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.

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/

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!

Reasons to invest in South Florida

Over the last few years, South Florida has become one of the best places to invest in Real Estate thanks to its fast growth. For Gables Riches, this represents a great business opportunity, whether you’re looking for Property Investment or a second home. That’s why we’ll share 5 reasons why South Florida is becoming the best option to invest in.

1.     Affordability: The local market offers affordable properties with many amenities and seller incentives. And thanks to its multiculturalism, it’s becoming the center for international buyers.

2.     Weather and activities: Florida is the only subtropical state in the US, making its weather very fresh during the spring and summer and slightly cold during autumn and winter. Its weather is an advantage; you can enjoy all-year round water sports, such as snorkeling, boating, kayaking, and more. And its beautiful beaches attract visitors and potential customers.

3.     Lifestyle: There are so many things we can say about the world-renowned Miami lifestyle: children, adults, and elderly. There are more things than the party scene: wildlife resources, parks, beaches, and more.

4.     There are differences between South Florida and North Florida: South Florida is a worldwide, diverse capital with a high Latin-American influence, and it’s where the most well-known lifestyle happens. On the other hand, North Florida has a different weather than the rest of the state.

5.     Taxes in Florida: Florida is one of the few states without tax income and it has a low cost of living. But there’s a catch: gas tax is high, so saving some gas by running some errands on the same day can be a good way to save money.

As you can see, living in South Florida has many opportunities to start a new lifestyle and Gables Riches is here to help you during the process. Just contact us today.

Why should you move into a townhouse?

   You’re starting your adult life, or you want to have your first home with your partner, and while dreaming big is always positive, starting small is always recommended. Investing in a townhouse for your first home is probably the smartest choice if you’re starting in Real Estate, since they’re usually cheaper than single homes. At Gables Riches, we’re experts in finding the best townhouses for you, and today we’ll give you 4 reasons why investing in a townhouse is the smartest choice.

•   HOA: The Homeowners Association fee is usually something that makes several investors run away, but it usually includes landscaping, garbage disposal, roof, pool maintenance, and more.

•   Perfect investment opportunity before buying your first home: By renting a townhouse, you can save some money before your big investment, and at the same time, you’ll have some idea what it’s like to take care of a property on your own.

•   Evaluate the pros and cons: Study what you’re looking for, what investment opportunities you have, and how much space you have for your belongings. It’s even important to take into account the types of neighbors you have.

•  Check your Insurance Situation: With a proper Property Insurance service, you can protect your investment and your family.

   At the end of the day, it’s important for you to take your needs into consideration. Gables Riches is here to guide you during the whole process of choosing, investing and managing your new property. Just contact us today!

4 Great Places to Live in Miami

At Gables Riches, we are always looking for the next best neighborhood, and so far, this 2017, after doing our research, we’ve come up with a list of 4 great places to invest and live here in Coral Gables, Miami and its outskirts! In no particular order, you can find them below.

-Kendall: this is a wonderful suburb only a few minutes away from Miami’s urban experience. It’s very quiet and relaxed, with many outdoor cafés where people go to talk, meet new people, listen to some music, work on their laptops, or simply take some time off their routines. There are some beautiful residential buildings many investors are very interested in, and there are plenty of options if you are looking for a place to live at a very reasonable rent price. A condo’s rent price with many amenities (pool, tennis court, recreation room, etc) is about $1,500.

-Pinecrest: living there will feel like an everlasting vacation. This beautiful community, only a few minutes from the beach, offers many possibilities to investors because prices aren’t that high right now, and we are sure that they will skyrocket in a few years. A very cozy 800-sqft apartment in a very quiet area can cost you $170,000, with amenities like laundry room, pool, security, etc. Pinecrest Garden, one of the jewels of this community, features over 1,000 varieties of exotic tropical plants and trees, and it offers wonderful summer camps for the children of the house.

-Cutler Bay: located just west of Biscayne Bay, this town has some very beautiful lakes with beautiful houses around them in quiet neighborhoods. Only a few steps from beautiful beaches, Cutler Bay is full of people who want to relax and take a deep breath out of Miami. Some very luxurious properties are available there, but also lovely condos at reasonable prices can be found in great neighborhoods. Its tropical atmosphere will make you feel as if you were on vacation all year long.

-Homestead: between Biscayne National Park to the east and Everglades National Park to the west, this town is only 35 miles south of Miami; that’s minutes away from all the excitement of the big city. Green, clean and beautiful neighborhoods full of very welcoming communities enchant many investors every year, and if you would like a quiet condo with a beautiful backyard and a unique lake view, Homestead is for you. Rent median price is $1,100, and opportunities in this town don’t usually last very long.

