Key Considerations Should You Wish to Buy a Home

Buying a home is something which many people look forward to for a very long time, the journey can be difficult and getting caught out in the rent trap is something that happens to many. With this being said, if you are smart with your savings and stay focussed on what it is that you are after, you can get yourself on the property ladder in no time at all.

I didn’t buy my first home until I was 26 years old and it was difficult for many years to get myself into a position to be able to afford it. I made some mistakes along the way to buying my first home and so I wanted to write a little about some key considerations which you are going to have to make once you have decided that buying a home is something that you want to do.

Budget

Most people are going to rely on a mortgage to buy their first home and it is best that you lay down as much as you can on the mortgage by way of deposit. In order to ascertain how much you are able to invest in your property, you need to make sure that you are smart with your budgeting.

It is important to remember just how many costs are involved in buying a home, aside from the value of the property itself. You will need to pay for searches before buying, you will need money for solicitors and the necessary conveyancing which allows you to complete the purchase as well as having money put aside for furniture and decorations within the home. It is also important  that you make a smart decision regarding how much you borrow as your monthly costs will increase once you are in the home, taking all of this into consideration is essential if you are planning on buying a house.

The Property

It can be easy to be blinded by beauty when you are searching for a property but you should sit down and make a list of exactly what it is that you are looking for in a property. Large properties require more maintenance and more furniture and they could also present more problems. Make sure that you understand that getting that dream house will not happen first time and your first house should be one which serves your needs and acts as a stepping stone to the next house, it is called the property ladder for a reason and this initial house is just the first rung of the ladder.

Market

It is important that you are buying a property at the right time and in the right place and you should make efforts to ensure that you understand where the property market is at the time of buying. If you are buying at the high end of the market then you could face negative equity issues further on down the line, unless you are in a rush you should be smart and be patient.

Best neighborhoods in Miami to buy a home

The last few years have cemented what many have been thinking: the real estate market in the Miami area is back with a vengeance. With Florida mortgages still being relatively affordable compared to where they were before the 2008 crash, now is the time to get in before things get crazy again.

With plenty of homes in desirable neighborhoods below their historical value, now is the time to stop renting and start building some equity in one of the most dynamic cities in the Americas.

If you are ready to put some skin into the property investing game, here are some neighborhoods where you should begin your search.

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1) North Miami Beach

Undoubtedly, Miami Beach is one of Greater Miami’s most glamorous spots. However, many buyers looking to invest in the real estate market in Miami erroneously assume they could never afford to put a down payment on a shoebox there, let alone a condo.

While this might be true in South Beach and Miami Beach proper, the city of North Miami Beach is home to developments that are more accessible to the entry-level real estate investor.

Located on the Intracoastal Waterway across from the northern reaches of Miami Beach, you won’t be far from the hottest action this area has to offer, but you’ll get to come home to a quiet, established neighborhood filled with long-time residents.

Around home, you’ll have easy access to Miami’s Chinatown, situated between 163rd and 167th Street on the west end of town and filled with plenty of amazing dining and shopping options from the Far East.

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2) Coconut Grove

Looking to get value for your real estate dollar? If you aren’t opposed to buying previously owned homes, investing in Coconut Grove might be a good move for you.

As the oldest neighborhood in Miami, and the historic center of this city’s counterculture movement, this place has an interesting backstory to it.

Today, it is one of the most sought after addresses in the city, as it is close to downtown, a number of glitzy high rise developments have broken ground here in recent years, it has marinas filled with expensive yachts, as well as a downtown filled with trendy businesses.

The newer properties may be out of reach, but there are plenty of bungalows from the 60s and 70s and condos that may work for your budget if you act fast.

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3) Wynwood

Want to live downtown? Out of all the options available, Wynwood is the one that has the perfect combination of amenities, value for money, and a location that puts you within a healthy stroll from Miami’s CBD.

With over 70 art galleries and frequent on-street art installations throughout the year, culturally-attuned individuals will love living in this part of Miami.

Additionally, with plenty of trendy microbreweries and restaurants, you won’t ever be left wanting for innovative food and drink options, which is good news for those days when you don’t feel like cooking.