Buy or Rent?

Without a doubt, choosing between buying or renting a home is one of the most difficult and important financial decisions you can make. Depending on which way you go, it will affect your finances in different ways.

 

In order to decide if renting is better than buying, or vice versa, it is necessary to evaluate our own circumstances, those of the market at that moment, and clearly understand the advantages and disadvantages of both.

 

Advantages of Renting

 

- You hardly need any savings to get started.

- The paperwork and steps to be taken are minimal.

- In case of a mistake, it is easier to make amends.

- You can have access to areas where you could not buy.

- It provides tax benefits to both the tenant and the owner, according to certain conditions.

- With the rent you have less expenses, since the taxes associated with the housing are assumed by the owner, unless different conditions are agreed upon in the contract.

 

Advantages of Buying

 

- The property is available for the purpose you want.

- It allows you to decorate and remodel it as you wish.

- In the long term it is usually revalued.

- It serves as a measure of future savings.

- Once paid, you no longer have a fixed monthly cost.

- Depending on the bank interest rate, it can be cheaper to live in your own property than renting.

 

No matter if you are looking for a property to buy or rent, our advisors are trained to help you throughout the process.

What you need to know if you are going to live in Florida

 

There are many reasons to move to Florida, and that is why the number of people who decide to move has been increasing over time.

Florida has a very pleasant weather; besides, it has beautiful beaches, many parks, spectacular natural parks, and an increasingly interesting educational offer for parents who want to give their children the best education.

However, if you are planning to move to Florida, we recommend you to take these tips into consideration:

1. Don't move to Florida during the summer

The weather in Florida can be very hot at this time of year. The temperature can reach up to 90 degrees F between the months of June and August. It is not the best idea to move to Florida during the warmer months.

2. You will see lots of wildlife, animals and creatures

When you move to Florida, you will see a lot of wildlife. It is one of the states in the USA with the most creatures, both large and small.

Alligators are common inhabitants of Florida. However, there are many more animals to see there. You can also find armadillos, pelicans, bald eagles, bears, and even American panthers.

3. Research the area where you will be moving

The entire state of Florida is built on limestone, a rock that causes sinking. If you move to Florida, you need to be 100% sure that the site is built in a non-sinking area.

4. Bring plenty of insect repellent with you

Since Florida is a state with a warm climate and high humidity, insects are a normal thing. There are at least 12,500 species of insects living in Florida.

But there's nothing that a little insect repellent can't solve! Buy some insect repellent to keep yourself safe.

Condos or single-family homes? How can you choose the best one for you?

 

Everyone thinks that buying a condo or apartment is a great option. Like any investment, it has its pros and cons. But most people also don't know that condos can't be bought with government help. These grants generally exclude condos and mobile homes. Another thing they don't know is that, for that reason, they must pay more money at the time of closing the purchase, since the type of loan that most people approve for that type of property is conventional. This type of loan generally requires a higher percentage than the FHA loan type.

 

First of all, apartment prices in Florida have gone up. Second, most condos will require the payment of the condo fee and the HOA fee. For that reason, the price that appears to be so affordable goes up when those two additional fees get added to the payment. Most people who buy apartments are investors who lease them, for example, as vacation villas.

 

In the case of houses, called single-family homes, it is the preferred alternative for people who want to have their own home. Also, they are energy efficient, making the owners save money.

Best cities in South Florida to live your retirement.

After age 65, people say goodbye to work and start their golden years, but before you do, you should ask yourself, is Florida the best place to retire?

According to WalletHub, Florida is the best place in the United States to live after retirement. Year after year, Florida leads the polls as the best place to enjoy a fair and well-deserved retirement. According to research by the financial website, the 'Sunshine State' is the best place to settle down, and the dream of retiring by the sea is a reality for hundreds of Americans.

 

A study supported this decision. It took into account key factors that every retiree looks for after retirement: affordability, quality of life, and healthcare.

 

These were the top 5 locations in the Sunshine State.

1. Sarasota. 

2. Tampa.

3. Miami

4. Mouse Mouth

5. Key West.

 

So, don't think twice! Contact your real estate agent and plan your retirement enjoying the sea, the sun, and the wonders of South Florida.

Thinking of buying a property in South Florida?

