South Florida is one of the most coveted zip codes when it comes to living or owning property. Long-time Miami-based businessman Lee S. Rosen tells us in a quick chat the many perks of living in one of the busiest places in the US and why it’s well worth the investment. Miami Beach alone is considered one of the most fashionable cities in the world. Given the high number of tourists coming and going, plus the local population, it is a great place to establish a business and take root.
Here are 5 things you should consider before deciding on a South Florida house.
- Buy a house if you really want to stay
Lee S. Rosen South Florida has a unique set of characteristics that is not present in other areas in the US. For one, it fosters a luxurious and easygoing lifestyle. It is also home to a bustling nightlife. All that said, if you cannot imagine yourself living here for a minimum of 3 years, it might not yet be the right time to purchase a home.
- Check your buying capacity
“Homes in South Florida are expensive compared to other parts of the US, but that’s the price you pay for being in such a beautiful environment,” notes Lee S. Rosen.
If you are thinking of buying a home here, you might require taking out a loan. Because real estate prices are high, you will need a strong credit rating to qualify. Before you consider buying, check your credit report first and see if there are any errors so you can correct them before the loan officers have a look at your capacity to pay.
- See if there are schools nearby
Because you are buying to stay, you will likely be starting a family soon, if you don’t already have one. Look for an area that has a great selection of schools. Not only will these be convenient for you in the long term, but will also give your property a higher value in the future. Homes that are near great schools tend to be more desirable and valuable.
- Check out the mortgage options available in the area
“There are plenty of lenders in the South Florida area, so take the time to look around to see which you can afford,” advises Lee Rosen. Some home lenders require a 20 percent downpayment up front. If you can’t pay this yet, you can opt to apply with the Federal Housing Administration, Fannie Mae, Freddie Mac, and other agencies that offer mortages as low as 3 percent.
- Get the help of a real estate professional
To be sure that you are getting the right property for your needs and your budget, it’s best to enlist the professional services of a licensed real estate broker. While there are plenty of DIY tips available online, nothing still beats the informed advice of somebody who knows his or her way around the industry. This is especially important if you’re a first-time home owner. The agent will have all the information you need and will present the best options available so you can find a beautiful South Florida home at a price that you are comfortable with.
“Buying a home in South Florida is without a doubt expensive, but all the benefits that you gain out of it are simply too precious to pass up,” adds Lee S. Rosen. “I’ve been living here for decades and even set up my business here. I have never regretted that decision to move here since.”