Miami Beach residents may want to move from one home to another for a multitude of reasons. But they all have one thing in common, a desire to continue living in Miami Beach!  

Living in Miami Beach, FL?

Living in Miami Beach and looking to upgrade your property - Miami Beach ocean, water, sun and sand

When starting a family, a young couple who has outgrown their home, may want to increase the size of their square footage, have a yard, and move from a condominium to a single-family home.  The opposite is true for empty nesters, who often prefer to downsize their square footage but upgrade their luxury and convenience options. This type of buyer often prefers the convenience of paying maintenance fees at a condominium rather than managing their own property themselves.  Job changes and divorces can also be a catalyst for people to rethink their current housing situation and want a change. Do you want a new home office? Do you prefer the same level of luxury in your current home but want additional square footage, to experience a new Miami Beach neighborhood or just a change of scenery?  If you have always had Miami Beach bay and downtown Miami views, maybe it is time to switch to Atlantic Ocean Views. Starting fresh with a new home can be a cathartic process full of hope and creative release! Whatever the reason, logistics around the home buying and selling process can be daunting. Seasoned Miami Beach Realtors are an essential resource to lean on during this process to ensure your personal goals are met without unnecessary worries.

Upgrading your property in Miami Beach?  Increased luxury amenities, increased property size, both?

Living in Miami Beach and looking to upgrade your property - Lincoln Rd Mall

Depending on the Miami Beach home buyer and seller’s situation, there are many options available during the process of upgrading to a new property.  Do you want to keep your current home as an investment property or as a second home for friends and family? If so, this path gives a lot of flexibility around timing.  This also gives the buyer an option to refinance the existing home, cash out the proceeds, and use those dollars towards the next home.   

A slightly trickier option is to sell your current Miami Beach home and purchase a new home, simultaneously.  In this situation, timing is everything! Given these innate challenges, in order to have a smooth transaction, additional planning and quick responses are key! Having a good, realistic idea of where you would like to buy and what your current home is worth to a potential buyer, will help you decide what types of luxuries and upgrades you can afford in your next home.  Of course, this option gives you the simplicity of owning only one home but does require more planning on the front end.

A common mistake is rushing to put your house on the market.  Make sure your house is market ready because first impressions are everything! Take your local Miami Beach Realtor’s advice to spruce up your landscaping, add that fresh coat of paint, and fix those little things you have been meaning to do.  Also living in a home while it is market ready means that it will need to be relatively clean and tidy most all the time. Sellers want the buyers to be able to imagine their lives in their potential new home as stress-free and idyllic.

Be mindful of two areas that can change your budget during this process; Capital Gains and the Florida Property Tax exemption called the Homestead Tax Exemption.  It is important to note that the Homestead Tax Exemption is portable!  Although this is a great home ownership advantage for many Florida residents, this can complicate the buying process.  When buying and selling transactions occur, the Homestead Tax Exemption can greatly change property taxes and be a great impact on the budget.  Capital Gains can also create a big budget impact if not properly planned. The exemption for Capital Gains tax is currently still in place. For single people it is $250,000 and for married couples it is $500,000, so long as the home was their Homestead for at least two out of the last five years.  A local Miami Beach Real Estate expert is a great resource to rely on around these two specific areas.

Island life on Miami Beach creates a natural and enticing exclusivity!  Additionally, there are many exciting private and public developments happening in Miami Beach that make new 2019 Real Estate investments an assured long-term return.

Urban Resource Real Estate experts are ready to walk you through this process beginning with a getting-to-know-you conversation.  What are your goals? How do you picture your life going forward? Does this plan put you in a different Miami Beach neighborhood?  Do you just want a property upgrade in the same neighborhood? Our knowledgeable and local Realtors have teams of trusted resources to help easily facilitate your sale and purchase.   Reach out today to begin the process of realizing your upgraded Miami Beach dream! Realestate@urbanresource.com