What to Consider Before you Buy Your Miami Home

by Isaac Benmergui, Esq on September 7, 2012

If you’re thinking about giving up the rental game and buying a home in Miami, there are a few things to consider. The allure of the low prices and favorable interests rates could make you jump into a buying a home before weighing all the pros and cons of the property and actual home ownership.

Before you sign on the dotted line, consider these key points:

  • First, you need to know the actual property value of the home you want to buy. Ask the real estate agent to give you a comparison of other similar properties in the area that have recently sold.
  • Next, research the different mortgage types. Compare down payment requirements, which could be as little as 3 percent to as high as 20 percent of the property value. You might be able to lower your down payment if you cary a higher private mortgage insurance policy, for about $40 to $125 a month.
  • Figure in the property taxes, closing costs with the points, taxes, home inspection, title recording and insurance, prepaid loan insurance and financing costs from your lender.
  • Lastly, few people forget to add in the cost of repairs to their immediate costs. If you’re purchasing a Miami home that’s been around for more than 10 years, you’ll probably have some necessary repairs due to the climate alone.

The venture into homeownership can be an exhilarating, and sometimes confusing, time, but in the end you’ll have something to call your own that you will build equity in for years to come.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

 

 

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