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The real estate interest rates scenery in 2019

interest rates

Any real estate agent should be updated when facing a potential home buyer or investor. So we’ve been working on a kind of report for you to know the forecast and last events on the real estate financing market. 

 

A lot of homeowners have recently come to us willing to refinance their mortgages, hoping to save more money on their monthly payments. That happened because the average contract fixed-rate interest for mortgages of 30-years went down to the lowest level since November of 2016, arriving at 3.93% during August. That drove to an increase of 37% in refinancing volume, which is the highest level achieved since three years ago.

 

Last July, the Federal Reserve has also lowered interest rates “by a quarter percentage point to a target range of between 2% and 2.25%”, according to Markets Insider. That means monetary policies are now empowering customers to spend more, while businesses are able to do more investing. Market application volume for mortgages had seen un upgrade of 21.7% first week in August compared to the last week of July. We have seen the impact. Homebuilding shares have been boosted by these lower interest rates, and are close to achieving the highest levels of this year. Lennar, our Miami-based homebuilder partner, has seen its stock risen by 32%. And when we talk about lower interest rates, we are describing a situation similar to late 2016. It’s now cheaper for everyone to buy and refinance their houses. Financing is now cheaper for developers, also.

 

What’s best, market watchers are predicting a new drastic drop in interest rates. This means not only homebuyers can plan ahead but also businesses that, with lower borrowing costs, can think about expanding or growing more quickly and generating bigger profits. So here’s some advice for investors to make the most of this scenery. Be sure to share it with your real estate clients.

 

5 ways to increase returns for investors in lower interest rates scenery

 

  • Consider changing your bank savings account into an online savings account, which can provide you a major interest and increase your cash account returns.
  • Do you know about preferred securities? They are hybrid investments that work similarly to stocks. As they have more risk, they also provide higher relative yields, similar to corporate bonds. 
  • Invest in real estate for leasing. This way you can diversify, creating long term income and capital appreciation. You can take advantage of low mortgage rates and access up to 70% financing if you’re foreign or 90% (commercial real estate) or 97% (residential) if you are national. Click here to prequalify.
  • Check out emerging markets stocks. While nowadays you can find stocks at bargain prices, you could be looking at a future dividend income about to grow. It’s likely at some point some of these stocks may revert.
  • Seek out high-income stocks or chase those undervalued that with a greater risk, in long-term could be providing you with also greater profits.

 

Once you’ve shared this information with your real estate clients, you won’t only be trusted but also considered as a reference when it’s time to invest. Be a realtor on-trend, stay up to date on our blog.

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Virtual Staging for Realtors

virtual staging

Did you know most of the homebuyers (and we are talking about more than 90%) are now looking for houses online? Not only they search online, but also they visit the houses in this modality. 360° tours and videos, renders and other online tools will help you close deals remotely. Among those resources to empower your sales, you’ll find virtual staging. In fact, when we are talking about foreign investors, this first step, for sure, will make the difference. 

 

Today up to 35% of real estate clients make an online offer without ever stepping for real in their future properties. Thus, you can agree with us, virtual staging is nowadays a must to continue in the market and thrive. So, how could you take advantage of this trend? How big should be your investment in this matter? What are the dos and don’ts? Let’s take a look.

 

Being accurate with multimedia

 

Photos or videos that you provide should be reflecting reality. Be aware that if you sell online and the results don’t meet your client’s expectations, the outcome will be terrible. Word of mouth spreads, but negative word of mouth is like a deadly virus for realtors. Be sure the material you’re providing is accurate.

 

Do virtual staging for vacant houses

 

The possibilities of virtual staging are endless if the house you’re working on is currently vacant. You’ll find in this way the opportunity of presenting your clients an office, a game room or a kid’s playground with just one picture from the same space. Empty of furniture spaces like the beach can also be staged as entertainment or relax areas. 

