This week I received a question from a millennium, let’s call him Tim. This newly practicing lawyer has decided to purchase his first home in Aventura, Florida.
“Tim’s” question is as follows…
“How do I purchase my first luxury home in Aventura, Florida as a single man”.
Upfront, there are two parts to this question:
- Buying a property as a single man
- “Tim” is a first time home buyer.
It is important to understand that purchasing a home is a very stressful event. When you make the decision to go solo the “buck stops with you”. This, of course,might not be a bad thing as your say is final. However, you should consult with family members who have purchased real estate property before and your friends along about the journey you are embarking upon. Remember ultimately you must make the final decision.
I say BRAVO to you.
Of course, you will need to secure a mortgage and work out your finances. I suggest that you speak with a banker or a mortgage broker to investigate if you can afford to purchase on your own or if you will need a cosigner. The mortgage holder (bank) will require that you can financially afford not only the purchase of the home, (the mortgage payments) but the expenses that come with home ownership. One such expense is the real estate taxes.
Remember there are running expenses, electricity, water, and you will need to eat!
Also, there are costs involved in purchasing a luxury condo in Aventura, Florida.
You will need a budget.
One way of elevating the pressure of paying the mortgage is to have a roommate. If you decide to go down, this route makes sure he, or she is someone who you can live with day in and day out. Of course, you must ensure this individual is trustworthy and like yourself, financially capable of paying you rent.
Purchasing your first home is the start to securing your future. Congratulations to you! If you need any assistance, I can be contact by telephone at 786.797.9088 or online here.