visible suggest to the prospective buyer that this home will take a lot of landscaping maintenance and yet if your yard is well-maintained, the prospective buyer is inclined to simply admire the fact and move on. If your Miami Beach front porch or front door need paint, the prospective buyer is likely to notice the paint job inside and out and think about how much maintenance that will take on a yearly basis. The important message here is that things that look bad or run down call attention to all the work that needs to be done while things that are well maintained conjure up ideas of how pleasant it would be to live there.
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