At the end of the day the tumbling values of the Miami real estate market were not something we all wanted. It did however lead to some important changes and lessons that were always there but had pushed by the wayside when the housing boom began and lenders were approving nearly anyone who may or may not have been qualified to own a home. Some of these lessons are very important to keep in mind today when exploring luxury Miami homes.
Carefully decide upon the best down payment. This is probably the biggest determining factor in what you’ll be paying every month and what terms you’ll receive. It’s encouraged that you try and make as large of a down payment as possible but don’t dip into your savings in order to do it.
Borrow what you can afford. Your spectacular credit score resulted in an approval for a hefty mortgage, congratulations! Will you be able to make those payments for the hefty mortgage every month on top of everything else? Just because you’ve been approved doesn’t automatically mean you should agree to it.
Purchase for the long term. Generally it’s not recommended that you purchase any kind of Miami real estate now and then sell it within a few months, conditions are still tough and indecisive. If you do buy real estate, keep it until things have stabilized.
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