Lighthouse Point, Florida

We understand the importance of choosing the right neighborhood according to your needs. Therefore, we have selected a few cities across South Florida for you to explore.


Lighthouse Point, Florida


Purchasing a home is a significant investment to all families. Therefore, making sure we are getting an opportune deal is extremely important. Please see below 10 tips from Amluxe Realty:


1- Do your research. When choosing a home and neighborhood, do not only look at the homes available for sale and the asking price. Check the homes that were recently sold and the price, in each particular area, so that you are well aware of what an opportune deal is. The listing price can be misleading as there are always a relevant amount of overpriced homes in the market.

2- Drive around the neighborhoods that you are interested in and narrow it down to 2-3 options that you prefer. By doing so, it will help you stay focused on what will best fit your goals. If you do not find homes that you like in a particular neighborhood, then replace it for another. Low inventory areas are considered a seller's market.

3- Contact at least two mortgage brokers or your bank to see who will offer you the best rates and lowest fees. If you are looking to put less than 20% down, you will always be responsible for paying what we call the PMI (premium mortgage insurance). The FHA loan is an easier loan to qualify for as it requires less of a credit score comparing to a conventional loan. However, FHA loans require an upfront mortgage insurance payment of about 2% of the purchase price, which can be financed into the loan if you don’t reach the limit for FHA which varies based on location. Conventional loans you would just pay a monthly mortgage insurance. Always ask your mortgage broker about LPMI (lenders paid mortgage insurance), where the lender will pay for the PMI and the buyer will pay for a higher interest rate. This is a great option as it can keep your monthly payments down as well as provide tax benefits depending on your income. 


4- When you are looking at homes in person, it is important that you keep a “poker face” as you see things that you like. The reason why is because if a seller or their agent sees how much you like a property, they can use that as leverage during the negotiations. If you see things that concern you, then feel free to say it. 


5- Unless you can afford to build your own house, you will never find the perfect house. There will always be pros and cons. And if you try to find the perfect house, it might take you years. So write down the things that are most important to you and choose accordingly. Use the cons as leverage for when you are negotiating.


6- Choose more than one home. After seeing multiple properties in person, choose between 2-3 homes that you like so that you don’t sound desperate when negotiating and if one does not go through, you have another option. This will help you not only mentally but it will give you leverage throughout negotiations to help you get the best deal. It is very easy for a seller to tell when you really want that property, and you do NOT want them to have that leverage.


7- Never send an offer for the full asking price. If you are looking for an opportune deal, you need to give yourself some wiggle room for negotiations. We do not recommend sending a very low ball offer as you might upset the seller or not receive a counter offer. Send something around 10% below market price to start negotiations.


8- When you receive a counter offer, do not answer right away, give it at least a day, take a deep breath and let the seller think about it. The faster the response, the more desperate you will sound to the seller.


9- If you arrive at an agreement on price, the negotiations are not over. Here comes a very strong tip. You need to use the inspection period in your favor. Choose a good inspector that will point out all the problems with the home (try to be present at the inspection day), and once you receive the inspection report, DO NOT ask for a reduction on price (unless you are buying in cash), ask for a credit towards closing costs. A reduction in price will only lower your mortgage monthly payments by a few dollars a month (remember its a 15 or 30 year amortization). Asking for a credit towards closing costs will be less cash that you have to come up with at closing.


10- When it comes to getting the best rate for home insurance, shop around for multiple quotes from different providers or insurance agents. That is the best way as you can compare prices and coverages and choose what is the best for you. Usually that cost is about 1.5% of the market value of the home per year.

If you have any questions or concerns, feel free to reach out to us and we would love the opportunity to help you with your real estate needs!