3 Steps to Buying the Right Luxury Home in South Florida

Luxury Home Buying Tips

There is a lot involved with purchasing a luxury home in South Florida – you will want to take your time and potentially hire a South Florida luxury real estate attorney to ensure that you make the right choice and to help with your closing.

A luxury home can and should be an investment, not just a beautiful place to live. With the right planning, you can find a premier luxury home in a neighborhood that will rise in value.

  1. Don’t just rely on photos: a photo can be worth a thousand words but can lack the feeling and experience you will get by visiting the property in person. What tends to happen is that buyers sometimes dismiss a potentially good fit based on the photos alone.  If there’s a potential home that is somewhat enticing, it might be worth a closer look in person, especially if it’s a nice neighborhood. Some luxury homes are less photogenic than others yet have an alluring quality that might convince you once you visit.
  2. Think about the future:  When you invest in a luxury home in South Florida you’re also investing in the surrounding neighborhood. It’s a good idea to talk to several local experts, agents, and even an experienced luxury real estate attorney in South Florida about the direction that the neighborhood is moving. You’re going to be tying up a nice chunk of cash in your home and will want to do everything possible to ensure that you can potentially sell your home for a nice appreciation once you move to the next option.
  3. Learn the top neighborhoods in the city you’re considering: It pays to do a little bit of research to find some of the premier luxury residential neighborhoods in the South Florida city you’re considering. Fort Lauderdale has exclusive options like Colee Hammock, Tarpon River, Victoria Park, etc. – each with its own vibe, architecture, attractions and more.

Think about the lifestyle you want and the type of neighborhood that would best serve your interests. Also, don’t hesitate to consider meeting with a South Florida luxury real estate attorney to discuss the local area and which option might be a good fit for your needs.

Your attorney can even assist with your closing and negotiations so that you save money and time while getting into the right home soon.

Call Schecter Law today for more about buying a luxury home in South Florida by calling (954) 779-7009.

 

What You Need To Know

Did you know that you can hire a South Florida residential real estate attorney to handle your closing, including your title search?

It doesn’t always make sense to hire a title company for your title search, because the cost can be comparable to hiring an attorney if not higher.

The big benefit of having an attorney in your corner is when there are potential legal concerns with your purchase, such as a complicated purchase agreement, boundary issues, or other concerns.

You may save money compared to a title company

Many mistakenly believe that title companies are less expensive than attorneys. That is often not the case.

Title companies will often charge a premium for their closing services which include bringing the necessary documentation, collecting closing funds or managing escrow, performing the title search, acquiring title insurance, filing the new titles and more.

However, a residential real estate attorney can do all of the above for you, with the added benefit of legal expertise and counsel for any potential issues, and often at a higher level of service.

You can avoid tricky legal situations

The last thing you want to deal with at closing is to be faced with a pressing legal question without having counsel available to you.

It’s particularly important for FSBO sellers to consider hiring a South Florida residential real estate closing so they have an advocate available for those scenarios and others.

However, just about anyone can benefit from avoiding the headache of a legal snafu holding up their closing. Not only will it cost you time, but it can also increase your closing costs if there are multiple meetings required.

Better to have an attorney there to address legal questions and settle any issues so the transaction can proceed.

A thorough title search is much more guaranteed with an attorney

Many title companies may have examiners who lack the expertise that a skilled attorney would have when performing your title search.

Uncovering title defects takes more effort than you might think. There are a myriad of potential issues that can arise during a title examination such as unknown beneficiaries, federal tax liens, bankruptcies, and so much more.

An inexperienced title examiner may miss some of those issues, while a residential real estate attorney is less likely to due to experience and careful attention to detail.

Learn more about the benefits of hiring an attorney for your title search and closing by calling Schecter Law today at (954) 779-7009.

 

What To Consider Before Investing In Luxury Real Estate

It’s no secret that the booming Florida economy is fuelling an attractive real estate market. Whether you’re relocating for work or investing in a second home on the beach, now is a great time to talk to a South Florida luxury residential real estate attorney about investing in the perfect home.

South Florida is prime for long-term investments, especially in the luxury real estate market, as prices appear to be stabilizing. Luxury real estate are typically safe assets that aren’t subject to the same risks of other investments – a worthwhile addition to your portfolio.

Financing Your Home

Depending on mortgage rates and the initial down payment, it can be extremely expensive to own a luxury home – not to mention taxes and maintenance fees. Consider your financing options before signing the dotted line. If you’re not sure where to start and don’t need the opulence of higher-end properties, you may want to consider the lower end of luxury South Florida real estate, which falls between one and three million.

Your – and Future Buyers’ – Optimal Location

Location is important with any home purchase, but particularly so when investing in luxury real estate. Luxury real estate isn’t just about the house – it’s about the neighborhood, amenities, and proximity to the ocean.

