Tax Information

The Condo buying process

1. Why consider owning your own condo?

Tax breaks: you can deduct your mortgage interests and property taxes.
Gains: Since the 90s the national homes prices increase at an average of 5.5% annually.
Equity: Money paid for rent is only going into the pockets of your landlord whereas when you are paying off a mortgage, that money goes directly to build your home equity.
Savings: Your home is like a savings account except that you are enjoying it at the same time. The capital gain you will make on it is not taxable till $250,000 or $500,000 if you are married.
Predictability: If you choose to go with a fixed rate mortgage, you exactly know how much money you will need every month. On the contrary, a rent is always going to increase.

Freedom: You can decorate and have fun as much as you want in your own home without having to give away your rental deposit.

Stability: Landlords move away, sell, increase the rent so you have to follow his moods. When you purchase, you can stay in the same neighborhood forever. You can participate to community activities, have your kids go to the same school.

2. Working with professional realtors at Condoideas

Choosing a good real estate agent is as important as choosing an attorney, financial planner or any other trusted consultant. Your realtor needs to have the same goals as you; Find the home you need at the best price and terms of the market.
What should you look for in an agent?

He should be a market specialist: No matter where you live, your housing market favors either sellers or buyers. Your agent will help you prepare to buy a home from helping you getting pre-qualified for a loan to educating you on the market trends.

He should be a neighborhood expert: More realtors wisely limit themselves to certain neighborhoods or types of homes. At Condoideas, we are specialized in residential condos in Miami Beach and Brickell area.

A real estate professional should save you time. He is the one who is going to get all the appointments for you, all the information about the buildings, even information on the current owners. He will give you a list of professionals with whom you will work for inspections, appraisals, mortgages.

Real Estate professionals know how to close the deal. They have impartial negotiating tools that you might not have as your emotions will get in the way.

3. A few homeworks before going on the road

  • Realistic ideas: As there is no perfect home, you should know from the start that you will need to make concessions.
  • Homework: Write down on a piece of paper what are the crucial features you need to have in your new condo/house.
  • Time frame: Set-up a time frame of when you would like to buy and move in your new condo.

    4. Making your offer

    At Condoideas we will help you making the offer. You will have to accomplish two goals at once. You should get the best deal possible while simultaneously making your offer attractive enough to get the seller to accept your terms.
    We will negotiate for you the best terms. Its a balancing act that requires good intel, preparation, and negotiating skills. The intel will come from us at Condoideas in the form of a market analysis, research on the past history of the condo and what we could learn about the sellers motivation.

    5. Home inspection, appraisals ,title policies and homeowners insurance
    We will provide you with a list of appraisers, title agents and insurances from which you can choose.

    6. Homeowners associations and management companies
    You will need to fill-out a form for the homeowners association or the management company of the condo. Probably you will also have to do an interview.

    7. The walk through At Condoideas we will make sure that the repairs you have requested have been made. Also we will make sure that all the items included in the sales contract (lamps, drapes, fans&) are in the unit the day of the closing.

    8. closing