Buying a home is often be the most important financial decision people will make in their lives – which is why it’s important to do your research and get the details right the first time. After working in Miami’s real estate market through all the booms (and busts) of the last 20+ years, we figured it would be a good idea to share some tips that will help you navigate this difficult (but very exciting process):
It’s always important to note that you don’t have to spend the full amount you are preapproved for – if you have $200,000 for a down-payment and you are approved for a $500,000 mortgage, you don’t need to get a $700,000 home. In fact, going for a $500,000 home will give you a better offer as it is more of a guarantee you’ll be able to close. Secondarily, this is a key advantage in working with a Realtor who has a good reputation in the Real Estate community – if their client makes an offer, the seller’s Realtor knows it is a real one.
Have any questions about buying your first home? Give us a call at (305) 329-7744.