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National publications are reporting more and more that the real estate market has peaked
and that the proverbial bubble has burst. However South Florida real estate should always be
a wise choice given it's weather and global desirability. Our weather will always be a pull for buyers in other parts of the country and internationally. This could be called the "sunshine and bluewater principle". Very few places on earth offer golf, tennis, boating and water sports available virtually 365 days a year.
The real estate prices here have traditionally been undervalued. Our market is recognized as the third most attractiv place to buy in the United States, after New York and California, respectively. Any transplanted New Yorker or Californian will tell you that real estate here is still a bargain.
Some financial
advisors are now touting the stock market or other investments. Do we remember the "tech stock" days? Here in South Florida, real estate is still King. Just as long as you keep your expectations in check.
Here are a few things to consider when navigating your way through the real estate market.
LOCATION, LOCATION
Remember that location is the most important factor in real estate.
Whether you plan to live there or rent out the home, it is important to review
the community from all angles.
Ask the on-site sales professionals to compare and constrast the community they represent
with neighboring properties on the market. Do those properties look better or worse than
the one being considered? How do the prices compare? How many times a day and night
does a train pass by?
You also need to consider how close are you to major highways, schools, shopping malls and the beach? Experienced real estate professionals can provide you with the information to make a wise investment.
PLAN FOR GROWTH
Consider buying a home or condo that is a little larger than the one you want. If you're considering a single family home, consider buying a four bedroom floor plan rather than a three-bedroom floor plan.
Extra bedrooms can be utilized for dens, play rooms, hobby rooms, media rooms and even teen entertainment centers. The extra space usually tends to yield a better return when it's time to sell.
Does the home have adequate storage? Are the balconies or terraces or a patio space large enough? Make sure the floor plan provides enough closets and storage, or that the garage has some extra storage.
KITCHENS ARE THE KEY
Make certain the kitchen, family room and breakfast nook are close to one another. These rooms are where you or your tenant will spend the most time when awake.
PRIVACY IS VERY IMPORTANT
Have you taken into account noise management? Builders these days are using sound-reducing interior walls and windows in many properties. This feature can increase your privacy and insulate you from noisy neighbors and traffic.
SAFETY AND SECURITY
We may not want to think about it, ask the sales professional what preparations are being made for a hurricane. Is a backup generator an option? If a condominium buiding, will the elevators be available when the power fails? Does the buildng have it's own generator, and does it supply any power, even a limited amount-to individual units?
Many buyers today are more comfortable in communities with a gaurd gate. Ask how the gate operates, and how guests gain access to the community.
Is the real estate investment going to be used by families, seniors or singles? How flexible is the floor plan? is there enough parking? Professional onsite sales associates can point out the pros and cons of on eproperty, or community, over another.
ASSOCIATION FEES
While community associations play a crucial role in setting anad maintaining standards, they also provide a great opportunity for residents to meet each other at neighborhood events.
Make certain that the homeowners-association fee, which often includes cable-television service and alarm monitoring fees, fits into your monthly budget.
IMAGINE YOURSELF IN THE SPACE
Look for the right neighborhood amenities. If socializing is high on your list, consider communities with a clubhouse and a large patio/pool area; these are ideal for neighborhood gatherings. Does the neighborhood have cul-de-sacs, nature preserves and lakes? Many buyers prefer the safety and the privacy of a cul-de-sac for their children especially. Nature preserves and lakes increase privaccy and value for adjacent homeowners; they also provie a perfect setting for relaxing aand fun.
As you drive through a neighborhood that you are considering, picture yourself living there. Is this a place you would be proud to call your home? Would you enjoy this neighborhood after work, and on weekends?
Has the community's developer build successful communites in the past? Did these commnities take long to sell out?
A GOOD INVESTMENT
Finally, ask the on-site sales professionals if they have reffered their best clients, family and friends to the community? If the answer is yes, the investment probably is a good one. After all, no one knows real estate better than a good realtor. |
