Three Things

Three Things to Consider When Purchasing a Florida Home

Home BuyingPurchasing property is one of the biggest investments in a person’s life. It certainly was for me, and it continues to be a very large investments. Homes can bring in monthly income; earn equity over time and much more. I’ve always wanted a vacation home and after a few years of saving, I’ve finally had the means to purchase my first vacation home. I decided to purchase my first vacation home in Florida. It was the ideal location for my vacation home. I am familiar with Florida, as I have vacationed there every year during my summer time off. After a while, I have grown to love the state and all that it had to offer. It’s beautiful beaches, the beautiful people, the shopping, and attractions; Florida was the place for me.

Orlando Housing MarketI’ve never purchased property in Florida before, so I knew it would be important to do research before I began. I searched for Florida homes for sales and looked at different areas throughout the state. You would be surprised how big Florida is and how different parts of the state vastly differ from others.  While researching the market for homes for sales, I decided that the first thing that I could do to set me on the right path was finding a good, experienced realtor. I needed a realtor who understood the Florida housing market. I needed a realtor who understood my needs when it came to my vacation home.  I do not suggest just picking any realtor off the Internet. Check out the realtor review, talk to their previous clients and listen to their experiences. You want to find a realtor that was a good fit for you because purchasing property isn’t something to take lightly.  After talking with several people and researching my realtor credentials, I picked a realtor that was certified and had the credentials that made confident enough to use her services.

Home PricesAfter finding my realtor, I had a general idea of where I wanted to purchase my home in Florida. While I was excited for the chance to live in South Florida, I didn’t want my excitement to overshadow the fact that house buying is serious business. After picking a general place, check out the comparables. Comparables or sometimes called “Comps” are checking out the similar homes in your general area or neighborhood.  Check out the prices in that area to see if the home you want isn’t being overpriced or is being underpriced. I almost feel in love with a beautiful two bedroom home with gorgeous yellow flowers in the front, only to discover the reason for its low price is because of its roof damage and old plumbing. If I didn’t check this ahead of time, I could have been emotionally vested in a property was wasn’t going to work well for me in the end.

Florida NeighborhoodsSo my search for a Florida home continued and I found another home that was just perfect. The price was right; there weren’t any leaky pipes in it either like the last home, but the community wasn’t the right place for me. Sometimes the home might be a wonderful option but the neighborhood it is in, is not. I asked the neighboring homeowners some basic questions about the neighborhood, the quality of the city services, and such. I noticed that the streets were a little worn and bumpy with marks that were obvious of construction. The neighborhood was going through a massive overhaul and ongoing construction that may go on for years. I didn’t want to spend my vacations in a neighborhood that would always have construction workers and noise.

In the end, research was critical for my finding my brand new Florida home. If you are looking for homes for sale in Florida, research is the best thing you could do for yourself. It will keep you informed, and you can keep surprises to a minimum. Also, find a trusted realtor or developer, like Adams Homes, that understands not only the housing market and all its details but also your needs as well.

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Reasons to Acquire Miami Real Estate When You Retire

Florida is one of the best places to retire in. In fact, if you want to experience big city life, investing in Miami real estate when approaching the retirement age is the best thing you can ever do for yourself. Furthermore, there’s enough statistics to back you up when wondering whether or not to chose Miami as your ideal retirement destination.

In the year 2014, a personal finance website known as WalletHub ranked Miami as the 46th best city to retire in out of 150 U.S cities. This figure was arrived at after they analyzed activities, healthcare and affordability. Quality of life and availability of jobs was slightly above average though.

The same year, another website called NerdWallet ranked Miami number one best US city to retire in, thanks to the fact that the city had a huge number of retirees, plus the cost of living, that of seeing a doctor or paying for a home in-care was reasonable.

Therefore, this leaves us with one question: should Miami be a contender in your list of top US cities to retire in? Certainly there are many reasons why you should consider investing in real estate here.

Miami real estate: Reasons why many retirees are now finding this city a top destination for retirement!

Value of property, taxes and cost of living

In the 1st quarter of 2014, the median price of a two-bedroom property was estimated at $155,550, while that of a 3 and 4 bedroom was estimated at $230,000 and $307,000 respectively (according to Trulia.com). However, the site also reports that price of homes have increased by 33.3% in the last 3-4 years. Even with recovery of prices in the property industry, Miami’s home prices seem to remain at reasonable rates.

What’s more, Florida doesn’t have income state tax. What this means is that if a large chunk of your retirement funds come from tax-deferred retirement savings like 401(k), you could end up saving a lot more in taxes when you choose Miami.