 

Take advantage of different furniture or decor trends

 

Virtually staging will not only save you money compared to traditionally furnishing the house, but also give you the chance to do changes, improvements or adding at any time. If you discover there’s a decor trend now that you find attractive, take that opportunity and just in a few hours redesign, make the arrangements you need, always taking good care of your budget and saving time.

 

Team up with your real estate client

 

Do good use of your client’s profile. Don’t forget you’re doing the virtual staging for them. So you can be proactive and arrange the house if you already know your client’s taste and expectations. Otherwise, just talk to them, ask the proper questions about what they like or dislike and show them the potential of the house you want them to buy by doing customized real staging, according to their needs and desires. 

 

Be honest with your clients

 

Last but not least, remember that what’s obvious to you, it’s not always evident to others. Make sure your clients know that what they’re seeing is virtual staging. You can consider also showing you the pre-staging photos, the original ones. This way not only you won’t get related complains but also you’ll gain trust. 

 

Working on the real estate market requires being updated and on the trend at every moment. Virtual staging is the next resource we’re pointing out as a must for realtors. Have you used it? Has it enhanced your marketing results? We’d love to hear about your experience.

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How realtors can make a profit with chatbots

chatbots

There’s always the controversy. The experience of interacting with a chatbot is never the same as when talking with a human being. We can all agree on that. But what happens if your client can’t reach you out? A real estate deal is not a simple transaction, it involves a lot of money, procedures and, of course, stress. How’s the frustration managed if a client wants to talk to you when you’re not available? Chatbots can help you dealing with this, they can become your best allies.

 

Not only the complexity of chatbots has deepened enough to better cope with their tasks, but also people are getting used to receiving automatic responses if these are good enough to answer their doubts. By using chatbots you can have a better average time responding, and you’ll be making sure you don’t just let online traffic go by without an attempt to capture it.

 

How to get started with chatbots

 

As a real estate professional, you must be working with a strategy, and different approach tactics. If you base your business on a website and usually create traffic for it, then you should take advantage of that and start a chatbot on your site. Depending on the spot where you can target your audience (your website, your facebook fan page, your database) you should choose a different place or way to implement a chatbot. Some options are:

 

  • Deploying a bot on Facebook
  • Pop up chatbot on your site
  • Automated email
  • SMS bots

 

How can a chatbot help you?

 

  • Creating more leads

Bots can gather basic information and decide upon certain aspects of the conversation if the deal is worth human contact. A custom chatbot knows how to determine if someone is going to make you lose your time or if it’s worth to invest in. Once the chatbot ascertains the seriousness of the lead, it can perform different actions based on your preferences. Meanwhile it helps you building your own database to work on later.

 

  • Delivering information of interest

Aren’t you tired of repeating the same over and over? Copypasting of information for your leads is time-consuming. You could be doing some networking, investing in other more rewarding activity. The basic answers about properties information, those you have written somewhere else ready to be sent, could be as well given by a chatbot.

 

  • Virtual scheduling

A chatbot can help you organize your agenda. Once the prospect is willing to do an in-person meeting or video call, the allocation on your agenda shouldn’t be your task. Everything can be automated by a chatbot. Also, if they are planning to make a visit to the property, a chatbot could offer them a virtual tour instead, saving your time and your client’s.

 

  • Updating your database

Handling data, identifying prospects and updating their information can be exhausting for a human. But for a chatbot it’s piece of cake. Also, a chatbot can better “memorize” prior actions by identifying the client and predicting based on patterns. Follow up can be also automatically done, while migrating prospects from one status to another one.

 

When you work with foreign real estate clients, you’ll gain another advantage. Chatbots can talk in any language, translate and handle a client from any part of the world. In this way, you can get “globalized” easily, pay attention to world patterns and always aspire to do more.

 

As a realtor, you should always be searching for new trends and methodologies of working and, chatbots are the next trending technology to pay attention to. This tool will help you upgrade your real estate business with a minimal initial investment.

