Frequently Asked Questions
Question about selling
Buying a home can provide many benefits for homeowners, including stability, personalization, protection of financial resources, and the possibility of home value appreciation. On the other hand, there is a possibility for the home to depreciate. Depreciation occurs when home prices fall in an area.
Some factors, such as property maintenance and improvements, are in your control. So lack of proper maintenance and care of a home would lead to deterioration and depreciation. Natural disasters, property markets, and changes in your neighborhood might bring down the value of your home as well.
Home values are driven in great part by location. An older home on a high-end waterfront community would probably bring a higher value than new home that is not on a waterfront community. So it is important to gain knowledge of the local market in order to make an informed decision.
A Broker or Realtor is a Real Estate Professional that has been licensed in the particular state to provide services. A good real estate professional is hyper focused on the area they service. They know local market conditions, changes in the area your are evaluating, and most important they have access to a network of other professionals and tools that they use to service you.
Yes. It will depend on your financial institution and the specifics of your lone. As a general rule on most conventional loans where you are paying down 20% or more of the value of the home, the financial institution will let you pay for your taxes and insurance. Anything less than 20% down, you will be required to pay it through your loan payment.
Normally takes between 30 – 60 days from loan application to closing. It depends on your financial institution and the specifics of your loan. For Commercial Loans, the process is different and can take longer depending on the type of commercial loan you are seeking (for example purchase vs construction).
Question about renting
At this time (2023), rents have grown significantly since the COVID days, so although interest rates are high at this moment, it is still better to buy a home or investment property as compared to lease or rent. It will act as a hedge on inflation.
It depend whether this is a residential or commercial rental. Residential rentals will include any community maintenance on the monthly rent. For commercial leasing, most landlords will do a agreement where the tenant will be responsible for paying for utilities, insurance, and taxes.
Yes. There are Brokers that focused exclusively on rental or leasing properties as they usually provide the management for these properties.
With the recent situation in Miami with the collapsing condo, here some things to look into when considering the rental of a condo:
- Review the rules and regulations
- Review the financials for the condo owners association
- Request copies of the most recent inspection report for the building
- Inspect the apartment unit closely and ensure all systems are operational and in good condition. Note any issues and present to your landlord on moving day
- Understand what maintenance you will be responsible for and the cost associated with it
- Review Pet Policy
Just evaluating these items will ensure you have a better experience when renting a condo.