Before diving into a major investment, ensure the property is near high-end shopping, dining, and top schools. Is it a waterfront property? Is there a golf course nearby? Are the neighboring houses equally stunning? Choose the amenities that are important to you and your family, and make sure the house checks off the right boxes. This is also important when considering resale value should you choose to sell down the line.

Property Purpose

These days, lots of investors are using a South Florida luxury residential real estate attorney to help them buy property to rent, flip – you name it. But is the luxury real estate segment the right market for commercial purchases?

It can be if it’s small enough and in a prime location. However, it’s much more difficult to turn a 10-bedroom home into a vacation rental. Most people simply don’t need that much space – especially while on vacation.

It’s equally challenging to turn a profit when flipping a luxury home. Combine the home purchase and the remodel investment, and you’re looking at a pretty high ticket price. This can be a tough sell.

Get Professional Help

If you’re considering a major renovation or expansion, your Fort Lauderdale real estate lawyer can raise any legal issues – zoning regulations, construction permits, and historical significance, among others – that may arise with a high-value home. Give us a call today at (954) 779-7009 to explore Florida’s luxury home market.

Luxury Home Buying Tips

There is a lot involved with purchasing a luxury home in South Florida – you will want to take your time and potentially hire a South Florida luxury real estate attorney to ensure that you make the right choice and to help with your closing.

A luxury home can and should be an investment, not just a beautiful place to live. With the right planning, you can find a premier luxury home in a neighborhood that will rise in value.

  1. Don’t just rely on photos: a photo can be worth a thousand words but can lack the feeling and experience you will get by visiting the property in person. What tends to happen is that buyers sometimes dismiss a potentially good fit based on the photos alone.  If there’s a potential home that is somewhat enticing, it might be worth a closer look in person, especially if it’s a nice neighborhood. Some luxury homes are less photogenic than others yet have an alluring quality that might convince you once you visit.
  2. Think about the future:  When you invest in a luxury home in South Florida you’re also investing in the surrounding neighborhood. It’s a good idea to talk to several local experts, agents, and even an experienced luxury real estate attorney in South Florida about the direction that the neighborhood is moving. You’re going to be tying up a nice chunk of cash in your home and will want to do everything possible to ensure that you can potentially sell your home for a nice appreciation once you move to the next option.
  3. Learn the top neighborhoods in the city you’re considering: It pays to do a little bit of research to find some of the premier luxury residential neighborhoods in the South Florida city you’re considering. Fort Lauderdale has exclusive options like Colee Hammock, Tarpon River, Victoria Park, etc. – each with its own vibe, architecture, attractions and more.

Think about the lifestyle you want and the type of neighborhood that would best serve your interests. Also, don’t hesitate to consider meeting with a South Florida luxury real estate attorney to discuss the local area and which option might be a good fit for your needs.

Your attorney can even assist with your closing and negotiations so that you save money and time while getting into the right home soon.

Call Schecter Law today for more about buying a luxury home in South Florida by calling (954) 779-7009.

 

While the luxury real estate market in South Florida has been steadily healthy for a while now, experts predict that the region is due for an even more impressive boom.

Below are four of the top reasons why you might consider buying a luxury home in South Florida in the near future, and how a luxury real estate attorney in South Florida can help you find a perfect option.

The South Florida Market is Nearing a “Perfect Storm”

There are a variety of factors making it an ideal time to buy in South Florida. Demand has boomed as more long-term residents seek their retirement home and younger transplants enjoy plentiful work opportunities in a booming economy.

Other factors that that may make it an ideal time to buy soon:

With all of the above factors culminating this year, the near future may be the most ideal time to buy.

U.S. Tax Reform and Tax Benefits

Florida is an income tax-free state. After the recent U.S tax bill, many eager buyers are more willing to relocate to the state to enjoy substantial tax savings.

This is not the only tax benefit for moving to Florida. Florida also does not collect a death tax, and this isn’t expected to change any time soon. Current state legislation blocks any state death tax.

Homestead Benefits

Florida is well-known for its spectacular tax benefits, and few are better than the homestead exemption. Right now, Florida offers an exemption on the first $50,000 of the home or condo’s value from property taxes. A measure on the Nov. 6th ballot aims to increase that exemption even further.

The Hurricane Season

The big “h word” is something we Floridians like to avoid, but it is a reality. It is also shaking up the marketplace in a big way.

Homes that aren’t in flood zones, particularly luxury homes, are quickly rising the ranks and becoming highly sought-after. In the next few years, these homes will be prized Florida treasures, further potentially increasing their value.

South Florida remains a wonderful place to buy. The region is in a big transition, and smart buyers are quickly seeing the opportunities present.

