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To Buy Or To Renovate Your Miami Home
By Serge C. Kay, Fri Dec 9th
If you are living in South Florida, your home may have beenbattered by hurricanes and hot sun, and it may not have the samefeatures and amenities that so many new homes and condominiumsin the South Florida market offer nowadays. Are you looking at a pool, spa or tennis court? Are you lookingfor more privacy? Are you interested in moving into a Miamicommunity of people of a similar age, with or without children? Depending on when you purchased your home and how much equityyou have, you have two main options to consider: 1.You can takeout a home equity loan and plan renovations to your existinghome to improve the space or add amenities that you want. 2.Youcan sell your home and sink your existing equity into a newMiami home or Miami condo.
If you decide you want to move forward with remodeling yourhome, don't try and take any shortcuts. First assess theimprovements you want to make and then take the time to do yourresearch. Go to various home improvement stores and look atfixtures, photos, carpeting, lighting - and start to make yourselections, or at the very least identify the overall features,look and feel of the renovations you want to make. Assess andoverall budget. When you are planning, remember thatimprovements to the kitchen and bathrooms will make the largestdifference in adding value to your home's value. Next, get referrals for licensed, experienced contractors onlyfrom friends, family members, co-workers, etc. who have firsthand positive experiences. In lieu of that kind of referral, askfor references when you are in the hiring process. While you
are going through the process of finding a reputablecontractor, you should be looking around for a reputable lenderfor your home equity loan and you should get the lowest interestrate possible. You may decide that no matter the renovation, your current homeno longer fits your needs. For instance, while remodeling yourhome may make it substantially more livable, are the changes youreally want unobtainable without purchasing a new home? Perhapsyou want a different neighborhood altogether or you are ready tolive in a Miami condominium instead of in a single family home? If that is the case, then you should consider selling your homeand purchasing one that meets your needs. You'll have a widevariety of Miami homes from which to choose, including singlefamily, existing and new construction Miami condos. Be carefulof the home you choose and price you pay - you don't want to endup regretting your decision and investing your hard earnedequity in something that won't appreciate substantially.However, Miami real estate values are expected to rise about 17%in 2005, while stock market returns are historically around 8 or10%. Miami real estate is a smart investment, so whether you purchasea new home, or improve the home you have, you are definitely inthe right market! About the author:As a leader in sales for Miami Luxury Homes, Miami Condos andMiami Commercial Real Estate in South Florida, Serge Kay and histeam of professionals help sophisticated buyers secure theirdream homes, businesses and investment properties. Approaching $100 million in residential and commercial sales, Serge ranks inthe top 1/4% of Realtors nationally. To learn more about theMiami Real Estate Market, visit: http://www.sergekay.com/
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