Perfect Luxury Home In South Florida
Finding the right luxury home for your needs can be a big task. When there’s so much money involved, you want to make sure you’ve thought of everything and are making the most informed decision possible. There are a few major things to keep in mind when selecting your new luxury home in South Florida. Here are some of our top tips.
Know Your Neighborhoods
Don’t just focus on the home itself, but also consider what neighborhood you’re purchasing in. What type of amenities are you searching for? Is it important to have lots of restaurants? Grocery stores? Other attractions? Do you need a great school system? A waterfront property? These things all need to be taken into consideration both when setting your budget and selecting a property.
Consider Resale Value
With any home, you want to think about the resale value. If you do have the need to sell in the future, you want a home in good condition with an incredible location. Think about the amenities inside the home as well. Features like smart appliances, home gyms, movie theaters, and large outdoor spaces are all major selling points for a luxury property.
Just because you qualify for a property up to $3 million doesn’t necessarily mean you should spend that much. You should always shoot lower than what you qualify for, just in case of unforeseen circumstances. Consider if you suddenly lose your job. Are you still going to be able to afford the property? Keep your expectations realistic and remember that you can always make changes or additions if you wish.
Hire a Lawyer
Having a Florida luxury real estate attorney on your team can make your journey much easier. Once you’ve found a home you love, your attorney can help you look through your contract to make sure everything is as it should be. They’ll help you negotiate and consider your purchase from every angle so you can be confident in your decision.
Experienced Real Estate Attorney
Mark Schecter is one of the most well-known South Florida real estate attorneys for luxury homes. His experience in the field means he knows the ins and outs of the business and is ready for any circumstance. Mark has a passion for helping Floridians find their dream luxury property. Contact Mark today to discover how he can serve you.
Luxury real estate is a growing business throughout the country
Luxury Real Estate is especially big right now in South Florida. If you have been thinking about getting into the luxury real estate business, now is a great time to do so. On the other hand, if you’re already in the industry, it’s a good time to reevaluate your goals and start aiming higher. Here are a few of the factors making South Florida a great spot for luxury real estate investments.
House Price Trends
In general, the South Florida real estate market has been stable. If you look at South Florida sales prices as a whole, percentages have been down over the last couple of quarters. However, there are a few factors that skew the results. Recent sales have mainly been up of lower priced homes and condos, so these sales are pulling down the overall figures. Simply looking at luxury home sales, however, selling prices are actually increasing quite a bit, anywhere from 10% to 25%. Studying the numbers in your local market and specifically looking at trends for luxury real estate investments can give you a more accurate picture of what to expect.
Higher-Than-Average Home Sales
The United States as a nation has been seeing a decrease in the housing market, but the south Florida area has remained steady and is even growing. While the country saw approximately a 1% drop in home sales earlier this year, the counties of South Florida saw a 4 to 6% rise. However, while this area is beating the national market, it’s not doing quite as well as it did last year. For 2019, the number of real estate transactions is down about 17% from this time last year. That being said, we are still much better off than other parts of the country, and it doesn’t look like the South Florida real estate market is going to suffer anytime soon.
Looking to the Future
It’s no question why people continue to flock to South Florida, and they will continue to do so for years to come. If you have a luxury property that you’re looking to put on the market, having a real estate lawyer in Florida is vital. Your team of professionals can help you list your property, negotiate with potential buyers, and navigate the intricacies of contracts. Contact us today to learn how we can help with your next luxury real estate investment.
South Florida Real Estate Purchase Attorney
There are seemingly countless steps that go into a real estate purchase. While there is a wide range of professionals you’ll have at your side during the process, not everyone considers hiring an attorney. Having a good lawyer can be just as important as securing the right home inspector or real estate agent. Here are 4 reasons you should hire a real estate lawyer in Florida for your home purchase.
Help with the Title Search
After you’ve signed, there will be a title search ensuring you that your seller is legally allowed to hand the property over and that there are no liens or judgments impacting the closing. If anything does arise that may hinder the process from moving forward, a real estate lawyer will able to help you figure out the next steps.
It’s no secret that real estate contracts are complicated, especially in the luxury real estate sector. Lawyers that specialize in real estate are able to break down these complex contracts into terms you can understand, so you know you’re getting the best deal and you’ll be sure of exactly what is being asked of you.
Help with Complex Contracts
Even more, if you’re dealing with a larger corporation, contracts can get even more intense. Different entity types have different legal obligations when it comes to selling property, and your real estate lawyer will be able to ensure these obligations are being met. Again, they can also make sure you understand your contract and that both sides are getting a fair deal.