Contact a luxury real estate attorney at Schecter Law to learn more about the benefits of investing here and how an attorney can assist you with your closing, due diligence and many other steps at a reasonable cost.

It remains an excellent time to consider buying a home as both interest rates and many Florida real estate markets have continued to rise. If you happen to be searching in South Florida, you probably already know that it has been a highly active and competitive seller’s market in 2018.

Although it isn’t commonly known, it is a good decision to work with a licensed Florida residential real estate attorney for your home search, as they can provide assistance with your closing and title search and insurance, and the cost can be comparable or even less than a title company — with a more thorough and professional search.

Below are some other tips to ensure a great deal:

Get your finances sorted out ahead of time

Don’t begin searching for your home until you’ve sorted out your finances ahead of time and pre-qualified for a mortgage. You will want to have a sufficient amount of cash saved up for your down payment and closing costs, as well as any potential inspections or appraisals that the seller may not cover.

On top of that, you’ll have expenses related to moving and of course you want to have some savings left after it’s all said and done. It’s better to wait to save up more instead of rushing into a deal in most cases.

Don’t waste time looking for a bargain

Right now with the market being as active as it is, it can be really hard to find a good bargain. You can end up wasting time on the process and lose out on some great opportunities if you wait for the perfect deal. Many times, the best residential deals are snagged up by investors who pay in full cash and are difficult to compete with.

Instead, find homes that appeal to you and that are within a reasonable price of local market estimates. Your real estate attorney can even assist with those estimates to help you decide if it is a good deal for your goals or not.

Take care of your due diligence

Whether it’s your first time buying a home or you have experience with it, there are multiple due diligence steps that need to be taken care of ahead of time, including thorough inspections, a title search, and investigating any reports of defects.

Although sellers in Florida are obligated to disclose material defects they have knowledge about, you will often want to take it a step further if there is any doubt at all, and at minimum get a basic or even a more advanced inspection.

It’s always helpful to work with a residential real estate attorney in Florida for the above-mentioned and many other steps to guarantee that your next home purchase is ideal for your goals. Contact Schecter Law today with any questions you may have about buying a home in Florida.

The luxury home market is South Florida has been active in recent months, with home prices soaring in several neighborhoods as a result of a strong economy and growing incomes.

Purchasing the right luxury home presents an opportunity to acquire a premium real estate investment while also taking care of your personal needs for a home.

Working with an attorney for your closing, research on homes, negotiation, or assistance with other steps in the process makes perfect sense for an investment as substantial as a new luxury home.

A South Florida luxury residential real estate attorney at Schecter Law can help you plan your investment and navigate the opportunities in the local market (of which there are many) and successfully close on the luxury home of your dreams.

Below are some other tips to help you find the right option:

Work with an Expert in the Local Market

It can be challenging to navigate a large inventory and search new locations to find your ideal luxury home. You will want to work with a local real estate agent who knows the market well and can guide you toward some of the best home ownership opportunities. An agent or lawyer with experience in luxury home transactions can always help.

Expect a Longer Process

You can also expect the process to take significantly longer as you search for a luxury home. In many cases the home will take longer to inspect, and in general you will want to be much more thorough with your due diligence, which can add some weeks or months to the process. It is better to take your time with this type of purchase rather than rushing into it to ensure you pick the right home.

Look at the Area

Many South Florida luxury homes are located in prime neighborhoods as you would expect. Consider how the area is being developed presently and in the future. Are there any big condominium projects planned, or is there a new commercial center being developed nearby?

All of these factors will affect your home’s value in the future. On the contrary, if the area has seen a population decline or increased crime rates recently, it may be better to look elsewhere.

Contact Mark Schecter, a leading luxury residential real estate attorney in South Florida, for more assistance with finding a premier home investment here or for any questions at all. Call Schecter Law today at (954)-779-7009.

What  You Need To Know Before Making A Residential Land Purchase

Sometimes it’s easy to find the home of your dreams in South Florida – perhaps current listings just aren’t cutting it, or what you have found has been disappointing.

Or maybe you just want to build your home from scratch. In all of those scenarios and others, buying a residential lot or acreage can be worth looking into.

But there are many unique considerations to take into account when buying land. It’s not the same as purchasing a home, and working with a Fort Lauderdale residential real estate lawyer can help to ensure that all of the biggest legal and planning considerations are covered:

Environmental Tests

Just like a home or building inspection, a plot of land will need to undergo a series of environmental tests to determine exactly what you are buying and its suitability for a residential structure.

Some of the areas that may need to be covered include: flooding vulnerability tests, soil contamination, water sample testing and more.

Environmental inspections can catch major potential problems like chemical contamination as well as a check of environmental databases to determine if there was a prior incident.

