If you’re thinking about buying a home in South Florida there are a few things you should consider before you start your real estate search. Your income level, assets, desired neighborhood, family, and much more will determine the type of house you will need as well as the type of house you can afford. Finding a house in Miami does not need to be a struggle though. Here are a few tips to help you get started on your real estate search.
Finding A Home
When you begin the search for a house to buy, the first thing to figure out is what you can generally afford. The primary factors here will be how much you and your spouse earn as well as what your credit scores are. These two factors will help in determining the type of mortgage loan you will qualify for when buying a home. If you’re interested in getting a general idea of what kind of loan you will need and what the costs will be, try using our mortgage calculator. Once you have an idea for what you can afford, you can then begin looking for homes in your price range.
The next step in buying a home is simply finding a home or homes you would like to buy. Purchasing a house is a big investment, especially if you’re a first time home buyer, so it’s very important to do a thorough search for as close to the perfect home as you can find. Use a variety of resources including Zillow, realtor.com, or even our free real estate listing search. It’s also a great idea to work with a real estate agent as they will not only have experience in the real estate inventory in your area, but they will also be able to search the MLS for the most recent listings.
Another way to find a home you may like is as simple as driving around neighborhoods looking for “for sale” signs, or going to open houses. Plenty of real estate transactions are closed every year through something as simple as someone seeing a sign and knocking on the door. This is also a great way to get an idea for specific neighborhoods that you’re interested in to so you can share this information with your real estate agent. The more information you can provide to your realtor when buying a home, the better they will do at finding you the perfect home.
Finding A Realtor
Once you’ve identified a few homes you think you might like to take the next step and engage a real estate agent if you haven’t already. The realtor will be able to help you identify which house is the best fit for you as well as to begin the process of submitting an offer on the property. Sometimes this process goes quickly, and sometimes it can take time, it all depends on how many other potential buyers there are, whether or not your offer is the full asking price, and a number of other factors.
When you make an application for a house, you’re going to need a down payment as well as a loan from a bank for the remainder. Typically people will put 10% to 20% down on the home, however there are a number of mortgage loans that you can apply for that offer as little as 3% to 5% down. The amount you put down and the amount of the loan will determine the amount of equity you have in the home and how quickly you will pay off the home.
Getting A Mortgage
The process of acquiring the mortgage can also vary depending on the amount of the loan, your credit score, and the lender, however you should typically be able to finalize the loan in a couple of weeks once you’ve found the home. At this point, all that is left is closing on your real estate deal, fulfilling all the obligations of the contract, and transfer of the ownership of the home.
Buying A Home
Now that you’ve finished the transaction you simply need to close the sale, pay the closing costs, and file all of the necessary paperwork. Typically your real estate agent will help you through all of this, so it’s important to work with a real estate agent who is experienced in these transactions. If you’re interested in buying a home in Miami, Miami Beach, North Miami Beach, or Aventura and would like more information on what is available in your price range, schedule a time to speak with one of our experienced Miami real estate agents today.