If you would like to live or invest anywhere in these beautiful locations, contact Gables Riches anytime! We guarantee that we can find the perfect home for you and your family.

Photo taken at: http://bit.ly/2fYFOAk

Investing in Isles at Lago Mar

The Real Estate business in Florida is better than ever, and at Gables Riches we keep encouraging our clients to invest in the unique community of Isles at Lago Mar, in the heart of West Broward County, in the city of Sunrise. Extremely well located, this community features some of the best water views in the region; all homes border the elegant Lago Mar County Club and its beautiful lake.

 Isles at Lago Mar is only a block away from the world-famous Sawgrass Mills Mall; it’s also near the BB&T Center, Ikea, excellent restaurants, great shopping and amazing recreational parks. Immediate access to I-75, I-595 and the Sawgrass Expressway provides quick connections to the Fort Lauderdale and Miami airports, and prominent business centers throughout South Florida. This exclusive condominium complex was built between 1991-1994, and every year more and more investors decide to buy there because of the 6-7% return it provides. Another reason why investors are attracted to these properties is the fact that they come with a tenant in place with up to a year lease, which means that investors start having some cash flow from day one.

There are 368 units in this community, and you may choose between 2-bedroom or 1-bedroom apartments. Interior features include large open breakfast bar with separate dining area, fully equipped kitchens with contemporary-style cabinetry, full-size washer and dryer, study/solarium with golf course and sparkling water views, spacious walk-in closets and pantries, vaulted ceilings and assigned parking.

Being close to some of the best schools and universities in South Florida might also be appealing to some investors, but what captivates the most hearts are the many amenities available. And since they are simply way too good to ignore, here they are: 37-acre tropical landscape, exquisitely designed clubhouse, BBQ/picnic areas and pergolas, two indoor racquetball courts, fully equipped fitness center, two glistening swimming pools and spa, two privately lighted tennis courts, on-site management, bike racks and plenty of guest parking spots.

As Jeff Greene once said, “In real estate, you make 10% of your money because you’re a genius and 90% because you catch a great wave” and this opportunity here, in Isles at Lago Mar, is truly a great wave. Visit our website: www.gablesriches.com to find all the information about the units available in this quiet, safe, exclusive and beautiful condominium complex in Broward. If you have any doubts or if you are interested, feel free to contact us anytime.

Governments change, economies shake and Miami remains solid

2017 is a year full of expectations for some, doubts for others, especially when it comes to investing in Real Estate. But as history has shown us, markets go up and down, but they ultimately stabilize. That’s not the case for South Florida; apparently, this region of America is somehow “bullet-proof”. Maybe we are exaggerating, but what we can say for sure is that all the employment policies and immigrant matters will not negatively affect the housing market in this region; governments change, economies shake and Miami remains solid.

In 2016, many experts predicted an implosion of the Real Estate market in Miami, and by the end of the year, it turned out to be just a slowdown. Of course, this might discourage some new investors, but after all the growth that this town has seen in the last years, a slowdown isn’t much of a problem for most investors. Experts suspect this slowdown happened because of the November elections, and it’s just the beginning of an upward cycle; in other words, the market took a deep breath last year.

 

On the other hand, 2017 is not going to be the year for constructors, since financing has become harder than in the past. Still, this is no reason to worry; there’s still plenty of choices for investors looking to put their money on Real Estate in Miami. Last year, many sellers paused their properties and decided to rent only, while investors held their breath until the election was over. Now, at the beginning of the second quarter of the year, the foggy expectations are starting to look bright once more.

Talking about immigrants, we all know South Florida has one of the highest immigrant populations in America, especially latinos. Illegal immigrants are quite a topic nowadays, and there’s a lot of speculation about this, but the truth is, this matters don’t apply (at least not directly) to the Real Estate market. Many investors in Miami and its surroundings come from Central and South America, but most of these people are buying their second home. This means they are looking for legal ways to get American Citizenship (if they actually want it at all). While immigrant policies might affect the economy in other ways, the Real Estate market doesn’t shake to this matter.

Tell me where you want to invest and I’ll tell you which type of person you are

After many years in the Real Estate business, with a growing client list and a constantly changing market, we can now say with some accuracy which is the average profile (or stereotype) of an investor here in South Florida. We can tell a lot about the type of person you are just by knowing where and how you want to invest!

Let’s take Coral Gables, for example, and make a quick review. It’s a city made with great taste, it has a solid history (Spanish ancestors and Spanish architecture), it features sophistication, luxury and a relaxing atmosphere. Now let’s talk about numbers. Population: over 50,000. Median household income: $93,000. Median age: 41 years old.  95% of Coral Gables population has a high school degree and 61% has a bachelor degree, which is one of the highest rates in the area. This is just some great stuff about this city but there’s plenty more.