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The real estate landscape in South Florida

south florida scenery

When you are thinking about investing in real estate in South Florida, you shouldn’t think only about breathtaking beaches, diverse culture and food, luxury, perfect weather, or great business opportunities. Besides, you should check how’s the market and the forecast for the next months. So here’s some curated information for you.

 

There are two well-noticed different markets of real estate in South Florida. If we look at the latest real estate trends, we’ll find metrics related to the home sales and, on the other hand, completely opposite, metrics related to condos. Then, you’ll realize both markets are not in the same place.

 

Single-family home sales had seen an increase of 5.5% in South Florida last April while, according to the Florida Realtors, condos sales had seen a drop of 1.7%. Still, median price increased, both for single-family and condos. How’s this working? We believe the low mortgage interest rates and the positive job market are making possible these numbers in the real estate industry. But let’s see the whole picture, county by county.

 

Miami-Dade

Did you know in Miami-Dade residents come from 121 different countries? 68 diverse languages are spoken in the area. Just a couple of fun facts before starting with the more serious metrics. 

 

In this county, single-family home sales volume has grown in a strong way for houses that range from $300.000 up to almost $600.000. It’s an increase of 3.9%. The values themselves grew 3.2%, reaching an average of $356.000. Active listings went up by 10%.

 

For condos in Miami-Dade, sales volume fell 1.4%. The values increased by 2.8% to an average of $248.000. Active listings went up by 2%.

 

Broward

Did you know this county didn’t even exist at some point? It was created out of parts from Palm Beach and Dade counties. Now, to start with the most important facts…

 

In this other county, single-family home sales volume has grown by 11.8%. Median value reached $360.000, which means an increase of 1.3%. Also, according to realtors of Greater Fort Lauderdale and Palm Beach, active listings went up by 12%.

 

For condos in Broward, sales volume fell 1.9%. The values increased by 5.3% to an average of $170.000. Active listings went up by 7%.

 

Palm Beach

More than 20 teeming reefs are located in the Palm Beach county, a paradise for divers and snorkelers. Another fun fact we couldn’t avoid mentioning, is that in 1879, early pioneers planted more than 15.000 pineapple slips, it appears they wanted to create a farm.

 

In this county, single-family home sales volume has seen an increase of 1.4%, mostly for homes with prices ranging from $300.000 to almost $400.000. The values remain the same, with a median price of $350.000. Active listings went up by 1%.

 

For condos in Palm Beach, sales volume fell 1.6%. The values increased by 1.8% to an average of $185.000. Active listings went down by 2%.

 

Despite fluctuations, the South Florida real estate market continues to be healthy and promising for the next months. If you are looking to acquire a property in the three-county this could be the right moment.

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Construction permits: what to learn from the industry

 

The construction industry is a great example of an indicator of what to look forward to. For example if there’s a boom in commercial construction, we can think of business growth and job opportunities. The same happens with warehouse constructions or residential constructions. Every change in the construction industry has to be read in order to predict certain impacts in the area we are studying or in the whole country.

 

However, when we look at the statistics of residential constructions, we are looking at specific changes not only in the industry but on the people itself. Of course these variances could be caused by employment rates or by new tax benefits and legislation. But in most cases, these reflections we can perceive, talk about variations on the culture, migratory patterns, people’s preferences, solvency or desirability of geographic locations. So let’s take a look at the last trends we have in our power.

 

Total Residential Building Permits by Metro Area 2018

 

“Building Permits refer to the approvals given by local jurisdictions before the construction of a new or existing building can legally occur”, according to TradingEconomics.com.

Giving the number of permits and percentage variances since 2017, we can see the locations that had shown growth in the last period (2017-2018), following.

