Reviewing the Real Estate Trends: Looking at the Live-In Value

by Isaac Benmergui, Esq on November 7, 2013

While I, myself, appropriate toward legal documentation, liaising and review to ensure contract and lease approval, it’s plain to see that even before you venture into the world of home ownership, you know what the trends are. In this case, the first trend you have to keep in mind is that the live-in value of the home holds much more importance than the resale value. Why?

Here’s the bottom line: a house that can be resold quickly isn’t nearly as beneficial as a house that can serve your needs in the long run. In essence, flippers are going out of style. It’s not as profitable to purchase a home for the purpose of renovating it and reselling it at a higher cost, the reason being that the chances of getting an offer at the higher price point is lofty at best. Rather, you want your money to work for you when thinking about home buying. That house you’re looking at is an investment. If you play your cards right, you can actually save money (which, in a way, is the same as making money) when you buy the right home.

There are questions you need to ask yourself:

homeowner

  • Can I see myself living there very long?
  • Is it a convenient location?
  • Is it realistically affordable?
  • Will the home satisfy my needs for at least five years?

These questions directly involve money. If you’re planning on moving again, and again, know that you’re spending more of that money. Additionally, where the house is located in relation to places like the grocery store or work can influence just how much money you end up shelling out just to live. Think of renovations as well: do you want to put additional money into adding into the home, or does it completely suffice? If it does, you may have saved thousands of dollars of your hard-earned income.

Part of real estate law is knowing what to look for. And the law is designed to govern the overall health of the industry. Bear in mind this particular trend, and for sure the industry should show plenty of promise, specifically right here in Miami, Florida.

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