Everybody wants a good deal especially in today's market. First you should determine what your priority is. Are you purchasing an investment, a vacation or primary home?
Here are the aspects you should consider:
If you are looking for an investment you will most likely rent the property out. Is it more important that you break even with the rental income or is the appreciation of the property more important? How much do you want to spend? Are you willing/able to spend more if the future appreciation is greater with a more expensive piece of property? How much does it cost you to own a piece of property in the Keys? If you purchase a condo you will have monthly association fees but that includes insurance and upkeep of the grounds. If you purchase a single family home and get financing you will have to carry wind and flood insurance (and content if the property is furnished). Are you planning to rent the property on an annual or on a seasonal basis? Many condo complexes do not permit weekly rentals and have a 28 day minimum for rentals. It is important that you know the rental policies if you are planning to rent the property seasonally. How long are you going to own the property? If you are looking to purchase a house, is it better to buy a watefront home or a dry lot home? What is the difference in rental income of the two and what will appreciate at a greater percentage?
Does it make sense to buy an investment in the Keys?
If you are looking for a vacation home you should ask yourself what you want in a vacation property. Do you have kids, are there things to do for the children? Do you prefer to be in a gated community, will you rent the property out while you are not using it? Do you prefer a house or a condo? Condos make sense if you are an absentee owner because there is not much upkeep with a condo. Can you keep your boat on the property when you are not there? How long will you keep the property? Many people are buying now to get their foot in the Real Estate market; That way they can upgrade later. How far is the propery to the nearest airport? If you hate abiding to rules and regulation you might not want to purchase a condo. Condo rules and regulation serve a good purpose but are not for everybody.
How will you take care of the property when you are not there? How much do property management companies charge etc.
If you are buying a primary home you should ask yourself how long you will live here? Forever? Is future appreciation more important than finding the house you love? Are you retiring or will you work in the Keys?
Do you prefer to live in a neighborhood that is mostly full time residents? Do you have children that will go to school here? If you buy a property with a downstairs enclosure can you rent the downstairs out? (Only if it zoned multi residential).
Are you a boater? Do you want to live on the Ocean or the Bay side? What is better for you? Are you willing to buy a fixer upper?
Once you know the answers to these questions it is time to call me and tell me what you are looking for. I will then help you to find the very best deal for you!
It is wiser to find properties that suit you and proceed by making offers. There is still a large inventory out there and many motivated sellers. The only way to find out how much a seller is willing to take is by making offers.
Don't shy away from the perfect property because the asking price is too high.
Lately many buyers have said to me "I would have bought it for
that much" once they saw the actual sales price of a property. Many sellers are hesitant to drop their asking price but it's a different story when they see an actual offer (accompany that with a pre approval for a loan or make it a cash offer and you are in the driver's seat!).
Call me 305-393-0923 or e-mail me to Wiebkewestedt@aol.com if you are serious about buying property in the Keys. I look forward to finding your deal!