 

Dallas-Fort Worth-Arlington, TX +1.43%

Houston-The Woodlands-Sugar Land, TX +34.5%

Atlanta-Sandy Springs-Roswell, GA +15.7%

Phoenix-Mesa-Scottsdale, AZ +6.9%

Austin-Round Rock, TX +11.3%

Orlando-Kissimmee-Sanford, FL +51.5%

Seattle-Tacoma-Bellevue, WA +2.3%

Charlotte-Concord-Gastonia, NC-SC +9.1%

Miami-Fort Lauderdale-West Palm Beach, FL +5.2%

San Francisco-Oakland-Hayward, CA +4.3%

Minneapolis-St. Paul-Bloomington, MN-WI +16.3%

Raleigh, NC +12.5%

Jacksonville FL +19.2%

 

Source: https://www.fixr.com/ 

 

The Orlando metro area registered an increase of 51.5 % compared to the number of construction permits in 2017. In this way, the Central Florida metro area took the 8th place in the country. Experts attribute the growth to an augmented demand from retirees, a better local tax environment and promising medical and tech sectors.

 

Following, the Houston metro area had an increase of 34.5 % in permits. This was fueled by rebuilding due to the Hurricane Harvey and to a fertile ground for the oil and gas industry.

 

¿But how does a construction permit work?

 

If you are about to request a building permit, you should know they are not always necessary. A building permit is intended to ensure that your plans for the project will comply with local regulations or policies, standards for land use, construction or zoning.

 

When you shouldn’t ask for a building permit

  • Simple repairs or replacements.
  • If you are hiring a contractor, most probably they will do it for you.

 

When you should ask

  • If the project involves additions or major changes to your home’s structure.

 

How to apply for a building permit

  • Contact your local building office and tell them the whole idea.
  • Besides preparing the building permit, prepare any other permit you may need for specific jobs, such as electrical.
  • Once you begin, tap the permit to a window or door next to the building.
  • At some points, call the designated inspector to verify everything is going well.
  • Once the inspector has approved the work, you no longer need to display the permit.

 

Lucrative opportunities are waiting for new investors in the growing zones in the US. If you have doubts or want to share your experience related to building permits, let us know.

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What there is to know about Opportunity Zones

The Federal Qualified Opportunity Zones program has turned South Florida into an even more interesting area for real estate investors. Aiming to incentive private investors, significant tax deferral opportunities are available all over the place in used-to-be economically disadvantaged areas that have already been revitalized. 

 

There are 123 opportunity zones, 67 just in Miami Dade, 56 between Broward and Palm Beach counties. That has allowed almost currently 16% of commercial assets to be located there. As we said before, most of the zones included in the program are already economically and commercially recovered, we are talking of neighborhoods like Miami’s Wynwood and Overtown. Another opportunity zones, that were already pointed out by investors prior to becoming part of the program are North Miami, Coconut Grove, Allapattah and some neighborhoods placed near Fort Lauderdale and West Palm Beach. But, how is that opportunity zones work?

 

The basics of the Opportunity Zone Program

 

  • There are three kinds of tax incentives offered within the Opportunity Zone Program:
    • Deferral of capital gains invested until December 31, 2026.
    • Reduction of capital gains invested, leading to a 15 percent reduction in capital gains tax.
    • Exclusion of gain on QOZ property held for at least 10 years.
  • It’s not for every kind of investor. In order to access the tax deferral benefits you must prove gains from the sale of an asset.
  • The buyer needs to keep the property for, ideally, ten years (capital gains are tax-free at this point). At least they must hold it for five years (capital gains drop by 10%). The longer they keep the asset, the more they benefit. The goal of the program is to incentive long-term acquisitions, to economically change for better the community around.
  • Not only residential investors can be granted the benefits of the program, but also commercial ones. Multifamily rentals, office spaces, retail are the ones that currently more interested in these opportunities. Of course they have to meet some basic requirements to qualify, like: 

 

    • To provide at least half of the services within the area.
    • Make sure their workers spend at least half of their time in the area.
    • Business operation and management are based in the zone.

 

To qualify for the program, traditional limits on the kind of property or business investment are not so strict this time.

