Real Estate Buyer's Checklist

Buy the home of your dreams in Miami, Miami Beach or South Florida. Call your Miami Real Estate agent Izzy Buholzer today.

Are You Ready To Buy?

Figuring out when you are ready to buy a home - whether you are a renter or are aiming to move up or size down - can be a daunting task. But there are signs that will indicate whether you are ready to take the buying plunge.

Are You ready to make the move?

Here is Your Checklist:

1. Be familiar with the market. If you've been paying attention to how much houses are listed for in the neighborhoods you're eyeing and have a realistic view of how much a house will cost you, you are in good shape. But if you are dreaming about that big corner house with a pool and have no clue about comparable sales in the area, you may want to spend some more time becoming familiar with the market and how much houses are going for.

2. Have the money for a down payment and closing costs. The down payment is a percentage of the value of the property. Freddie Mac says the percentage will be determined by the type of mortgage you select. Down payments usually range from 3 to 20 percent of the property value. Also, you may be required to have Private Mortgage Insurance (PMI or MI) if your down payment is less than 20 percent. Closing costs include points, taxes, title insurance, financing costs and items that must be prepaid or escrowed and other settlement costs. Generally, buyers will receive an estimate of these costs from your lender after you apply for a mortgage.

3. Know how much you can afford. As a general guide, your monthly mortgage payment should be less than or equal to a percentage of your income, usually about a quarter of your gross monthly income. Also, your income, debt and credit history go into determining how much you can borrow. As a general rule, your debt - credit card bills, car loans, housing expenses, alimony and child support - should not be more than about 30 to 40 percent of your gross income.

4. Know what additional expenses will come with owning a home. This includes taxes, homeowners insurance, utility bills, maintenance costs such as roofing, plumbing, heating and cooling.

5. Have your credit in good shape and make sure your credit report is accurate. Potential lenders will view your credit history - how much debt you've accrued, how many accounts you have open, whether your payments are made on time, etc. - to determine whether they'll give you a loan. You should get a report from each of the three credit reporting companies: Equifax, Experian, and Trans Union.

IMPORTANT: Do not make any major purchases, particularly a vehicle after you submit an offer on a home. If you did, you may have a harder time getting a loan - or it could potentially lower the amount you'll be approved for.

Once you have decide that you are ready, you will need to be prepared to move quickly, so your new home does not get bought by another buyer. Seller's do not pay attention to individual buyers but rather to the quality of the offer, credit-worthiness of the buyer and the amount of down payment.

Since over 90 % of properties get sold with professional real estate agents, the next steps involve hiring a real estate professional such as myself and getting pre-approved for a mortgage loan. This way you can establish a clear budget and know how much you can spend on a house. It also puts you in a stronger position when you ultimately make an offer on a house. Find out the next step by clicking Closing Process.

Use our form and get information about business, residential, commercial and investment real estate in South Florida and Miami.

BUYER ASSISTANCE FORM:

I am interested in buying

Residential
Investment (up to 4 units)
Commercial Properties*
Business Opportunities*

My Information:

First Name:

Last Name:

E-mail:

Telephone:

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Property Type:

Bedrooms:
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I wish to buy:

Price up to:

*Enter your preferences such as:
Preferred areas, Waterfront, Pool, View, etc.