The Difference Between an Inspection and an Appraisal

When you decide to buy your first home, you may come across several terms and conditions you’re not familiar with. While you may have a general idea of an inspection, maybe you’re not sure why you need one or how it differs from an appraisal. To keep it simple, here’s an explainer of each one and what they mean for you as a homebuyer. Home Inspection Once you’re under contract on a home you’d like to buy, getting an inspection is a key part of the process. An inspection gives you a clear idea of the safety and overall condition of the home – which is important for such a big transaction. As a recent Realtor.com article explains: “A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life—one in which you need as much information as possible.”   If anything is questionable in the inspection process – like the roof's age, the HVAC system's state, or just about anything else – you can discuss and negotiate any potential issues or repairs with the seller before the transaction is final. And don’t worry – you don’t have to go through that process alone. Your real estate agent will be your advocate and negotiate with the seller for you. Home Appraisal While the inspection tells you about the current state of the house, an appraisal gives you its value. Bankrate explains: “When buying or selling a home, an appraisal verifies that the sale price of the home is in line with fair market value. This ensures the homebuyer doesn’t pay more than the home is worth, and the mortgage lender doesn’t lend more than it is worth.” Regardless of what you’re willing to pay for a house, if you’ll be using a mortgage to fund your purchase, the appraisal protects you from overpaying and the bank from lending you more than the home is worth. And if there’s ever any confusion or discrepancy between the appraisal and the agreed-upon price in your contract, your trusted real estate professional will help you navigate any additional negotiations to try to close the gap. Bottom Line The inspection and the appraisal are different but equally important steps when buying a home – and you don’t need to manage them by yourself. Connect with an agent today so you have expert guidance from start to finish.

The Ultimate Guide to Condo Association Essentials in Miami for Buyers and Renters

Understanding the complexities of condo associations is essential when looking to buy or rent a condo in Miami. Although the process may appear overwhelming and lengthy, having the right knowledge and strategy can simplify your application and ensure a seamless transition into your new condo. This detailed guide is designed to offer you a thorough insight into what to anticipate and how to effectively manage condo associations in Miami, whether you're purchasing or renting.   Understanding Condo Associations in Miami Condo associations play a pivotal role in the management and upkeep of condo communities. They set the rules, manage common areas, and ensure the community's well-being. When buying or renting a condo in Miami, dealing with the condo association is an unavoidable part of the process. It's important to note that condo associations can take up to 4 weeks to approve applicants, so patience and timely submission of your application are key. Buying a Condo in Miami The Power of Condo Associations When purchasing a condo in Miami, it's crucial to understand that condo associations hold significant authority, including the final say on approval for potential buyers. This underscores the importance of making a positive impression and ensuring your application is complete and submitted on time.     Right of Refusal A critical aspect to be aware of is that some condo associations in Miami have a right of refusal, meaning they can refuse a sale if they choose. This right is typically exercised to maintain certain standards within the community or to purchase the unit under the same terms for someone within the association. Understanding this potential hurdle is essential for buyers navigating the condo market in Miami.     Early Access to Condo Documents When purchasing a condo in Miami, obtaining and reviewing the condo documents early is crucial. These documents, including the financial statements, rules and regulations, bylaws, and declaration of condominium, offer a deep dive into the condo association's operations and financial health.     Importance of Condo Documents:   Informed Decisions: These documents help in making an informed decision about your purchase, highlighting the financial stability and operational guidelines of the association. Lender Approval: They are essential for lenders to assess the financial viability of the condo association, which can influence the approval of your mortgage. Understanding Expectations: Knowing the rules and regulations ensures you can comply with them, preventing future conflicts.       Steps for Buyers:   Request Documents Early: Ensure you get these documents before or immediately after going under contract. Review Thoroughly: Look for any red flags in the financial statements and understand the rules and regulations. Consult Professionals: Seek advice from real estate attorneys or financial advisors to understand the implications of these documents. Communicate with Your Lender: Provide the financial documents to your lender promptly to facilitate the mortgage approval process.   Renting a Condo in Miami Application Process The process of renting involves not only the landlord but also the condo association, which may have its own set of requirements and application process.   Documentation: Similar to buying, renting may require you to provide documentation such as a photo ID, credit report, background/police report, and proof of income to the condo association, in addition to any requirements from the landlord.   Fees and Deposits: Be prepared for application fees, which should be capped at $100 according to Florida law, although some associations may charge more. An additional security deposit and pet desposit/fee if applicable may also be required by the association.       Steps for Renters:   Understand Association Requirements: Each association has different requirements; make sure you understand and comply with them. Prepare Documentation: Collect all necessary documents beforehand to avoid delays in your application process. Budget for Additional Costs: Be prepared for application fees and possibly an additional security deposit required by the association.     Streamlining Your Application Whether buying or renting, the following tips can help streamline the process:   Start Early: Begin the application process as soon as possible to accommodate the approval time. Gather Documentation: Collect all necessary documents in advance to avoid delays. Be Proactive: Engage with the condo association early to express your interest and clarify any questions. Communicate Effectively: Maintain clear communication with all parties involved to ensure a smooth process.     Conclusion Dealing with condo associations in Miami, whether you're buying or renting, requires an understanding of their processes, timely submission of applications, and patience. By preparing your documentation in advance, complying with fee requirements, and maintaining open communication, you can streamline the application process. Remember, each association may have different requirements, so it's essential to thoroughly review and understand the application to ensure a smooth transition into your new Miami condo.

