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Cleveland, Home Buyer in Miami, FL

I want to buy a house to live in for only five years, what's your advise?

Asked by Cleveland, Miami, FL Sat Oct 29, 2011

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7
Good Afternoon,

Or course there are many things that are taken into consideration when purchasing real estate, whether it is because it will be your home or if it is for investment. On the average, real estate property does in the long term tend to go up in value, but what we have seen nationwide the past 10 years or so, many folks were purchasing homes and expecting to make huge profits within a year or two's time. For the most part, real estate is not truly a short term type of investment. The average home buyer does not have the means or ability to purchase a home today, and sell it the following year or two for a big profit. There are investors/contractors that do have the ability to purchase a home at a great price, make the necessary repairs/updates and then be able to turn that around in short period of time for a profit, those are for folks that do this for a living.

No one hear can say for sure that if you buy a home today, it will go up substantialy in the next five years. It does depend on the price you have purchased the prooperty, what repairs/updates have been done, and of course, we all hope that the US economy does bounce bank and things start moving in a more positive direction. No one hear can or should say that it is a given that your home will be worth more 5 years down the road. With that said, if history is any indicator, in the long term, the value of your home will increase, but to what degree is an unknown.

Good luck in your search.

Lila Lopez
RE/MAX Advance Realty
305-772-2521
0 votes Thank Flag Link Sun Oct 30, 2011
Hello Cleveland, let me tell you something. you can buy any house that make you happy (right buget) and live it as long as you want to. Them when you get tire of it. Sell it or rent it, and buy another one. Just remember one thing do not buy to impress anyone.
Good luck
0 votes Thank Flag Link Sat Oct 29, 2011
Now is an excellent time to buy with low finance rates and lots of undervalued homes.
Some things continue to apply in any market.
1. Don't buy the most expensive home on the block, buy the small or medium which have more portential for appreciation.
2. If you are planning to sell in 5 years keep it in good shape and don't over invest in it, you may not be able to recover what you spent on improvements.

Tony Vega
Charles Rutenberg Realty
0 votes Thank Flag Link Sat Oct 29, 2011
Well, how do you see things five years from now?
0 votes Thank Flag Link Sat Oct 29, 2011
Suggest area could be depends on you budget.
How much is??
Web Reference: http://www.soldbuyrent.com
0 votes Thank Flag Link Sat Oct 29, 2011
In most areas a recovery should be well under way in that time, the key is buying a property at least a little under current market value. Alot of areas have already seen an increase in prices.

For your specifc situation you should meet with a loan officer and explore your costs to purchase
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sat Oct 29, 2011
A decision only you can make based on your finances, lifestyle, etc.; unfortunately none of us knows for sure where the market will be tomorrow nor five years down the road....
0 votes Thank Flag Link Sat Oct 29, 2011
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