4 Things to Consider Before Buying Your Miami Home

by Isaac Benmergui, Esq on November 30, 2012

Once you’ve decided to buy your Miami homes, there are a few things to consider before you begin your search or apply for a mortgage loan. The allure of the low prices, favorable interests rates and the idea of building home equity could make you jump into a buying a home before weighing all the pros and cons of the property and actual home ownership.

  1. First, research the actual property value of the home you want to buy. Get a comparison of other similar properties in the area that have recently sold. Your real estate agent should be able to provide that information.
  2. Next, read up on 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 carry a higher private mortgage insurance policy, for about $40 to $125 a month.
  3. Don’t forget to figure in property taxes, closing costs with the points, taxes, home inspection, title recording and insurance, prepaid loan insurance and financing costs from your lender.
  4. Lastly, few people forget to add in the cost of repairs and upgrades to their immediate costs. Any Miami home older than 10 years, will need repairs — the Miami climate can almost guarantee it.

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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