Zoning

Zoning is another major considering when buying a vacant lot, and this is a specific legal area that a residential real estate lawyer in Fort Lauderdale can assist you with.

Depending on where you purchase vacant land in South Florida, there are local ordinances that will determine exactly what you can build, and architectural requirements that may be necessary to ensure that the building is a sound structure, limitations on height, property uses, and much more.

Furthermore, there are ecological zoning protections in many areas that must be taken into account. Rather than dealing with rezoning issues, it is best to find a plot of land that will allow you to build the home that you want, and your attorney can assist with this matter.

Utilities and Plumbing

It’s also essential to determine if the plot of land already has the connections for utilities and plumbing available or whether you will have to run new connections to the land. The cost of running utility and plumbing connections will likely be on you if the land doesn’t already have them.

The same goes for road access, internet, and other infrastructure. You will want to determine which of these costs you are responsible for, if any, well ahead of time. Plots in more developed areas will have a greater likelihood of having these connections available.

These are just a few of the concerns that you’ll encounter while searching for a vacant lot in South Florida. As you go about your search, contact Mark Schecter, a leading Fort Lauderdale residential real estate lawyer, at (954) 779-7009 with any questions you may have.

Zoning and Planning Issues to Look for When Buying Property in South Florida

As a real estate buyer in Florida, it is your responsibility to perform adequate due diligence while eying a specific property. One of the most crucial steps is to check the current zoning and review planning concerns, whether it’s a commercial or residential investment.

Zoning codes affect homes and commercial buildings because they dictate exactly what you can and can’t do on the property. They can vary significantly from one neighborhood to another, depending on where you plan on making a purchase.

A South Florida residential real estate attorney can assist you with accurate zoning research so that you can avoid making a costly mistake on a property or the hassle of having to change your modification plans.

Potential Planning and Zoning Restrictions

Local building codes can limit your options with a new construction or remodeling. This can include:

There are many more potential zoning considerations, but this offers a quick review of how these regulations could affect your potential purchase.

If you have specific plans for your property, you’ll always way to meet with a residential real estate attorney in South Florida to ensure that you’ll be able to make those changes.

Flooding Zones

In South Florida, a number of neighborhoods have flooding considerations that must be planned for before you make a property purchase.

If your property is located in a flood zone, you will have mandatory flood insurance requirements unless the average flood depths are less than 1 foot.

This is another area where the expertise of a local attorney will prove to be valuable, and this research is vital for both commercial and residential real estate purchases and investments.

You need an expert for zoning related concerns

Although it may seem tempting to try to research zoning codes on your own, they can be quite complex depending on your specific situation and planned property usage or modification. You might find some information online, but there are still plenty of questions that have to be clarified regarding exactly how zoning laws will affect your particular purchase.

This is why speaking with a real estate attorney with experience in South Florida is so important. Whether you are planning on making a commercial or residential real estate purchase in South Florida, you can rely on the expertise of Schecter Law for any zoning or other concerns. Contact us today (954) 779-7009 with your questions.

 Although everyone should hire a Fort Lauderdale real estate attorney to review their real estate agreements, it’s especially important for first time buyers to hire a lawyer right at the beginning of negotiations or even prior to negotiations. First time buyers do not have the experience to be able to review the terms of a contract on their own or even with the help of their real estate agent. Real estate contracts have simply too much to understand for first time buyers (or even experienced buyers for that matter) and the terminology can often be overwhelming. Although most contracts are written in plain language, there are terms that have been used for decades that are not easy to understand. The terms of the contract are also legally binding and should never be overlooked even in the excitement of a first time home purchase.

Moreover, nothing should ever be agreed upon verbally prior to closing, and this is a mistake that a first time buyer can easily make without the guidance of a Fort Lauderdale real estate attorney. For instance, if there are appliances that are to be included with the home, those specific appliances need to be outlined in the contract.   If you are a first time buyer, don’t make the mistake of assuming that a “standard contract” will work for you and that you won’t need to have an attorney review it. There really is no such thing as a standard contract, and in many cases a standard contract will be altered by the seller so that the terms are more favorable to their side.  By having a Fort Lauderdale lawyer available for contract negotiations, you will have the opportunity to change any terms of the contract that may be unfavorable.  Never sign a contract without having your own attorney present to review the contract and make any last minute changes, especially for your first home.

Terms that may be negotiated by your Fort Lauderdale real estate attorney include finance terms, seller assistance for the closing costs , home inspection clauses that allow the buyer to walk away if there are significant defects found after an inspection, fixtures and appliances included in the home and much more. Only a skilled Fort Lauderdale real estate attorney will be able to successfully negotiate and include these potentially crucial contract terms.   If you are a first time buyer, Schecter Law can help you with your real estate negotiations. Call Schecter Law today for more information on our legal representation services for first time buyers and all other real estate buyers.