As we mentioned previously in our article ‘Your Most Valuable Asset’, our homes are, well, our most valuable asset. In this article we will be focusing on finding value for money here in Florida.

Finding Value for Money in Florida’s Real Estate Market

Photo courtesy of Doctor’s Life Magazine

First, you might want to consider property that is not on the coast. While this advice seems counterintuitive, more so when you consider Florida’s majestic beaches, there are two factors to consider. The first is the price of the properties. Coastal properties have a higher value, than those further inland. Purchasing a coastal property will likely mean a bigger budget. If you are considering purchasing a property near the sea you also need to be aware of the potential drawbacks. In recent years Florida’s coast has been exposed to tropical storms and hurricanes that have damaged or destroyed property. For those in the medical profession, the location of their new home will depend on where they work. If you are situated in a coastal city or town, bear in mind the above points.

Finding Value for Money in Florida’s Real Estate Market

Damage caused by Hurricane Irma (Photo courtesy of Bloomberg)

It is important that you find a real estate agent and home inspector that you can trust. Your agent will help you in finding the best deals available, while a good home inspector will make sure that the property you are interested in is in good condition. One of the biggest mistakes home buyers make is not thoroughly inspecting the property they are about to purchase. As a result, flaws and problems that could have been spotted right at the start go unnoticed, and this means you will have to fork out extra money for repairs. In our profession, time is very valuable, and unless you have accounted for the extra work, spending time and effort on repairs could be detrimental to a work/life balance.

When looking for a new property you need to trust the process, and be prepared to say no to the first, second, third, and fourth homes you see. Your future home might be the eleventh property you see, so let things play out accordingly. Remember, though, that you ought to do your homework, too, and search long and hard for that value-for-your-money home you want. Property experts believe that 2018 will see a property boom in South Florida, so now is the right time to consider purchasing in the area. Real Estate news site Bisnow quoted a developer who said: “We are approaching 2018 with a very clear signal from most developers (with unsold inventory): a willingness to offer substantial buyer incentives/discounts now to accelerate sales”. Now is the right time to start searching.

Finding Value for Money in Florida’s Real Estate Market

South Beach at sunset (Photo courtesy of Bisnow)

Consider all options, from the type of property to its location, and whether you will buy or rent it. This pointer is especially important for doctors, primarily because the nature of our work means we need to move about quite a bit. That being said, you might want to consider purchasing or renting a condo unit instead of an actual house. If you purchase a unit, you may eventually turn it into an investment should the need to move to another city or state arises. Renting, on the other hand, gives you more flexibility to move whenever your work requires you to do so.

Downtown Miami (Photo courtesy of Discover Homes Miami)

If you are looking to buy in a city like Miami, you will need to find a neighborhood that caters to your career. Downtown Miami has reasonably priced condominium units, ranging from $300,000 to $1 million. It is home to several high-rise condominiums and apartment complexes, most of which overlook the ocean and Biscayne Bay. This 3.8 square mile-area east of Interstate 95 between Julia Tuttle Causeway up north and Rickenbacker Causeway down south is perfect for medical professionals as it is an urban, residential neighborhood. Education centers, commercial and entertainment hubs, major museums, courthouses, and private and government offices are well within reach, too.

Again, a home is our most valuable asset, so we ought to be patient in finding one that actually gives us value for our money.

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