 

Now that we know the basics, we start thinking, which is the best opportunity zone to invest then?

 

Our highlighted opportunity zones

 

  • West Palm Beach
  • Boynton Beach
  • Delray Beach
  • Pompano Beach
  • Fort Lauderdale

 

Tax benefits are already generating value-building investments, bringing new jobs and business into the areas. This is really good news, both to investors and to existing local communities. Identifying resources and tools to help your real estate clients investing better and profiting more is part of your job as a realtor. Contact us if you want to partner and offer them not only your knowledge but also financing for their real estate investments.

 

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3 keys for realtors to sell more investments properties

Selling a house to a first-time buyer is not even close to what it takes selling an investment property. It seems the home-buying cycle is always the same, or at least similar. The buyer contacts you searching for a house to live in. Luckily, if you two have had a good experience together, they will contact you after two or three years to sell the first house and buy a bigger one. Of course, there’s always the word of mouth. But that’s it.

 

You won’t get any bigger profit from selling a residential property. On the other hand, selling an investment property could take you to a whole new level. An investor can buy several times from the same realtor and, of course, also recommend you to other investors. Helping them get the best benefit will turn you into an ally on who they can rely on. So how can you approach these kinds of buyers? Yes, in case you are wondering, you need to approach them, as with strategic planning.

 

Approaching real estate investors

 

In order to better know how to approach an investor you need to have a clear view of who they are. There are several kinds of commercial real estate investors. 

 

  • There are those who haven’t even think about investing yet. Your approach will be about why investing and what kind of properties they can invest in.
  • There are those who have given a thought to investing but they are afraid or haven’t decided yet. Your approach, in this case, will comfort them with security and providing answers to their doubts.
  • There are expert investors who you’ll be able to target directly by name. In this case, the approach should be focused on being an ally, take care of your investors budget and benefits, assessing them with a vast knowledge of the market.

 

Now that you have in mind which kind of investors could you target, what is the next step?

 

3 keys for realtors to sell more investments properties

 

  1. Start valuable conversations. Don’t just contact them to say happy birthday or happy 4th of July. Ask them about their concerns and listen. Listen and give proper, wise answers as a professional realtor. Advice them on the best moments for buying or selling, on the tax benefits, on the opportunities available for them.
  2. Help your investors defining a budget. Ask them about investment sizes, equity, main goals. Are they willing to expand their portfolio? Are they just looking for an extra income? Do they have other real estate holdings at the moment? Connect them with expert lenders so that they will gain more negotiation power and access to better investments.
  3. Provide an investment analysis. Most of all if your clients are those afraid of investing for the first time, show some initiative and check the previous rental price of the property, compare it with other similar, show them the math you’ve done.

 

Once your real estate investors are already trusted and willing to start, provide some extra added value by connecting them with the ones you recognize as the bests in the market. Your clients should have access to the best vendor, to the best lender, even maintenance person or taxes expert. Offer investors a premier service and you’ll be turning into a premier realtor while you grow your portfolio and your sales.

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Creating a realtor’s network: How to start doing better networking.

 

As a realtor, you can have tons of years in the market. But your experience will never make it alone, if you don’t assign time to do some networking. Allocating some hours in your agenda to do this kind of work, will assure you a better outcome in the real estate industry.

 

Most of the time, to be visible in your area is important. It turns out in the real estate market it’s inevitable. Our bet is, networking will be your chance to build a reputation, to work on your personal brand and finally, to get better and bigger real estate clients.

 

Why and how can a real estate agent do networking?

 

Almost every real estate agent knows that, by networking, no matter if it’s a big gala or a small affair, they will be achieving some goals:

 

  • More involvement in the community.
  • Better lasting relationships.
  • An increase in their referrals.

