Prepare and Plan Ahead before You Buy Your Next Home

by Isaac Benmergui, Esq on July 31, 2015

Prepare and Plan Ahead before You Buy Your Next HomeBuying a home is an emotional process. It can be the place where you bring home your first baby, where your kids graduate from high school, or the place you retire to.

But before you buy, take a step back and set that emotion aside. Emotional buying will never get you the right property at the right prices. Instead, take these steps for a smart investment.

  • Know what you need and what you want. It’s always fun to look at homes, but how do you commodify your wants and needs and compare homes that may be vastly different? Make a list of all your must-haves and your nice-to-haves. Go over this list with your agent and make sure it’s realistic for your market and your budget. Then score the homes you look at based on your list.
  • Get preapproved. Without preapproval, you have no money. Without money, you have no bargaining power and you could miss out on a great deal, even in a buyers’ market. Getting preapproved also gives you your budget and helps you stay within your means.
  • Hire the right professional. A real estate agent is always working for the seller, because a higher selling price means a higher commission for them. A real estate attorney is a smart move because you pay for services, not commission, and because of that you know their opinions are neutral and not swayed by losing the sale.
  • Only consider the right homes. Remember that list of wants versus needs? Needs should always rank higher. Don’t fall for a home that has lots of exceptions. As in the location is great, except for the street noise. Or the backyard is great, except for the steep grade that will need to be addressed. Choose homes with exceptions that you can deal with promptly and easily. Large or expensive issues will wear on your time and your finances as the years go by.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate, Civil Litigation, and Personal Injury cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

 

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Five Commercial Real Estate Trends to Watch

by Isaac Benmergui, Esq on July 30, 2015

Top 5 Commercial Real Estate Trends Article 7Real estate is one of the best returns on investment around, so it’s no wonder that investors are putting more capital into real estate transactions. Money will be coming from foreign investors as well as domestic, and here’s what will be influencing the commercial real estate market in the months to come.

  • Low supply. Supply is currently at all-time lows because of the limits on financing and because market rents have not justified new construction projects. The upside is that it leaves opportunity for established units to increase occupancy and rent.
  • Investors following jobs. Cities creating jobs in the areas of technology, energy and banking are experiencing increased growth and increased opportunity for investment.
  • Multifamily a strong favorite. With more people renting than ever before, housing prices on the rise and financing still constrained, multifamily housing is surpassing office transactions for the first time in ten years.
  • Retail bifurcation. The recession and the rise of ecommerce have changed the landscape of American consumerism, and the days of the large suburban mall are through. Instead, retail has split into high-end urban retail at one end and bargain discounters at the other. However, the retail sector follows the housing market, so as single-family housing recovers, retail will come with it.
  • Industrial on it’s way up. Warehouse space is in demand as retailers increasingly offer online sales, and as the economy rebounds and consumers spend more, so increases the need for warehousing, with demand even more notable in gateway markets.  

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate, Civil Litigation, and Personal Injury cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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Five Tips for Commercial Real Estate Investors

by Isaac Benmergui, Esq on July 29, 2015

Five Tips for Commercial Real Estate InvestorsReal estate investors will tell you it’s always a good time to get into real estate. But it can be scary when you are first getting started. Here are five tips for beginners from real estate investing expert Alan Brymer, who bought his first property at age 22.

Most people start off trying their luck with residential real estate because they know the process. But when you’re ready to get into commercial real estate, the game changes. Here are five tips for commercial real estate beginners.