One of the most important parts of the process, a proper closing is vital to finishing your home purchase. There are any number of things that can go wrong on both the buyer’s and the seller’s end. Your attorney can answer any questions you might have and can help prepare documents like the deed. They’ll be there to help you with the closing statement, ensure the title is appropriately handed off, and that the correct balance is being paid.
When it comes to purchasing real estate, it can be one of the most exciting times of your life. Having an attorney at your disposal can be crucial to a fast and easy process where you’re assured in knowing you’re not alone. Contact us today to see how we can assist with your next real estate purchase.
Real Estate Closing: What You Need To Know
One of the most important parts of a luxury real estate transaction is the closing. You’re almost to the finish line, yet there are still so many moving parts and things can go wrong at a moment’s notice. Factors on either side of the transaction, buyer or seller, can impact the outcome of a closing. When you’re dealing with a luxury property in particular, making sure your closing goes well is even more imperative. Luckily, there are a few key steps you can take to prevent your closing from going downhill.
Have a Thorough Inspection
Buyers obviously will want to do a walk-through before they close on a luxury property. Make sure that you’ve done your due diligence by hiring a home inspector that takes a long, thorough look at the property to look out for any little detail that may not be up to par. If something falls through and the buyer notices something wrong during the walk-through, try to offer repairs or credits so that the entire sale doesn’t fall through. Having a failed inspection could also impact future sales, so be sure this step gets done right.
Ensure Your Buyer is Financed
While buyers will always be pre-qualified for their mortgage loan when they’re searching to purchase a property, make sure that they are also pre-approved for financing. This is especially important when you’re dealing in the luxury real estate industry and much larger sums of money are involved. If your buyer is pre-approved for financing, they will already have provided income documentation, tax returns, and other important information. This will give you a much better peace of mind that your closing will go according to plan.
Hire an Attorney
In the luxury real estate world, having a good attorney by your side can be crucial. Whether this is your first sale or you’ve been in the business for a while, having a reliable South Florida luxury real estate attorney will help you navigate every step of the process, from accurately listing your home all the way through closing. Your attorney will even assist with steps like title search and doc review. Attorneys will also help you ensure you’re getting the best value for your property and that you understand and agree with the terms of sale. If you’re selling a luxury property in South Florida, contact us today to discover how we can be of service.
Buying a luxury home in South Florida is no small task. There are a lot of factors at play, and it’s easy to make a mistake that isn’t apparent until it’s much too late. Luckily, we know all the ins and outs of luxury home buying, so we can warn you about some of the biggest slip-ups people make. Here are four major things to consider when purchasing a luxury home.
Basing Your Offer on the Asking Price
When you find your dream home and you want to make an offer, always look at the market value rather than the asking price. This will help you see what other homes in the area have sold for and how long it took for them to sell, so you can decide if the asking price is fair or not.
Not Getting Pre-approved by a Lender
Unless you have been pre-approved, you shouldn’t start searching for houses. Many people mistake pre-approval with pre-qualification. Pre-qualification is just the first step, but becoming pre-approved turns you into a cash buyer and makes for easier negotiations with the seller.
Getting Caught Up on First Impressions
Buying a home is an emotional journey, and it can be easy to be swayed by a first impression. Make sure to look beyond the decor and features of the home that can be easily changed; even though the previous owners may not have had your style, the home itself may be just what you’re looking for with some minor adjustments. On the other hand, don’t let the “perfect” paint colors or furniture sway you into a home that you wouldn’t really be happy with.
Not Understanding Your Rights
When you are sending in an offer, it is crucial to get an attorney on your side. Going through the purchase agreement can seem tedious, but with a good law firm on your side, you will be able to fully understand your rights and obligations, saving you from signing a poorly written contract or getting in over your head.
This is where we come in. As the premier South Florida luxury real estate attorney, Mark Schecter has been in the business for years and is passionate about helping his clients find the luxury homes of their dreams. Contact Schecter Law today at (954)-779-7009 to learn more.
4 Mistakes Most People Make When Preparing Their Home to Sell
Unless you hire an army of professionals, including a South Florida residential real estate attorney, and take a hands-off approach to sell your Sunshine State home, chances are you need some sound advice before getting started.
There are plenty of things you should do to sell your home quickly and as close to asking price – or, ideally, over. However, there a few things that will nix your chances of making a good sale. Below are a few things that reduce the value of a listed home.
Photos are the first thing that draws buyers to your listing – if they like what they see, they then scroll down to read the details. Far too many homes are listed with poor, pixelated photos that don’t show the place in the best light and from the best angles. Hire a photographer to take your photos – a wide-angle lens will capture three corners of a room and they will know exactly where to place themselves to capture the best light. Make the most of your photographer by ensuring the house is cleaned, repaired, and staged before your appointment. The last thing you want in your photos is a dirty laundry hamper or a sink full of dishes.
