South Florida is home to many beautiful luxury properties. If you are in the market for a luxury home, there are some important considerations that go beyond what you would normally need to think about when purchasing a home. Below, we go over some tips that should help you buy a luxury home in Florida successfully.
Tips When Buying a Luxury Home in Florida
- Learn what is going on in the local real estate market. Anytime you are purchasing a home, it is always important to have your fingers on the pulse of the local real estate market. But that becomes even more critical when you are shopping for a luxury home. Do some research so you understand what the situation is. Is it a buyer’s market right now, or is it a seller’s market?
- Work with local mortgage experts and real estate agents. Because it is so important to know the market, it is equally important to work with professionals who also do. Instead of choosing nationwide big box companies, take your business to local Florida mortgage brokers and real estate agents.
- Visit luxury homes in person. With a typical home buying experience, you would look at photos of available properties and visit those that you find most compelling based on the photos. But it is a little different shopping for a luxury home because they can be challenging to photograph effectively. For that reason, you may want to visit luxury properties that do not impress you in the photos if the features listed appeal to you. You might be surprised by the different impressions they make on you in person.
- Consider your plans for the future. Think about what you plan to do with your luxury home years from now. Do you plan to stay in it for a long time, or sell it? Based on trends in the local real estate market, what do you think the property will be worth at the time you decide to sell it? Are other luxury real estate developments springing up around it? What impact could they have on the value of the home you are considering?
- Prioritize your needs and be realistic. Just because you can afford a luxury home does not mean you can afford every luxury. Just as you would when shopping for any other type of home, you will need to make a list of your needs and wants, and figure out which ones are needs and which ones are wants. Be realistic about what you can afford and what is actually important to you in a home.
- Research how property taxes and insurance will play into your costs. When calculating how much home you can afford in the luxury market, be sure to account for the impact of local property taxes and insurance. If the luxury home will serve as your primary residence, be sure to look into the Florida Homestead Exemption for property taxes. If this exemption applies to you, it might increase how much home you can afford. If you already live in Florida, you know what to expect regarding insurance requirements for hurricanes and floods. But if you are new to the area, you will definitely want to do some research to estimate your insurance costs.
- Check into local laws. Are you thinking of buying a luxury home that includes beach property? If so, you need to look into how local laws protecting plant and animal life will impact your future property. Be certain those laws will not interfere with your lifestyle before you proceed.
- Position yourself to negotiate. If you have a strong borrower profile and are pre-approved for a mortgage, you should be able to negotiate with sellers. With the help of a real estate agent who has a strong awareness of the state of the local luxury market, you may be surprised by what you can afford.
Lending Bankers Mortgage Can Help You Buy a Luxury Home in Miami or Beyond
If you want to purchase a luxury home in Miami or anywhere in Florida, Lending Bankers Mortgage can answer your questions and offer you further tips and advice. We also can help you apply quickly and easily for a competitive jumbo loan so you can close on your dream property.
If you are ready to get started, please give us a call today at 786-220-1100. We look forward to helping you move into a beautiful luxury home in Florida!