Learn About Buying Bal Harbour Real Estate
Bal Harbour Home Buying Pitfalls
Buying your Bal Harbour home whether you are a first time buyer or an ‘Old Pro’ involves legal, financial and emotional considerations. The more you know about the most common buyer mistakes in Bal Harbour, the more likely you are to avoid them.
Make sure that when you put in an offer on any Bal Harbour home that you have spent time narrowing down just what you are looking for. When the sellers accept your offer, you are involved in a binding contract that could cost you your deposit and other damages should you decide to back out. The opposite scenario, waiting for the 100 % perfect home can be an exercise in futility. With the thousands of variables available in housing, including location, style, size, amenities and condition, perfection is almost always an unreasonable goal.
Bal Harbour Homebuyers Quandry
First time Bal Harbour homebuyers have their issues to deal with and homeowners who want to move up, down or sideways have an entirely different set of problems. A homeowner’s first task is to counteract human nature. Humans must be genetically programmed to find their next home and then scramble to sell the one they have so they can afford the one they want. The Bal Harbour market is no exception. Of course, this is contrary to good sense but since most people will go ahead with the Buy then Sell approach.
Building Bal Harbour Home Equity
As a Bal Harbour homeowner you have the right to pay more towards the principle loan amount each month. Let’s say your monthly payment is $700.00 a month and $100.00 a month is being applied to the principle. If you choose to pay $900.00 instead of $700.00, the $200.00 overage will be applied entirely to the principle. Thus, instead of gaining $1,200.00 a year in Bal Harbour home equity, you gain $3,600.00.
The only factor being considered here is Home Equity. In individual cases it may be wiser to invest than to pre-pay your home loan. It also may be wiser to pay off high-interest, non-deductible loans before considering your Bal Harbour home equity building options. Your financial advisor is the one to consult for these matters. If you would like up-to-the-minute information about Bal Harbour home appreciation values in your area, please call or E-mail me today.
When Bal Harbour Does Not Sell
Let’s say a home is in excellent condition but simply messy. The cat box needs changing, the dog dish is a mess, the dishes haven’t been put into the dishwasher and the beds are not made. Should these conditions affect the price of the Bal Harbour? No, but they do. Take two identical houses next door to each other and priced the same. The sparkling clean house will sell much faster than the messy house and the messy house will more than likely sell for a lower figure. This is true of Bal Harbour as well as real estate nationwide.
When a home does not sell, the owners tend to think that the REALTOR didn’t do a good enough job of promoting the property. There is a difference among agents and brokers and some will promote a property more than others. However, the main and most important method of promoting Bal Harbour for sale is listing it in the local MLS.
Bal Harbour BARGAINS
A bargain exists in the mind of a buyer when entering into an agreement to exchange goods when the buyer thinks the price is favorable. Bargains can always be found in the Bal Harbour market if a buyer is patient and willing to wait for a truly motivated seller. In economic downturns many people believe that foreclosures and short sales are automatically bargains when, in fact, this may not be the case.
Bal Harbour DEPRECIATION
Depreciation is the loss of value of a building or an asset due to wear, tear, and aging. Depreciation cannot be applied to your personal residence unless you use your Bal Harbour in some way for business. If you do depreciate a part of your home, let's say a home office, there are tax consequences you must consider when you sell your home.