Posted on 04.10.2012

8 Miami home buying tips for 2012

There has definitely been a shift in the real estate market in South Florida over the last few years. It wasn’t that long ago that this area was, like many other areas, facing an uncertain economic scenario. Well, that is no longer the case. Miami continues to see a major resurgence. With that in mind, for those looking to buy a home in Miami for sale we offer 8 Miami home buying tips for 2012!

1) Information is your friend - In this day and age the Internet has made information readily available to us all. Use it to do your due diligence. Find out about property values, the area you are looking at, and interest information. And, when that isn’t enough, seek out people who live in the area and get their opinion. There is no reason not to be informed.

2.) Numbers, Numbers, Numbers – these ties in with number 1. It should be common sense, but make sure your numbers are in order. Put together a financial strategy and make sure your budget is aligned properly and that you are operating within your expectations.

3) Special Agent - You do not have to do this on your own. Enlist the services of a Miami real estate agent. Looking at a home in Miami for sale but you live in Des Moines? An agent’s knowledge of the market and the nuances within can be a significant time (and money) saver for you!

4. Lawyer Up - Now don’t freak out.  We aren’t saying that the market is wrought with peril, but we are saying a specialist can help you close the deal. There are fees involved, of course, but a good real estate lawyer will be able to make sure your best interests are being taken care of. Also, they can take care of all that nasty paperwork that seems to be inherent with real estate transactions.

5. Credit report – Know where your score is. This is crucial information. If there are any errors, you will want them corrected prior to starting the mortgage process. Check out annualcreditreport.com and request a free copy of your credit history.

6. Pre-approval! - Be ahead of the curve on this one. The mortgage process is not a fun one. There is more paperwork than you can possibly ever want to see. Getting this process taken care of up front offers you some convenience later on.  But it can also play an even greater role. A pre-approval will let you know where you really stand regarding your price range.

7. Time for an inspection – While every tip on the list is vitally important, this one is uber-critical. Make sure that you get a home inspection prior to closing. It is imperative that you know what you are getting into before you buy.  Thinking of skipping this step? Then just watch the Tom Hank’s classic, “The Money Pit.”

8. Insurance is a must – Most people think that home insurance is just important in case of a disaster such as a fire or flooding. That is definitely true, but don’t over look liability. Home insurance will protect you if there are any injuries on your property, even if you have a wayward pet.