Focus on Time in the Market, Not Timing the Market

Should you buy a home now or should you wait? That’s a big question on many people’s minds today. And while what timing is right for you will depend on a lot of other personal factors, here’s something you may not have considered. If you’re able to buy at today’s rates and prices, it may be better to focus on time in the market, rather than timing the market. The Downside of Trying To Time the Market  Trying to time the market isn’t a good strategy because things can change. Here’s an example. For the better part of this year, projections have said mortgage rates will come down. And while experts agree that’s still what’s ahead, shifts in various market and economic factors have pushed back the timing of when that’ll happen. Here’s how that’s impacted homebuyers who’ve been sitting on the sidelines. As U.S. News says: “Those who put off buying a home during the past few years as they were holding out for lower mortgage rates have been left out of the market . . . mortgage rates have stayed higher for longer than previously expected, keeping monthly housing payments elevated. In other words, affordability didn’t improve for those who chose to wait.” This is why timing the market may not pay off if you’re ready and able to buy now. The Proof Is in the Pudding: How Homeowners Benefit from Rising Home Prices Delaying your plans also means missing out on the equity you’d gain if you went ahead with your purchase today. And the potential equity gains that are at stake may surprise you. Each quarter, Fannie Mae releases the Home Price Expectations Survey. It asks over one hundred economists, real estate experts, and investment and market strategists what they forecast for home prices over the next five years. In the latest release, experts are projecting home prices will continue to rise through at least 2028 (see the graph below):    To give these numbers context, let’s take a look at a breakdown of what you stand to gain once you buy. The graph below uses a typical home’s value to show how a home could appreciate over the next few years using those HPES projections:  In this example, let’s say you went ahead and bought a $400,000 home at the beginning of this year. Based on the expert forecasts from the HPES, you could gain more than $83,000 in household wealth over the next five years. That’s not a small number. This data helps paint the picture of why time in the market really matters. The Advice You Need To Hear If You’re Ready and Able To Buy Now Right now, you may be focused on what’s happening with mortgage rates and how those impact your monthly payment, but don’t forget to factor in home prices. Prices are expected to continue climbing, just at a more moderate pace. And while a moderate rise in prices may not be fun for you now, once you own a home, that growth will be a huge perk. That’s the time in the market piece. Sure, you could try timing the market, but the equity you’ll be missing out on in the meantime is something to seriously consider. If you’re ready and able to buy now, you have to decide: is it really worth waiting? Rather than focusing on timing the market. It’s better to have time in the market. As U.S. News Real Estate sums up: “There’s never a one-size-fits-all answer to whether now is the right time to buy a home. . . . There’s also no way to predict precisely what the market will do in the near future . . . Perfectly timing the market shouldn’t be the goal. This decision should be determined by your personal needs, financial means and the time you have to find the right home.”  Bottom Line If you’re debating whether to buy now or wait, remember it’s time in the market, not timing the market. And if you want to get the ball rolling and set yourself up for those big equity gains, connect with an agent to make it happen    

