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Re: Thinking about purchasing a home in Miami
Originally Posted by AirborneBrads271
(Post 8180632)
Hi there people, my first post here so excuse me being naive and asking a few questions.
I am a 30 year old single male who has a 30k plus income. I'm employed in the Forces and no home in the UK, I'm currently thinking about buying a holiday home in Miami near South Beach as I have numerous friends over there and like the area. (Who wouldn't?!). How easy is it to get a mortgage? What are the pit falls? Has anyone done this before and has advice? |
Re: Thinking about purchasing a home in Miami
Originally Posted by helwardman
(Post 8181019)
It's perfectly possible for a person to offer advice without being unnecessarily confrontational.
Too many people on here seem to take a little bit too much pleasure in trying to get other people's backs up. They would never behave like that if they were talking to the other person in the flesh so why behave like an a$$hole just because they are online? Smacks of cowardly bullying to me.
Originally Posted by Noorah101
(Post 8181014)
According to the OP, he doesn't have a 1st home. :)
Rene In any case, www.remax.com there's a good resource for you to take a look at, OP. You can search entire counties too if you'd like. Just keep in mind that most, if not all Brits that are not permanent residents in the U.S. own SECOND homes in Miami, not primary homes like you want. But anyway, look up some properties, they also list the amount of property taxes you'd pay every year. Would you be able to afford a US mortgage (credit-based of course), pay the property tax which I found to average $3000 a year, plus the $1000 a month in homeowners'insurance? Lest you want to risk a hurricane damaging your property and you losing your investment |
Re: Thinking about purchasing a home in Miami
Originally Posted by chrisfromusa
(Post 8181037)
I don't think they were being mean. You can't always sugarcoat honesty. Criticism can be a constructive thing also. Doesn't always have to be negative.
That doesn't make sense. He wants to own a primary residence in a country where he probably won't be able to emigrate to in the coming years? That's not gonna look good at the POE.... In any case, www.remax.com there's a good resource for you to take a look at, OP. You can search entire counties too if you'd like. Just keep in mind that most, if not all Brits that are not permanent residents in the U.S. own SECOND homes in Miami, not primary homes like you want. But anyway, look up some properties, they also list the amount of property taxes you'd pay every year. Would you be able to afford a US mortgage (credit-based of course), pay the property tax which I found to average $3000 a year, plus the $1000 a month in homeowners'insurance? Lest you want to risk a hurricane damaging your property and you losing your investment |
Re: Thinking about purchasing a home in Miami
Originally Posted by sunflwrgrl13
(Post 8181062)
$1k/month for homeowners insurance? I had not heard that before.:blink:
The state government has a website listing average insurance rates for a particular county. Yes I gasped at Miami-Dade too :p |
Re: Thinking about purchasing a home in Miami
as others mentioned - homeowners insurance is not so cheap - and in FL you need additional hurricane and flood insurance. you'll also need to be paying property taxes. if it's a condo/apartment, you'll be paying monthly condo fees. if it's a house, then you'd need someone to maintain it and/or make sure it;s not broken into and that the lawn is fine, and it's not overrun by bugs etc.
...and i assume that if you want to live in miami, you're really after the more beachy areas....so the initial sale price is not cheap. - without a visa, you are limited to short trips and at the mercy of the immigration people if you have too many visits or too long visits or they "think" you may be trying to work. ...you may well find it a lot more economical sense to stay in hotels or do rentals when you come into the country...that also means you could try other places as well as miami. |
Re: Thinking about purchasing a home in Miami
Originally Posted by chrisfromusa
(Post 8181075)
Click here for average insurance rates
The state government has a website listing average insurance rates for a particular county. Yes I gasped at Miami-Dade too :p |
Re: Thinking about purchasing a home in Miami
Originally Posted by ian-mstm
(Post 8180696)
Considering your age and lack of ties to the UK
You don't think that his being in the UK military (he says he is in the Forces) they would see that as strong ties to the UK? |
Re: Thinking about purchasing a home in Miami
Originally Posted by lansbury
(Post 8181469)
You don't think that his being in the UK military (he says he is in the Forces) they would see that as strong ties to the UK?
Ian |
Re: Thinking about purchasing a home in Miami
Originally Posted by chrisfromusa
(Post 8181075)
Click here for average insurance rates
The state government has a website listing average insurance rates for a particular county. Yes I gasped at Miami-Dade too :p |
Re: Thinking about purchasing a home in Miami
Originally Posted by anotherlimey
(Post 8181834)
A condo would be cheaper. Probably a better fit for him too.
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Re: Thinking about purchasing a home in Miami
Can I just suggest "try before buy"?
Sure you have visited the US, maybe even for a few weeks at a time, but you'l come to discover spending 2-3 months in the US is quite a bit different than 2-3 weeks. The stuff that doesn't bother you during short stays comes up big during an extended period, like homeowners insurance, utility costs, traffic, hurricanes, killer snakes and insects, etc. If you could rent for a few months down there and see if you like it you might find yourself in a better position when it comes time to buying (i.e. you'll know what neighborhoods, where you friends are, your local pub, etc). |
Re: Thinking about purchasing a home in Miami
Originally Posted by anotherlimey
(Post 8181834)
A condo would be cheaper. Probably a better fit for him too.
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Re: Thinking about purchasing a home in Miami
Originally Posted by chrisfromusa
(Post 8182074)
It would as a previous poster said, but he also has to consider additional insurance like separate hurricane and flood insurance. Condos cover some damage through your condo fees, but they certainly do not cover 100% of your damages. With the cost of owning a place in Miami on 30k, it makes more sense to just staying at a hotel. That's a lot of people that earn 30k in the Miami area, and none of them live in a condo, they all live in Hialeah and other places. That's what we're trying to say.
I think you mean no one living on £30k lives on South Beach; well they do just not in the nice part.
Originally Posted by Jerseygirl
(Post 8182688)
I agree...but condo charges can be expensive...they are like a mortgage payment in themselves. :eek:
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Re: Thinking about purchasing a home in Miami
Originally Posted by anotherlimey
(Post 8183060)
Condo insurance isn't that much, hurricane insurance included. It's the condo management fee that will kill him!
I think you mean no one living on £30k lives on South Beach; well they do just not in the nice part. I met someone who was paying $800/month for the condo management fee, and that isn't a "high-end" either! |
Re: Thinking about purchasing a home in Miami
Originally Posted by Jerseygirl
(Post 8183074)
We were looking at condos on Clearwater Beach in the summer...$1K to $2K per month condo fees and almost the same for property taxes.
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