Prepare. Aim. Buy.
How does one prepare to buy a property?
Those who already bought a property in Florida can confirm, the process is full of surprises. When you think everything is done, the bank asks for another document. Or the title company remembers that they are missing the birth certificate or another simple document. And another one. And then one more.
So, if you want to buy a property in Miami or Orlando, it is better to be prepared from the beginning. It is important to understand the financing process for foreigners , and why sometimes it is better to buy in your name or as a legal entity.
Even before you start looking for a property, try to understand why you want to buy in Florida in the first place. Is it a vacation home for your personal use, or are you going to rent it sometimes? Some condominiums do not allow renters, others you must wait a year or two to rent, and others you can only rent for six months. Each building has its own different rules.
The most important documents at the beginning of the process are the pre-qualification, demonstrating your ability to buy. If the purchase is made with cash, then a copy of your bank statement, showing the funds to complete the purchase is sufficient. If the purchase is financed, then it is good to talk to a bank or mortgage broker, who will provide a Pre-Qualification Letter to accompany an offer to buy a property, with the maximum value the bank is willing to lend you.
Knowing your capacity to buy and your financial limits, it is possible to search by values rather than by property size. It is much easier to look for a 3bedroom, 2 baths property for $350,000 than one around 1,250 Sq. Ft for a family of four. Prices can vary with location, floor, view, amenities, and upgrades done with the property.
Once the perfect property is found, you have a much better chance of the seller accepting your offer if you have a pre-qualification letter or proof of funds. This is true even if another buyer offers more for the property but does not have the same supporting documents.
For more information, come by our offices for a cup of coffee. You will be pleased with our services. Buy your new property with confidence.