Information For Key West Real Estate Buyers About Buying Their First Home Or Vacation Home

Rudy Molinet, Broker-Associate, Royal Palms Realty
Royal Palms Realty Associates

Rudy Molinet, PA
Principal Broker

Buying Your First Key West Home

Buying your first home in a new area can be a bit overwhelming. We will make it easy for you! Below are some steps to consider. Remember, I will be with you every step of the way!

Rudy Molinet, PA
Principal Broker
Royal Palms Realty Associates
1955 NE 7 Terrace
Fort Lauderdale, FL 33305

Direct: 305-240-1090
Follow These Basic Steps For A Successful Key West Home Purchase:

  • Pre-Qualification:
    Meet with a mortgage broker and find out how much you can afford to pay for a home.

  • Pre-Approval:
    While knowing how much you can afford is the first step, sellers will be much more receptive to potential buyers who have been pre-approved. You'll also avoid being disappointed when going after homes that are out of your price range. With Pre-Approval, the buyer actually applies for a mortgage and receives a commitment in writing from a lender. This way, assuming the home you're interested in is at or under the amount you are pre-qualified for, the seller knows immediately that you are a serious buyer for that property. Costs for pre-approval are generally nominal and lenders will usually permit you to pay them when you close your loan.

  • List of Needs & Wants:
    Make 2 lists. The first should include items you must have (i.e., the number of bedrooms you need for the size of your family, a one-story house if accessibility is a factor, etc.). The second list is your wishes, things you would like to have (pool, den, etc.) but that aren't absolutely necessary. Realistically for first-time buyers, you probably won't get everything on your wish list, but it will keep you on track for what you're looking for.

  • Representation by a Professional:
    Consider hiring Rudy Molinet as your Key West Buyer's agent. Rudy will be working for you, the Buyer. This is at no cost to you.

  • Focus & Organization:
    In a convenient location, keep handy the items that will assist you in maximizing your home search efforts. Such items may include:
    1. Location: Look at a potential property as if you are the seller. Would a prospective buyer find it attractive based on the location? Consider other aspects such as access to shopping, parks, beaches, restaurants and night life.
    2. One or more detailed maps with your areas of interest highlighted.
    3. A file of the properties that your agent has shown to you, along with ads you've cut out from the newspaper.
    4. Paper and pen, for taking notes as you search.
    5. Instant or video camera to help refresh your memory on individual properties, especially if you're attending a series of showings
  • Visualize the house empty & with your decor:
    Are the rooms laid out to fit your needs? Is there enough light?

  • Be Objective:
    Instead of thinking with your heart when you find a home, think with your head. Does this home really meet your needs? There are many houses on the market, so don't make a hurried decision that you may regret later.

  • Be Thorough:
    A few extra dollars well spent now may save you big expenses in the long run. Don't forget such essentials as:
    1. Including inspection & mortgage contingencies in your written offer.
    2. Having the property inspected by a professional inspector.
    3. Requesting a second walk-through to take place within 24 hours of closing.
    4. Checking to see that no changes have been made that weren't agreed on (i.e., a nice chandelier that you assumed came with the sale having been replaced by a cheap ceiling light).
All the above may seem rather overwhelming. That's why having a professional represent you and keep track of all the details for you is highly recommended. Please email me or call me directly to discuss any of these matters in further detail.

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