Red Flags to Look Out For When Buying a Luxury Home

What To Know When Buying A Luxury Home

When you’re buying a luxury home, you don’t want to make a decision too quickly. You want to get the best value for your money and select a home that you’ll love for years to come. When you’re narrowing the playing field, there are a few red flags you want to look out for. Here are a few major things to consider when selecting your luxury home.

Bad Neighborhood

While it can be good to find a home in an up-and-coming neighborhood, be wary if you see a bunch of other houses for sale nearby. A mass exodus from a neighborhood could be a bad sign. If there’s a lot of vandalism or a heavy crime presence nearby, you definitely want to steer clear. If you have children, be sure the local school system is up to your standards.

Sudden Price Drop

It can take a while to sell a luxury home, but if your potential property has had a major price reduction recently, start asking questions. If there are multiple price drops within a number of months, or the price drop is drastic, these may be signs that there’s something wrong with the property and the owner needs to sell now. 

Random Fresh Paint

Typically, a luxury home for sale will be freshly painted throughout the house. But if just one wall has a new coat, the owner may be trying to cover up a bigger problem. There may be a mold or mildew issue or water damage. If there’s a newly painted wall in addition to a funky smell, you’ll definitely want to have it checked out.

Lack of Inspection

Many people do without a professional home inspection and then find a costly issue later down the road. Do yourself a favor and move forward by hiring a professional. They will be able to tell you any hidden issue you may not see yourself. If an issue does arise, you can either choose a different property or negotiate a lower price so that you have funds to fix the problem. 

Call An Experienced South Florida Real Estate Lawyer

Having a luxury real estate lawyer at your side can be an invaluable tool in your home buying process. Mark Schecter is a Broward County luxury real estate attorney who has been helping South Florida families for years. Contact Schecter Law today to discover how Mike can help you secure your dream home.

Selling Your Luxury Home In South Florida?

If you’re looking to sell your luxury home, you’re in for a completely different experience than when you sell a traditional home. Especially if it’s your first time, you want to be aware of some of the major mistakes you may make. Here are three big factors to watch out for when preparing your luxury home for sale.

Having Poor Quality Photos

They say a picture is worth a thousand words, so if you list your luxury home with low-quality pictures, that is exactly the kind of buyer you are going to attract. Any photos or videos that accompany your home listing should be created by a professional photographer with high-quality equipment. It may seem like an extra expense, but it will certainly be worth it when you accurately capture the features and feeling of your home.

Not Using Multiple Techniques

Selling a luxury home is not as simple as taking a few pictures and listing it online. You want to come up with an accurate and thorough description that will accompany the listing. Think about the kind of buyers that you want to be interested in your home and aim to appeal to them. Additionally, don’t only stick to your traditional home selling websites. Consider listing your home in local print publications and on social media, as well as scheduling an open house or two.

Getting Too Emotional

If you have fixed up your luxury home for the purpose of selling and have never lived in it yourself, this may not be an issue. But if you have called this house “home” for many years, it’s understandable to be emotional while selling. However, once you move forward in the selling process, you have to take emotion out of the picture. If you’re too sentimental, you may not take the time you need to properly price, market, and sell your home.

Bonus: Not Using an Attorney

One of the biggest mistakes you can make while selling your luxury home is not investing in a lawyer. Mark Schecter has long been one of the most trusted South Florida luxury real estate attorneys and is passionate about the fields of luxury and commercial real estate. He can help you negotiate with potential buyers and ensure that you are getting the value you deserve for your home. Contact Schecter Real Estate Law today to learn more about how we can help you sell your home.

5 Tips for Buying a Luxury Home


When you’re searching for your dream luxury home in South Florida, there are a few key tips to keep in mind. You’ll be spending a large amount of money, so you should settle for nothing less than the best! Here are five important factors to keep in mind when looking for your South Florida luxury home.

  1. Visit in Person

A listing online can only show you so much about a property, no matter how nice the photos look. You should always plan to visit the home in person to take a look around, as well as research the property and the surrounding area on Google Earth. This will give you a more accurate representation of your potential new home and neighborhood.

  1. Document, Document, Document

When you’re purchasing a high-end property, you can never have too much documentation. The sellers and the bank will want to be sure of your income, so make sure you have the paperwork to back it up. You may also consider working with a financial planner. Additionally, check with your bank to get clear on all the paperwork they may need or may be able to issue, like a pre-approval letter or pre-qualification letter.

  1. Negotiate

You might think that there is no room for negotiation when buying a luxury home, but luckily, that’s not the case. Work with your real estate agent to find comparable properties in the area so you can be prepared with a fair price. Your real estate agent will be able to point out where there is room to negotiate.

