This week's question is probably the most popular one that I get asked asked.
For many a year, making money in real estate was easy. The simple task was to hold onto your property. In some instances, back in the day owners could double, triple and even quadruple their initial investment. This was real easy; living in one of the most desirable areas in not only the USA but the world, South Florida or Aventura, Florida.
Ok, and then it happened… crash…the great recession. No need to linger on about those times.
While some homeowners were just plain lucky and sold their properties at the right time. Others were not so much. The question permeating the area was
Did I miss the right time to sell my Luxury Aventura Condos?
Two points to consider, and perhaps put some perspective into this conundrum:
Your home is not like other investments you might have. It is the place you live, raise a family and well, live. The four walls, roof, gardens and interior rooms are all part of the investment.You must consider the school your children attend, he real estate property taxes, the commute back and forth to places of business, access to major roads and shops and if you live in a Sunny Isles PUD or Condominium, the maintenance fees.
Selling your home must be viewed in a way, separate from the financial aspect. Your homeownership needs change. Babies are born, children leave for college or a home with a large garden, and heated swimming pool does not meet your requirements today.
Whatever history tells us, the real estate highs and lows are entirely separate from the actual asset of owning a home. A home is where you live.Its value is not a number on a piece of paper.