The Ritz-Carlton Residences South Beach: A New Paradigm in Luxury Living

After redefining luxurious living with a line of successful residential-only condo developments across Miami and South Florida, the Ritz-Carlton brand is coming to coveted South Beach with a boutique development of just 30 beachfront condos featuring panoramic views of the Atlantic Ocean and Miami Beach. This will mark the seventh Ritz-Carlton Residences in the area, this time in one of the most celebrated neighborhoods in Miami Beach. For the project, owners of the Sagamore and Ritz-Carlton Hotels—located near the crossroads of famed Collins Avenue and Lincoln Road—are merging the two properties in a renovation and development effort that includes major changes to both hotels, as well as the construction of the new Ritz-Carlton Residences South Beach behind the Sagamore. Developed by Sobe Sky Development and slated for completion in 2027, this 15-story condo will feature one- to five-bedroom residences, with two duplex penthouses boasting private rooftop terraces with individual outdoor pools and kitchens. Miami starchitect Kobi Karp is in charge of design and has created a striking structure with floor-to-ceiling windows that merge the best of modern, indoor-outdoor living for a true beachfront lifestyle. The Ritz-Carlton Residences South Beach prices start at $3.8M and go up to $22M for their penthouses.   — A Single-Family-Home Feel in a Beachfront Condo This magnificent project follows the trend of spacious floor plans reminiscent of single-family homes with all the benefits, convenience, and easy condo maintenance. The Ritz-Carlton Residences South Beach floor plans start at 1,197 square feet and go up to 4,491 square feet of interior space with layouts ranging from one to five bedrooms. Each unit has a private elevator, airy 10-foot-high ceilings, floor-to-ceiling windows, and sweeping wraparound terraces showcasing panoramic ocean views. The interiors, in the hands of world-renowned Studio Munge, include luxurious finishes like Calacatta Extra marble in the kitchen, Paonazzo Extra marble in the primary bathroom, Blue Moon quartzite in secondary bathrooms, and Quarzo Rosa quartzite in powder rooms. Select residences will feature chef’s kitchens, butler’s pantries, dual ensuite bathrooms, and custom showers with floor-to-ceiling glass doors and wall-mounted rain shower heads. — World-class Amenities and Services at Your Fingertips Legendary Ritz-Carlton service ensures a seamless experience from the beachfront to your residence for a true resort-like lifestyle. Experience bespoke service at every turn, with expert Ritz-Carlton staff available to enhance your every day, from arranging in-residence assistance to planning dining and entertainment excursions around Miami. Your every need is covered by the utmost professionals in luxury and hospitality. As for the amenities, the Ritz-Carlton Residences South Beach will have a full 55,000 square feet of space dedicated to your enjoyment and preferred lifestyle. These include a dining experience curated by Michelin-starred Chef José Andrés, entertainment lounge with dining table and chef’s kitchen, private rooftop pool and terrace with sun loungers, four semi-private cabanas with TV and lounge seating, poolside social lounge enhanced with multimedia technology, private state-of-the-art fitness center by Technogym with training rooms, concierge service, in-residence spa treatment service, pet care kennel reservations, and more. Additionally, as an owner at the Residences South Beach, you will have access to all of the amenities of the Ritz-Carlton South Beach Hotel and the newly renovated Sagamore Hotel, located next door. — Unparalleled South Beach Location Located at 1671 Collins Ave, the Ritz-Carlton Residences South Beach offers an enviable beachfront location in a serene enclave set on vibrant Collins Avenue, adjacent to the upscale shops and dining venues of the open-air mall of Lincoln Road. Residents will enjoy having the Miami Beach Golf Club five minutes away by car, Brickell, 25 minutes away, Bal Harbor, 30 minutes away, and Miami International Airport, 35 minutes away. Furthermore, South Beach is one of the most coveted places in all of Miami and Miami Beach with its yearly events such as the Miami Beach Wine and Food Festival and Art Basel, its lively nightlife, world-class beaches, classic Art-Deco architecture, and exciting food scene.   If you would like to learn more about the Ritz-Carlton Residences South Beach or require more information on available units, pricing, and floor plans, we’re your Miami preconstruction brokerage, specializing in helping you acquire your luxury property. Please feel free to reach out to us by text, email, or phone. One of our multilingual Miami real estate agents will gladly assist you.