 

Nevertheless, there are two things worth noting here:

 

  • Relationships don’t necessarily have to be made with people belonging to the real-estate market. You can build trust with lenders, tax attorneys, or home inspectors. Any professional you believe that could ever help you serve your clients will be worthy of your time. 
  • If you are the only or one in the few real estate agents in the room, for sure you’ll get everybody’s eyes on you. It will be a great opportunity to exchange cards with possible future investors. So, don’t just pick events in the real estate industry.

 

Get your name out there

 

Not only can you search among the existing events the ones that adjust to your expectations, but you can create one of your own. What about designing an event to attract just the people you need and creating the database of your dreams? Let’s see some key points when it’s time to be the host:

 

  • Think about topics in which you can add value. Invite proper speakers or industry referents that can also provide their own points of view, enriching your speech.
  • Bring in different kinds of prospects. Design an ideal network that can help you reach your prospects. Make yourself a question: who could you work with as an associate? 
  • Prepare impactful presentation resources (images, videos, performance) and a personal story to share, that will help you create engagement. Most important, don’t forget to be honest with your audience, what are you expecting of them? Why are they investing their time on your event?

 

At last, but not least, don’t forget people want to have fun. Don’t make it all about business, get some entertainment to amuse your audience. The more family-friendly it gets, the more they will love your event.

 

Finally out there

 

When you finally make the time, hopefully the habit of creating or attending an event, be sure you get the most of it. Squeeze out your scheduled events to get, not the more connections you could, but the best ones. This is not about a figure, but about the quality of your network. This means you should try to make real conversations, to engage with people on a more profound level, introducing yourself in a memorable way and being reachable at a later time when they try to reconnect with you.

 

What do you think about networking? How do you do it yourself?

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Why Brickell is a great place to live in the US.

United States, Florida, Miami, Downtown Miami, Brickell. You’ve found the major financial district in Miami. Go beyond and you’ll find Brickell key, an island that provides the best views of the neighborhood.

 

Its look & feel, gastronomy, connectivity plus convenience and its creative culture, are the key items turning Brickell into a massive new construction center. Everybody wants to live in this Florida area, that has tripled its population since 2000. Some of us know that Florida gets 900 new inhabitants per day, being the second fastest growing destination in the US, after Texas. Brickell is now the hot spot in the whole place.

 

In just a couple of years more, Brickell, that is the downtown of Miami, is projected to have 109.000 residents. Today, it has 92.000, just do the maths. What is that makes Brickell especially appealing? Let’s see.

 

The 7 more appealing reasons to live in Brickell

 

  • There’s fluency of visitors that choose Brickell instead of the beach. It’s a mecca for brands that search interaction with millennials. Business opportunities, art installations, international cuisine. New restaurants, bars and hotels, as well as almost perfect weather, ideal for South American people, are just some of the first reasons to choose Brickell.

 

  • In Brickell corridor and Brickell key there’s an explosion of investments in new construction. Condos, office buildings, mixed-use developments and apartments, are just some of the types of properties about to be born in the neighborhood.

 

  • 85% of real estate buyers in the area are from countries like Argentina, Mexico, Brasil, Colombia, Venezuela, Spain and Italy, choosing among great condos like Brickell Flatiron or 1010 Brickell. Brickell City Center.

 

  • If you are looking for an urban core New-York stylish, Brickell could be your place. Its financial district feels more new yorker, rather than Miami. The Metromover will take you to different spots like Bayside Marketplace, American Airlines Arena, Miami-Dade County School Board or Miami-Dade College, for free. 21 stations to different destinations, 5:00 a.m. to midnight, seven days a week, as its website states. You’ll also find the best European brands like Le Roy René, Mirto or Acqua di Parma. 

 

  • If shopping or doing business is not your thing, we are sure you’ll be dragged into the interactive science museum (Phillip and Patricia Frost Museum of Science) or the Pérez Art Museum Miami, two of the youngest museums in Miami. You’ll also find plenty of international exhibits or Miami-based artists.