Not making necessary repairs – or making too many of them
Chipped walls? Unpruned hedges? -replaced or cleaned? Dull, scratched floors? Fix them. These are low-cost, easy fixes that will make the home look inviting and cared for to potential buyers.
Be selective on the pre-list projects you take on – not everything needs replacing, and some may not increase the sale price enough to recoup the cost of the renovation.
Ignoring or not disclosing problems
Not a good time to sweep under the rug your home’s issues – be honest and upfront about it and it will save you time and legal fees in the long run. This is an area when our South Florida residential real estate attorney can help you manage any issues upfront, and find the best way to document them.
Not hiring the right real estate professionals
Finding the Fort Lauderdale real estate attorney, agent, stager, and photographer are crucial to a smooth sale. Talk to a few reputable certified realtors and do a reference check. You’ll want to know what experience the agent has sold homes in your market or geographic area.
Call Schecter Law to discuss legal needs. With the help of a Fort Lauderdale real estate attorney, you can ensure the selling process is straightforward and avoid any pitfalls along the way. Are you a buyer? We can help you, too. Call us today at (954) 779-7009.
Why It’s A Good Idea To Consult A Real Estate Attorney
Hiring a South Florida residential real estate attorney can take a lot of stress out of buying or selling a property, whether it be a home, commercial building or vacant land. Real estate lawyers help ensure the process runs smoothly – and helps settle disputes when it doesn’t.
Your Fort Lauderdale real estate lawyer will oversee the acquisition of property from start to finish so that you can buy or sell with confidence. More often than not, a real estate lawyer will save you time and money, by taking care of paperwork and details and ensuring all legal issues are in order before the transaction is complete.
So, what exactly are the responsibilities of a real estate lawyer?
- Prepare and review documents: One of the main tasks of a real estate lawyer is to take care of all documentation involved in the transaction. This can include purchase agreements, mortgage documents, title documents, and transfer documents. They will also take care of exchanging documents and, ultimately, keys with the other party’s lawyer.
- Assist in negotiation: Whether you’re a buyer or a seller, you’ll need an experienced real estate attorney to help negotiate the terms and conditions of the property, as well as the price. The lawyer can also help negotiate mortgage acceptance, interest rates, and payment plans with your lender.
- Write title insurance policies: Title insurance helps to protect the buyer from defects of title. The lawyer can both write the policy and help handle any issues that arise with title insurance.
- Handle closings: Closing is the final step in a home transaction – you want to make sure it’s done right. Your real estate lawyer will ensure everything is in order before you officially become the legal owner of a property. They will help you ensure closing contingencies, such as home inspection, appraisal, and loan documents, are met, and can do the final walkthrough with you and your realtor.
Since real estate law varies by state, you’ll want a South Florida residential real estate attorney on your team of professionals overseeing your purchase. Not only will they know real estate law specific to the state, but they also have an understanding of the municipality or region where the transaction is taking place.
Get Help Now
If you’re looking for a Fort Lauderdale real estate lawyer, give our team at Schecter Law a call today at (954) 779-7009. We love to live and work in Florida, and we think you will, too.
An Important Revenue Source
Property tax is an important source of revenue for most governments in North America. Taxes help local or municipal governments take care of their communities, among other things. Whether we like it or not, the property tax is here to stay.
Property tax is a major expense for homeowners in Florida and is worth knowing a bit about. Understanding tax helps you not only understand how it’s calculated but allows you to estimate your current and future bills.
How is Tax Calculated?
Tax is calculated largely based on the assessed value of a property. The amount you pay is determined based on the local rate determined by the municipality, a percentage multiplied by the value of your home. However, some properties such as historic homes, religious buildings, and homes owned by veterans may qualify for exemptions. A Fort Lauderdale real estate lawyer can help you determine your legal rights, and challenge your property tax assessment, if necessary.
The value of the assessed property also depends on what it’s being used for. Homes have different tax rates than commercial properties, such as farms and office buildings, among others. If you are procuring income from a property you own, this will typically be taken into consideration when determining the annual amount of tax owed.
What is Property Tax Used For?
Taxes are one of the ways governments raise money for operations. Different types of taxes are used by the various levels of governments for different purposes. Property tax is typically used to fund public institutions, such as schools, libraries, and colleges, pay public servants, build and maintain parks and recreation spaces, and any other service that benefits the whole city or community.
Property Tax in Florida
For decades, Florida’s overall tax burden has been considered one of the lowest in the country, according to non-profit research organization, the Tax Foundation. Florida has no income, estate, or inheritance tax, but it does have property tax. The average property tax rate in the Sunshine State is about 1 percent – slightly below the national average. However, exact property tax rates are determined by jurisdiction.