When we think about buying a property, we believe that we have to fill out a lot of paperwork. While this is true, it is best to be well counseled and consider a number of factors first.

We advise you to consider the following before investing:

1. Insurance

If you are thinking of buying an old house, with an old roof, it will be very difficult to get insurance for your home.

2. Property taxes

Taxes will vary depending on the area where the property is located and will also vary depending on the type of residence that you want to buy.

This expense can be very high, so it is important to evaluate it before buying the property.

3. Inspections

All inspections are mandatory. They should be, since you can discover all the imperfections that the property may have. In the inspections you will find the hidden damages that do not show in the sale photos of the property.

4. Visit the property at different times of the day

If you are thinking of buying a property, you should know that you will also have to live with the people who are around you, so it is very important to visit the house at different times to find out the habits of that population. We also recommend that you talk to the neighbors, since they can give you the best insights of the place where you want to invest.

5. Always check the documents before signing

Last but not least, always review the documents before signing. We recommend that you seek advice from a trusted lawyer and realtor to ensure that everything is perfect.

Source: http://actualidadradio.com/noticias/6-cosas-que-debe-saber-antes-de-comprar-una-propiedad-en-florida/

Do you need to remodel your home?

 

Are you living in South Florida and would like to make some changes to your home? Here are some recommendations if you want to change some things.

There are several reasons why an owner may want to make changes to a property, some of them are:

- For pleasure

- To add value to the property

- Because new needs arise in the property

If you are going to remodel your property for any of the above reasons, we recommend the following:

1. Request a budget

2. Ask for the necessary documents to carry out the remodeling

3. Take into account the cost-benefit of the remodeling

4. Make a calculation of the necessary materials

5. Know what you want and how long the changes can take

6. Choose a professional and experienced team to carry out the remodeling

7. Evaluate the quality of the materials to be purchased

These are some steps that we recommend to follow in order to carry out a remodeling in South Florida. If you follow them, you can make the changes you need for your property in the best possible way.

Top 5 tips for foreign investors in South Florida

Since 2006, the fluctuations in the United States real estate market have been focusing around South Florida, transforming it into one of the top investment opportunities in the US. Taking this into consideration, many foreign investors have seen this area and its surroundings as the perfect opportunity to secure their assets and produce an extra income. However, the investment process involves some steps that might become a little more complex for non-native property owners. That is why, if you’re a foreigner, we want to share 5 tips for you, to help you start your journey in South Florida’s real estate business.

 

 

1. Be realistic: some marketing professionals might try to sell the luxury + bargain image (90,000$ beachfront apartments, for example), when in reality those expectations are far apart from the actual projection of the market. To develop a successful business in Miami, foreign investors must be aware of the fact that any contract that is worth the cash, will be closed within a week or so. To see results in terms of 5 to 10 years, being willing to invest realistically (however obvious it might seem) is essential.

 

2. If possible, work with corporations: investing under the name of a Limited Liability Company (LLC) or a Corporation simplifies the tax payment process and the inheritance procedures in a long-term period. Otherwise, the tax rate for a non-native owner, in case of any extraordinary event, would be too high. These corporations can be foreign, domestic, or might even be presented in the form of a trust fund.

 

3. Be aware of the bureaucratic proceedings: even though the process in the United States has proven to be pretty simple, there are certain requirements for foreigners and non-residents. Some of them, like the TIN (Taxpayer Identification Number), imply a bit of a procedure (filing an application and providing all the ID specifications: passport, driver’s license, birth certificate, then sending it to the respective offices, etc.).

 

4. Find the best professionals: for the completion of the previous step it is necessary to have experts, such as US Tax attorneys, Real Estate attorneys, accountants, brokers, and buyers who are committed to your business and watch over your safety.

 

5. Ask Questions: once you have found the best possible team, be prepared to ask some of the following questions: What if I carry out other businesses in the US? Is there some type of tax alliance between my country of origin and the US? These might be very helpful for you and the professionals that guide you.

 

In South Florida, we keep these 5 tips at the top of our heads. We are prepared to receive you, answer all of your questions and guide you through your investing process! Contact us!