Most people investing in Coral Gables nowadays are doing it for profit, or simply getting a second home at a beautiful place (one that looks like a vacation spot). Many immigrants put their minds in this city, and what most of them have in common is that they are looking for a legal immigration status (if they are looking for it at all), and a high percentage of these investors are business men and women with a high level of education. In the particular case of Coral Gables, a place where the median age goes around 40 years old, people who come to live here are men and women with families (married with children).

The profile for the type of person who wants to invest in this area is starting to look quite sharp, and this is just a glance. To conclude this statement, let’s separate the people who want to invest in Coral Gables from the ones preferring Miami. The profile is actually quite similar, with one particular difference. Coral Gables is more of a retiring city. This doesn’t mean people don’t work there; it means it’s a quieter area with a slower pace, where people with a very stable financial situation can go and enjoy all the comforts of a beautiful city. On the other hand, people who prefer Miami tend to be younger (a little bit), and with the one goal in mind of making money and start settling the bases of their future. A high percentage of them are single or recently married but with no children. Miami has a faster pace and it features more business opportunities for people anxious to learn, grow and have fun all at the same time.

Of course these are all stereotypes, these are not absolutes, and at the end of the day, every person is different, but it’s important to recognize patterns when you are working in the Real Estate business, and you, as a client (or a potential client), should know what you are going to find where you want to live or invest.

Five Reasons to Rent in Coral Gables

Moving into a new town can be a very stressful thing to do, especially if you are arriving somewhere you know nothing about. The good thing about South Florida is that its citizens are very friendly and always willing to help you. Still, if you’re deciding among Florida cities to move in, then here are five reasons why you should consider Coral Gables as your next destination, especially if you’re looking forward to renting a home.

1)     If you’re looking for comfort, then Coral Gables is your best option. You’ll find infinite amenities that will adapt to any lifestyle. It has one of the most unique public pools: the Venetian Pool. You’ll also find gyms, clubhouse facilities, bars, sports courts, a shopping district, all kinds of restaurants, libraries, and so much more.

2)     The Marina at Coral Gables is always an extra plus. If you’re a boat and sea lover, then you’ll find peace of mind at the Marina.

3)     If you have a family, education is always an important factor you need to think about. In Coral Gables you have excellent schools for your kids to study, and you also have the University of Miami for more advanced studies (which, by the way, was envisioned by the developers of Coral Gables).

4)     If you’re moving with your family, Coral Gables is perfect since it’s a very safe area for your kids. Also, Coral Gables offers big houses, with lots of rooms and bathrooms for your comfort. You have a great variety to choose from.

5)     Right now, there are lots of great rental deals. You can rent a home at Coral Gables for less than $1,400 a month. There are even 2-bed/2-bath units available for a family of three or even four members.

Check Gables Riches’ website for all the great rental deals Coral Gables has to offer: www.gablesriches.com. You can also contact us and we’ll take care of finding your dream home!

Local Residents and US Citizens are back in the Market!

The real estate market is continuously changing. A few years ago, it seemed to slow down, and most of the main investors were immigrants that were looking for a second vacation home. However, the market had seemed to turn upside down, and since 2016 and 2017, local residents and U.S. citizens are coming back for real estate investments.

            The Miami real estate market seems to be one of the favorite for the upcoming years. The weather, coziness, and investment stability in this city is dragging investors every day. The most interesting part is that those investors come from every generation.

            Ten years since the housing crisis, middle-aged people have fixed their credit offer. This is offering them the opportunity to reinvest their money back in the market. They seem to be buying second homes and also investing in properties as a way to gain future profits (either by reselling or renting). And due to the great deals in Coconut Grove and Coral Gables, this seems to be an amazing opportunity for this generation.

            Regarding the Baby Boomer generation, they’re downsizing or buying second homes. People from this generation already own a property, and are settled in life. But real estate is pretty attractive to them since it’s the safest way to use and keep your money, while making a profit. However, most of them are just investing in real estate to purchase a second home to spend their vacations. And there’s no destination like Miami to do so. So, you can figure out that this is a great move for South Florida’s real estate market.

            Last, there’s the Millennial generation. This is the youngest generation to have the economic opportunity to invest in real estate. Since they are tired of paying rent, the Millennials have done some great work at saving money, and now have enough to get into the market and buy a property of their own. This is a generation mostly made up of single families and full-time local residents, so this will help the Coral Gables and Coconut Grove housing market, since the properties here meet the needs of these types of investors.

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