 

  • In Brickell you can find the top spot for sushi in Miami, NAOE. If you are more fan of the Italian food, you’ll have options like Casa Tua or La Centrale. For South Americans missing their local food, La Mar or Quinto La Huella are options that will suit them.

 

  • Brickell is located, by car, 15 minutes away from Miami Airport, 15 minutes away from South Beach (5th and Ocean), 6 minutes away from the American Airlines Arena and 30 minutes away from the Bal Harbour Shops. The neighborhood is surrounded by  Little Havana, Allapattah, Coral Way, Coconut Grove and Downtown Miami neighborhoods.

 

Gyms, salons, spas, like the premier one at Mandarin Oriental, will provide facial and body treatments. For your mental health, relaxation at a terrace with an amazing view or at a docked yacht will both be good options. Brickell is not only a financial center, but also a place to enjoy. Since those times when it was only a patch of office buildings, it has developed into a place to really check out, a best-kept secret in Miami.

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Everything you need to know before investing in pre-construction condos in the US.

pre construction

When you think of buying a pre-construction condo in the US, you are approaching the idea of investing almost in a dream. If you are lucky, you will count on floor plans, renders, or blueprints that will help you make an idea of the possible outcome. On the other hand, you’ll have a stronger vote when it comes to choices on the future building, and for sure you’ll be offered a great discount, as you’re in some way, financing the whole construction. So, what is there to take into account? How can you reduce the risks and make the most of the advantages? When it comes to buying a pre-construction condo in the US, you should consider the pros and cons, and be alert on some items following.

 

What you should know before investing in pre-construction condos in the US.

 

You’ll find out a pre-construction building has different stages in a very visible timeline. Those are:

 

  • Reservation. The developer is still making plans. There are only blueprints and renders available, all of them can change a lot before the completion of the project. First-tier pricing is available for you if you sign up early to the project. Thus, one of our stronger suggestions is that you enter as soon as possible. You’ll not only be getting the deepest discounts but also be able, in most cases, to place a deposit without even buying the whole unit at this point. Work with a well-known broker so that you can rest on him. For sure deposit requirements will not be hard to achieve and, if you cancel during the first stages, most probably it will be with no penalties. Also, if you get in early, you’ll have a wider selection of units to pick. Whether you are an investor buying multiple units or if you are buying your house, this is a convenient stage to get in.

 

  • Contract. This stage of the projects begins with approval. The government will release the purchase agreement to those who already made a reservation. After this agreement, you’ll get 15 more days to go over everything before penalties for canceling start to be in force. For sure you’ll have to make another deposit and prices have increased since reservation phase. On the good side, if you enter at this point, you’ll have more certainty the project will be completed.

 

  • Breaking ground. 18-24 months is the average lasting of the construction phase for luxury buildings. Your capital will be multiplied at this point, although you’ll be requested new payments at certain milestones. If these are too surprising or come at a moment you have an adjusted budget, you can rely on a mortgage loan.

 

  • Completion. After construction come inspections. And after inspections, you can close on your condo. You’ll realize you’ve saved tens of thousands of dollars because of getting in early. You can now take ownership and if you want to, reselling at a lucrative price.

 

Search for the experts

 

Buying a pre-construction condo in the US is not hard. Only, if you are not an experienced buyer or investor, you should look for advice. Realtors on trend will help you choosing the best options, entering the project at the right timing and asses you with mortgage loan options if you are in need of.

 

If you also need assessment or advice on your finance to invest in this project, or if you’re not resident, you can contact us. We are experienced lenders when it comes to foreign national mortgages, knowing very well the Miami, Orlando, Texas and Colorado real estate markets, each of them with their particularities, and we can also assess you on the locations, neighborhoods, developers, and some other factors that may affect your future property.

 

When you choose to invest in a pre-construction condo in the US, you’re getting into an exciting proposition and you need to plan diligently and work with the best advisors you can get. In the end, your vision and your encouragement, but also your network, will drive you to success.

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