What you should know when it’s time to invest: Coronavirus edition

The task of selling, buying and investing in properties has always been a thoughtful act, full of challenges and bumpy roads. These challenges have only been boosted by the new scenario COVID-19 has provided, making it seem that the road is a little steeper than before. However, there are still many opportunities within this field.

 

Surprisingly (or not), the real estate business in South Florida hasn’t stopped. Just like everything else, it has slowed down: transactions are being delayed or pushed back, but they haven’t stopped completely. In fact, many brokers and companies  keep showing properties all over Coral Gables and Miami Lakes, valued from $300,000 to nearly a million dollars. So, in spite of the circumstances, there are still many alternatives to carry out a safe investment for all the parties involved during the COVID-19 pandemic.

 

●     Pricing and Listing: Right now, many transactions are paralyzed, and for fear of losing business opportunities, many owners are lowering their prices; however, this might not be the best strategy to follow. The price fluctuation due to the crisis is temporary, so if you’re thinking about lowering your selling price, make sure it’s not an exaggerated drop. That way, you won’t lose money when the prices start rising up again.

 

Moreover, listing prices and comparisons with other properties are also good measurements, as long as they are up to date. The market has changed in the last few months so there’s no use in checking old references.

 

●     Ace negotiation: Buyers are increasing their standards. Why? This pandemic has shown the importance of owning a home that covers all the needs of space, comfort, security, etc., in a long-term period (at the end of the day, we have spent several months at home already), all of which means that brokers and agents must polish their negotiating skills, and even prepare themselves for a little give and take.

 

●     Take care of the image: Tidying up, fixing minor construction issues and caring for the visual image have a big impact on a client’s decision. As for COVID-19, the alternatives to carry out meetings and home visits are now restricted by virtuality.

 

An online rendezvous might not be the most comfortable for either of the parties; however, it is one of the makeshift solutions during the crisis. On the other hand, for those who are still able to manage face-to-face visits, it is important to be aware of all the safety measures to preserve health (self-distance, face masks, antibacterial gel).

 

Now more than ever, people are valuing the worth of their own homes at its fullest, which is probably the biggest silver lining in our work field right now. Even when times get tough, there’s always something to bet on, and, for us, that is South Florida.

Why have an expert when investing in a property?

Currently, South Florida is one of the most demanded locations for investors. Its rental market has never been better; from the college students who share a 4-room property, to the numerous families that arrive during summer vacations to enjoy the south. If you are willing to get your hands a little dirty with arts and crafts, there are plenty of properties with low selling prices for renewal; the mortgage figures in South Florida are affordable, and the property taxes are slightly lower than in other regions of the U.S.

 Besides, how can anyone forget about the spectacular views and the properties by the sea? It does seem appealing, right? Investing is a great business opportunity, and it’s not that complex of a process; however, it does have its tricks. That’s why you need experts who can guide you along the way. Whether you’ve been doing this for a long time or not, a little help always comes in handy. So, if you want to know why it is important to have professionals like us when investing in a property, keep reading.

 

The road is always steeper at first. If you’re new to the business, it will probably be harder to discern which properties are profitable and good investment choices, and which ones aren’t. Guess what? We can do this job for you. A real estate agent or broker not only knows how to distinguish if a property will be successful or not (what years of experience can do!), but little by little, we teach you how to tell the difference, which at the end of the day is the main goal, right? For you to sharpen your criteria and your instinct in the field. By having many years of expertise over our shoulders, we also possess strong contact networks within the South Florida area, which means that when the time is right for any good deal or, even, when some inconveniences pop up, we’ll most certainly know the right person for the job.

 

Another major concern when investing in properties is the operational systems. It’s true that this might be the trickiest part: knowing about affordable mortgage scores, dealing with taxes, paying commissions to the sellers, dealing with landlords, tenants, vacancies... it all can seem way too much. So why dealing with it on your own? As real estate agents, we are specifically qualified for the matters that, for one regular customer, are usually uncomfortable. We are trained in marketing, market analysis, and perhaps above all, negotiation. A good negotiator can make the difference between a somewhat weak agreement and an excellent deal.