  1. Relationships are important. Most residential investments are within reach of the average buyer, but commercial deals come on a larger scale. You’ll need partners to make sales happen and find about new deals, since many deals happen without ever being formally offered in a listing.
  2. Be prepared to lose money—sometimes. Due diligence in the form of appraisals, inspections, and other requirements costs much more than in the residential market. However, losing $5,000 to $10,000 in due diligence money is much better than making a bad investment. Just have that money budgeted in and be prepared to let it go if that’s the better deal.
  3. Don’t go with residential until you educate yourself. It’s easy to default to homes or apartments because we have all made that purchase and we know what to expect. But there are so many more opportunities out there, and you may find a particular kind of real estate easier to handle for a number of reasons. Learn about all your opportunities before you limit yourself to one.
  4. Think big. Buying in volume pays off, whether you are talking office supplies or office units. If you’re considering a small investment that will require hands-on management, managing a few units will take up just as much time as managing three times that amount, but you’ll be spending less per unit and giving yourself a bigger margin.
  5. Be patient. Commercial deals take time and don’t pay off quickly. Stay focused on the big picture and think of your investment as more of a retirement plan and less like a lottery ticket.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate, Civil Litigation, and Personal Injury cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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Home Buying Pro Tips from Million Dollar Listing

by Isaac Benmergui, Esq on July 28, 2015

Home Buying Pro Tips from Million Dollar ListingWhen you’re looking for a new home, it’s easy to get distracted by the shiny new upgrades and all the ways the home you are looking at is better than the home you are leaving. But it pays to be critical.

Here are a few buyers’ tips from Million Dollar Listing: Los Angeles listing agent Josh Altman.

  • Know the school district. It doesn’t matter if you have kids or if you’re a crazy cat lady or an empty nester, a good school district can add anywhere from $15,000 to $50,000 to your home’s value.
  • Ignore the upgrades. Small upgrades like paint and new fixtures are great, but they are also easily redone and don’t make or break a home. Check new paint to see if it’s concealing cracks, water damage or rotting wood underneath.
  • Check out the storage. It’s easy to get distracted by the big features when you’re seeing a home for the first time. Storage can be a huge issue once you move in, so check the closets, bathrooms, and hallways and imagine the items you have there in your current home to make sure the set up will be functional for your family.
  • Ask about specific problems. Most of these are covered in the seller disclosure, but it doesn’t hurt to ask specifically about past mold issues, foundation problems, lead paint, bugs, and past flood or storm damage.
  • Use a real estate attorney. When you’re buying a home, both real estate agents benefit—from you directly—by a higher sales price. Real estate attorneys can perform all the same tasks of a real estate agent with the added benefit of legal knowledge and a pay for service arrangement, not a commission. So you get a real estate expert you can trust as well as a neutral third party opinion.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate, Civil Litigation, and Personal Injury cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

 

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Seller Pro Tips from Million Dollar Listing

by Isaac Benmergui, Esq on July 27, 2015

Seller Pro Tips from Million Dollar ListingNot all of us are fortunate enough to have a million dollar listing to put on the market. But no matter the size or value of your home, there are a few tips that are solid advice for any seller in any market.

Josh Altman from Million Dollar Listings: Los Angeles shared some of the secrets of his home selling success.

  • Mentally prepare for the sale. Your home is personal. But when it goes on the market, it’s just another property. Set aside your emotions and be ready to treat it like a property and not a home. Be ready to take criticism from your agent and buyers that can help you sell if you’re in the right frame of mind.
  • Hire the right agent. Ask friends and family members for recommendations for an agent or real estate attorney who knows the area, is available for you any time and specializes in your type of home sale. Remember that real estate attorneys are paid for services, not by commission, so they are a valuable, neutral third party.
  • Keep your closets half-empty. It’s a good idea to clean out clutter all over your home, but cleaning out the closets to half-capacity has the added benefit of making them appear larger.
  • Make it bright. A bright home looks clean and just a tiny bit larger. Open windows, pull back drapes, and clean mirrors and other shiny surfaces to add to the wow factor.
  • Don’t over upgrade. If your kitchen was in desperate need of new countertops anyway, upgrading to granite can have a big impact. However, pizza ovens, negative edge tubs, pools and other fancy upgrades may not get you’re the return on investment you were hoping for.

Call Miami Real Estate Lawyer Isaac Benmergui at 305.397.8547 and set up a no charge, no obligation consultation to discuss your case. We have over a decade of experience handling Real Estate, Civil Litigation, and Personal Injury cases throughout Miami and South Florida, and will use our expertise to help your case to the best of our abilities.

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