Fort Lauderdale has had a relatively stable property tax rate over the last decade. Broward County, which includes Fort Lauderdale, has a tax rate of about 1.2 percent – higher than some areas of the state, but significantly lower than the highest rate in the state: 35 percent in Gainesville. High rental prices and occupancy rates can help offset this expense.
To learn more about taxes for different types of properties, give our South Florida residential real estate attorney a call today at (954) 779-7009.
Vacation Rentals In South Florida
With 43 booming vacation rental markets, Florida is an investor’s top choice across the United States. A recent report by AirDNA, a company that collects and analyzes short-term vacation rental data, dubbed the Sunshine State one of the best places in the country to invest in commercial residential property. Cities like Tampa, Miami, and Fort Lauderdale were given grades of A and above, based on a variety of factors, including demand, revenue growth, and seasonality, among others.
It’s no secret that the Fort Lauderdale real estate market is red-hot, but is it a good place to own and rent vacation property? Let’s take a better look at why you might want to consider Florida to invest in commercial property.
In Florida, the high season pretty much runs year-round. While there may be more tourism around certain holidays, the warm, sunny weather of the south means that there is relatively high occupancy 12 months a year.
On top of this, southern Florida has a booming economy that is fuelling population growth, infrastructure improvements, and local economic development. In other words, more people are coming to Florida for business, as well as to live, increasing demand for housing and accommodations, both short- and long-term.
Florida property owners benefit from relatively low regulation on short-term vacation rentals, whether traditional leases or via websites like Airbnb and HomeAway. Combine this with overall low state tax rates, and you have yourself a pretty sweet deal.
While short-term rentals are regulated – for example, you must have your building inspected – there are no rules in place prohibiting or limiting short-term rentals, which includes non-traditional rentals through third-party agencies.
Ask any South Florida real estate lawyer whether or not it’s worth it to invest in rental properties – you’re bound to get an enthusiastic “yes.” Residential real estate in Florida can be expensive, particularly in the luxury real estate market, but rental rates are also quite high – particularly for short-term stays.
With an average daily rental price of just over $150 and a 56% occupancy rate, these types of investments have the potential for profitability. Plus, buying property in a steadily warming Florida housing market could get you a positive return on investment in other ways, such as resale value.
To speak with a Fort Lauderdale commercial real estate attorney today call Schecter Law at (954) 779-7009. With experience in both commercial and residential real estate, I can help walk you through the property-buying process from start to finish.
The rise in popularity of modular homes
Modular homes are a 21st-century invention. As they increase in popularity, they become more customizable, easier to assemble, and include a greater variety of features and materials. Modular homes are buildings built off-site in a factory setting. They are constructed in sections and transported to the building site to be assembled on an existing foundation.
These houses are far from cookie-cutter reproductions – these days, modular homes are very are customizable and use cutting-edge materials. Let’s take a deeper look at some of the reasons modern-day homeowners are loving modular homes.
Faster to Build Modular Homes
There are plenty of benefits to building a modular home, but perhaps one of the most significant is the shorter timeframe. Modular homes take significantly less time to build, for a variety of reasons. Inclement weather and on-site delays, like permits and neighbor complaints, are just a few of the things that slow down the process of a traditional build. Since modular homes are built off-site permit changes, noise and disruption won’t be an issue.
Whether you choose to build on or off-site, be sure to speak with our Fort Lauderdale real estate attorney for some advice on how to minimize delays in the construction process.
Quality Control Of Modular Homes
Since modular homes are both built in a controlled environment and modeled on tried-and-true templates, you can expect a high standard when it comes to these buildings. They’re built to code just like traditional homes but often reinforced with steel structure for durability and safety during transport.
In North America, building waste accounts for a significant percentage of overall waste. The modular building reduces the number of off-cuts and excess building materials, as everything is pre-cut to size.
Modular homes also lend to an alternative – and often more sustainable – materials, and it’s easy to include eco-friendly add-ons like solar panels. Generally, modular homes are known to be sustainable and are often considered “green” homes.
Less Expensive (and Less Time-Consuming!)
Modular homes offer a cheaper and less involved home-building process. Since the majority of the structure is built off-site in a factory setting, the owner’s involvement is limited to the initial planning and the assembling at the end. When you choose a modular home, you should expect less mess, hassle, and time involved. For builders, this strategy works well, as they can quickly assemble the home and move onto another project.
Whether you’re looking to buy a home or build from scratch on an existing property, you’ve come to the right place. Our South Florida luxury residential real estate attorney can help you understand current trends and how they might apply to you. Pick up the phone to and give us a call at (954) 779-7009 to get started.