 

Moreover, in this process you’ll realize that along our job as real estate agents, there are a lot of other professionals that make the process easier and that are good to keep around: Mortgage brokers and accountants who cover the figures;  real estate attorneys and lawyers, who luckily you won’t need as much, but that are important for the safety of your patrimony if anything happens; and finally, contractors and handymen, who carry out the hard labor of transforming a house to increase its value. The truth is that it isn’t as clean and straightforward as TV shows make it seem. In reality, it requires patience, compromise, perseverance, and of course, a great team, which is exactly what we have to offer.

 

As the saying goes, “alone we go faster, but together we go further”, and with the right investment and professionals like us in South Florida, you’ll go further than ever.

Top 5 things you didn't know about Florida.

The Sunshine State, one of the most populated states in the United States, attracts world tourism because of the beauty of its beaches, its amusement parks, and the charm of some villages that preserve the history of hundreds of years.

 

However, many details make Florida the best place to visit.

 

Beaches and more beaches

 

When talking about regions in Florida, it is not enough to say Panhandle or the Gulf and Atlantic coasts.

 

Here, the 8,436 miles of coastline are perfectly grouped into 10 specially named shores.

 

First Coast: In addition to being the first region visitors cross when entering the state along Interstate 95, the First Coast, which includes St. Augustine, Jacksonville, Orange Park, and Fernandina Beach, was the first to be discovered and settled in 1565.

 

Space Coast: Your area code is 321 for a reason. It is home to the Kennedy Space Center and Cape Canaveral, the birthplace of American space flight.

 

When the space program was launched, the location of Cape Canaveral in central Florida proved to be the perfect location because of its proximity to the equator, allowing the rockets to take advantage of the Earth's speed when they were headed east for orbit.

 

Most of the area is within Brevard County. Major cities include Titusville, Cocoa, Merritt Island, Cocoa Beach, Melbourne, and Palm Bay.

 

Other beautiful barrier islands include Sanibel, Captiva, Marco Island, and Estero. Fort Myers, Naples, Bonita Springs, and Cape Coral are some of the mainland cities.

 

Women's power!

 

Miami is the only major American city founded by a woman. In 1875, Julia Tuttle visited Miami for the first time, and in 1891, she moved there permanently.

 

Tuttle bought a square mile of land at the mouth of the Miami River and eventually persuaded Henry Flagler to extend his train service from Palm Beach to Miami by sending him orange blossoms.

 

She is known as the Mother of Miami.

 

Waterfalls in Florida

 

There are 663 miles of beautiful beaches, hundreds of impressive springs, and millions of acres of wetlands, but it's pretty hard to find a waterfall in Florida.

 

There are man-made waterfalls, including some at Rainbow Springs State Park near Dunnellon, but there are only three natural waterfalls in the Sunshine State.

 

The highest is at Falling Waters State Park, near Chipley. It plunges 73 feet into a 20-foot cylindrical sinkhole and disappears underground.

 

Devil's Millhopper State Geological Park in Gainesville features a 120-foot deep and 500-foot wide sinkhole with several small waterfalls cascading down its limestone walls. During normal water levels, Falling Creek Falls, north of Lake City, roar over a 10-foot waterfall, flow through a deep ravine and then disappear into the ground.

 

Invention of sunscreen

 

A World War II aviator from Miami Beach named Benjamin Green wanted to protect his fellow soldiers from the sun. Green used red veterinary oil, which worked but was heavy and unpleasant, according to the New York Times.

 

After the war, Green added cocoa butter and coconut oil, and eventually invented Coppertone.

 

Britton Hill, the highest point in Florida

 

Florida's flat. It's even flatter than Kansas, according to Jerry Dobson of the American Geographic Society.

 

It is so flat that Florida's natural highest point, Britton Hill, also takes the award for being the lowest state highpoint in the United States.

 

Britton Hill, in northern Walton County, is 2 miles southeast of Florala, Alabama, and is 345 feet above sea level.

 

Living in South Florida now is possible!

South Florida is one of the hottest vacation spots in the world, short-term rentals are now trending like never before. Investors are searching for opportunities in neighborhoods where people might want to rent for a month or two (even less than a month) during the summer, winter break, or spring break, and make a decent profit out of it.

Whether you are buying your first home or you are an experienced investor, South Florida Riches will assist you in everything you need. Buying, selling or renting a home on your own can be difficult, and it’s extremely easy to make a mistake.

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