There’s a lot to like about living in Doral. You’re only a few miles away from downtown Miami, and you can easily reach the best beaches in South Florida. Perhaps you’re interested in buying a home in Doral, but you have a few questions you want answered before you get started. Below you’ll find all the information you’ll need to know when buying a home in Doral.

1. WHY SHOULD I BUY A HOME IN DORAL?

Doral is the perfect mix of urban and suburban. It’s one of the fastest-growing cities in the country and is a desirable location for both individual residents and growing businesses. You can easily access downtown Miami as well as the Miami International Airport. Doral is also known for its buzzing downtown and its pristine golf courses. Many Fortune 500 companies, such as Carnival Cruise Lines and the Miami Herald, have chosen Doral for their company headquarters.

2. WHAT SHOULD I KNOW ABOUT BUYING A HOME IN DORAL?

Although the national market is experiencing a slight downturn, home prices in Doral have risen recently. However, this doesn’t necessarily mean they will continue to grow or stay high. The economic slump will likely continue into 2023, and it’s unsure how long the market may remain in this state.

The Federal Reserve has indicated a desire to see interest rates drop to levels closer to past averages, but this probably won’t happen until inflation gets under control. Nobody knows for sure when this will happen. For now, home prices in Doral continue to increase slightly monthly. Most homes spend around one month on the market and sell for a price slightly below listing.

3. WHAT ARE THE REQUIREMENTS FOR BUYING A HOME IN DORAL?

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First things first, you’ll want to speak with a lender to discuss what sort of loan you could qualify for. Your lender will use information such as your current credit score and debt-to-income ratio to determine the term and amount you will be eligible for. After they run your information, they can provide you with a pre-approval letter. You’ll want to have this pre-approval letter before you begin interviewing potential real estate agents or submitting offers on homes. Some realtors and sellers won’t work with you unless you can provide this information.

You’ll also want to look at a few homes online in your price range to get an idea of what features and amenities are most important to you. Decide what aspects you need your new home to have and what preferences or desires you can live without. Once you get an idea of what you’re looking for, you can communicate your expectations with your realtor, who will recommend properties they think you may be interested in.

4. HOW CAN I SAVE MONEY WHEN BUYING A HOME IN DORAL?

One of the best tips for saving money on a home is to speak with multiple lenders to see who can offer you the best rate. Most people assume that every lender will provide the same interest rate. They have heard about the Federal Reserve (and the national interest rate), and they believe that this is the number that comes with every loan.

While most lenders will use the Federal Reserve’s interest rate as a starting point or a reference tool, the final number that they offer you can often be different from this number. It’s also true that different lenders will offer you different interest rates, so it’s wise to set aside enough time to shop around and speak with multiple lenders in order to learn who can provide you with the best deal.

If you aren’t satisfied with lenders’ interest rates, perhaps you could improve your financial standing by raising your credit score. You can do this by spending less than your limit on your credit card and making sure you pay all bills on time. Your credit score may not raise 100 points overnight, but it will gradually climb over time. This will improve your standing and financial position as you speak with various lenders.

Because interest accrues over time, you can also save money over the life of your loan by putting more money down on your home when you initially make a purchase. Surprisingly, most of your monthly mortgage payment goes towards interest on your home loan rather than the principal amount. You would be surprised how much money you could save throughout your loan if you could include a little more money in the down payment.

5. WHAT ELSE SHOULD I KNOW ABOUT BUYING A HOME IN DORAL?

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Don’t skip the home inspection. Some buyers will waive the inspection contingency in their contract to expedite the deal or appease the seller. This forces you to take on an incredible amount of risk. Some of the most expensive home repairs are the ones that are hard to detect without the help of a professional inspector. If you purchase the home and realize soon after that there is a leak in the plumbing or a concern about the home’s foundation, you’ll be fully responsible for making the repairs yourself. These issues can cost thousands of dollars to fix.

6. WHO CAN HELP ME BUY A HOME IN DORAL?

The Oscar Puig Team has spent years serving buyers and sellers in Doral and Miami. They are deeply familiar with the market’s current state and take pride in educating their clients. With Oscar Puig on your side, you can make the best possible decisions when buying or selling a home. Reach out to their team when you’re ready to take the next step and begin shopping seriously for homes for sale in Miami.

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