Guide for First-Time Homebuyers in Bal Harbour

Buying a home for the first time? Want to buy a home in Bal Harbour, Miami, Florida? Don’t know where to start from and what to expect? Don’t worry. Nobody expects you to be an expert when buying a home, especially when you do it the first time. However, you can get an insight into the main steps. Wonder how? Well, it’s simple. Read our guide for first-time homebuyers in Bali Harbour. The more you know, the less stressed you’ll be throughout the whole process. What’s more, you can even get a better deal when buying a home. So, if you are a first-time buyer, check some of the key tips and tricks for first-time homebuyers in Bal Harbour that Miami Moving and Storage prepared for you. Ensure a safe, smooth, and successful purchase without much stress.

Explore Bal Harbour before you buy a house

Bal Harbour, a suburb of Miami, is situated in Miami-Dade County. It is a relatively small area with a population of about 3,004. However, although being a small suburb, Bal Harbour offers its residents a lot of life and work opportunities. The Median Household Income is $76,962, a bit more than the national average. According to Niche, Median Home Value is $1,267,600, while Median Rent is $1,845, and most of the residents own their homes.

A white building
First-time homebuyers in Bal Harbour should prepare well before buying a home

Where to buy real estate in Bal Harbour

In Bal Harbour, you can find some of the most exclusive and expensive real estate, which attracts buyers who seek luxurious places. Also, you’ll find large single-family homes in the Village of Bal Harbour, The Western Side of Bal Harbour. This gated community is guarded 24/7 and has access to the Bal Harbour Yacht Club and Bal Harbour Marina. Collins Avenue is another part of Bal Harbour where you can find luxurious high-rise condo buildings, each offering a wide range of services and amenities. And here are the three most popular places in Bal Harbour for buying a home:

  • Oceana Bal Harbour: 28-story building houses with luxury residences. What’s interesting each has a floor plan that provides clear views of the Atlantic Ocean and the Miami skyline. The residences have floor-to-ceiling windows, deep balconies for outdoor living, and 10-ft ceilings. How amazing is that? When it comes to the amenities, Bal Harbour has five-star amenities.
  • St. Regis Bal Harbour: Like Oceana Bal Harbour, St. Regis Bal Harbour has floor-to-ceiling windows and 10-ft ceilings.
  • One Bal Harbour: It’s a 26-story building, and it’s one of the newest towers. Here you can find luxury oceanfront condos and penthouses.

If Bal Harbour is your choice, hire movers Bal Harbor to conduct your relocation. However, before hiring your movers, let’s see what are the key points to familiarize yourself with before buying a home.

First-time homebuyers in Bal Harbour: How to prepare

Like any other important project, successful home buying is all about preparing in detail. Luckily, we will help you prepare and navigate the process. Try these tips for first-time homebuyers in Bal Harbour, save money and close the deal successfully. Here are some of the main ones:

  • Explore the neighborhoods: By doing this, you’ll get an insight into the home prices, thus managing to budget accordingly.
  • Consider the main costs: Take into account the down payment, closing costs, moving expenses.
    Budget accordingly: decide how much money you’ll spend on a house or apartment.
  • Check your credit: the credit will determine the mortgage quality. Documents you’ll need for getting credit are credit reports, on-time-paid bills, etc. To strengthen your credit, keep your current bank cards open.
  • Explore mortgage options: check the categories you fit into.
  • Research on first-time homebuyers assistance programs: many states offer such programs.
    Compare mortgage rates: check if you can get a discount.
  • Find a trustworthy real estate agent: this is half the work done.
  • Plan your budget for a home inspection: buying a home is a life-changing decision, so check a potential home thoroughly.
  • Prepare for negotiation: this is the key to getting a discount.

    First-time homebuyers in Bal Harbour signing the contract
    Mortgage loans are essential for buying a home

Finally, after preparing to buy a house, plan your relocation budget. And your residential movers will give you a moving quote and help you prepare for the relocation. Also, consider the storage expenses since you’ll probably have to use one in the transition period. Luckily, white glove storage offers excellent conditions at affordable prices. This way, you’ll have a good command of both buying and relocation processes.

Mortgage options for first-time homebuyers in Bal Harbour

Before you buy a home, get a clear idea of how much a lender will give you to purchase your first house. Many factors will decide how much you’ll get. Debts you have, your monthly income, and how long you’ve worked at your current position will affect your mortgage. A variety of mortgages are available. Here are the main ones:

  • Conventional mortgages: They are not guaranteed by the government.
  • Federal Housing Administration loans: down payments are as low as 3.5%.
  • USDA loans guaranteed by the U. S. Department of Agriculture: Used for rural homebuyers. Also, they usually require no down payment.
  • Veterans Affairs loans: Used for current and veteran military service members and also don’t require down payment.

Besides, you also have other options when it comes to the mortgage. Namely, most homebuyers choose a 30-year fixed-rate mortgage. This option has an interest rate that remains the same. On the other hand, a 15-year loan usually has a lower interest rate than a 30-year mortgage. However, the monthly payments are bigger. Don’t forget to apply for pre-approval before buying a home. A preapproval letter shows both home sellers and real estate agents that you’re a serious buyer and you can get an advantage compared to other homebuyers.

Professional movers
After buying a home, ensure a safe relocation with Pro Movers Miami, one of the best movers Miami has to offer

Move with Pro Movers Miami after buying a home in Bal Harbor

Hope this brief guide for first-time homebuyers in Bal Harbour at least helped you to get an insight into buying a home. Take your time to make a decision, plan, and prepare for home buying. Choose a home smartly, and when you make the right choice, Pro Movers Miami will be here to help you with your relocation. We’ll provide you with the moving services you need and ensure a safe, smooth, and affordable relocation. Contact us at your convenience, and get your moving quote. Let us be a part of the new chapter in your life. Who knows, maybe we’ll bring good luck. Enjoy the moving process without any stress.