  1. Search Far and Wide

It can be harder to find a luxury home listing than it is to find a traditional home. You may have to do more research than you expect or look into your realtor’s personal connections to find the listings you are looking for. Though it may take a bit more time and effort, it will certainly be worth it once you find the home of your dreams!

  1. Hire a Lawyer

In addition to your realtor and your financial planner, you should also consider hiring a luxury real estate lawyer in South Florida. They will be able to help you navigate complicated contracts and ensure that you know what you sign, giving you peace of mind and assuring you pay a fair price. Mark Schechter is one of the leading South Florida luxury real estate lawyers. Contact Schecter Law today at (954)-779-7009 to discover how he can help you find your dream home.

Luxury Home Buying Tips

There is a lot involved with purchasing a luxury home in South Florida – you will want to take your time and potentially hire a South Florida luxury real estate attorney to ensure that you make the right choice and to help with your closing.

A luxury home can and should be an investment, not just a beautiful place to live. With the right planning, you can find a premier luxury home in a neighborhood that will rise in value.

  1. Don’t just rely on photos: a photo can be worth a thousand words but can lack the feeling and experience you will get by visiting the property in person. What tends to happen is that buyers sometimes dismiss a potentially good fit based on the photos alone.  If there’s a potential home that is somewhat enticing, it might be worth a closer look in person, especially if it’s a nice neighborhood. Some luxury homes are less photogenic than others yet have an alluring quality that might convince you once you visit.
  2. Think about the future:  When you invest in a luxury home in South Florida you’re also investing in the surrounding neighborhood. It’s a good idea to talk to several local experts, agents, and even an experienced luxury real estate attorney in South Florida about the direction that the neighborhood is moving. You’re going to be tying up a nice chunk of cash in your home and will want to do everything possible to ensure that you can potentially sell your home for a nice appreciation once you move to the next option.
  3. Learn the top neighborhoods in the city you’re considering: It pays to do a little bit of research to find some of the premier luxury residential neighborhoods in the South Florida city you’re considering. Fort Lauderdale has exclusive options like Colee Hammock, Tarpon River, Victoria Park, etc. – each with its own vibe, architecture, attractions and more.

Think about the lifestyle you want and the type of neighborhood that would best serve your interests. Also, don’t hesitate to consider meeting with a South Florida luxury real estate attorney to discuss the local area and which option might be a good fit for your needs.

Your attorney can even assist with your closing and negotiations so that you save money and time while getting into the right home soon.

Call Schecter Law today for more about buying a luxury home in South Florida by calling (954) 779-7009.

 

What You Need To Know

Did you know that you can hire a South Florida residential real estate attorney to handle your closing, including your title search?

It doesn’t always make sense to hire a title company for your title search, because the cost can be comparable to hiring an attorney if not higher.

The big benefit of having an attorney in your corner is when there are potential legal concerns with your purchase, such as a complicated purchase agreement, boundary issues, or other concerns.

You may save money compared to a title company

Many mistakenly believe that title companies are less expensive than attorneys. That is often not the case.

Title companies will often charge a premium for their closing services which include bringing the necessary documentation, collecting closing funds or managing escrow, performing the title search, acquiring title insurance, filing the new titles and more.

However, a residential real estate attorney can do all of the above for you, with the added benefit of legal expertise and counsel for any potential issues, and often at a higher level of service.

You can avoid tricky legal situations

The last thing you want to deal with at closing is to be faced with a pressing legal question without having counsel available to you.

It’s particularly important for FSBO sellers to consider hiring a South Florida residential real estate closing so they have an advocate available for those scenarios and others.

However, just about anyone can benefit from avoiding the headache of a legal snafu holding up their closing. Not only will it cost you time, but it can also increase your closing costs if there are multiple meetings required.

Better to have an attorney there to address legal questions and settle any issues so the transaction can proceed.

A thorough title search is much more guaranteed with an attorney

Many title companies may have examiners who lack the expertise that a skilled attorney would have when performing your title search.

Uncovering title defects takes more effort than you might think. There are a myriad of potential issues that can arise during a title examination such as unknown beneficiaries, federal tax liens, bankruptcies, and so much more.

An inexperienced title examiner may miss some of those issues, while a residential real estate attorney is less likely to due to experience and careful attention to detail.

Learn more about the benefits of hiring an attorney for your title search and closing by calling Schecter Law today at (954) 779-7009.

 

What To Consider Before Investing In Luxury Real Estate

It’s no secret that the booming Florida economy is fuelling an attractive real estate market. Whether you’re relocating for work or investing in a second home on the beach, now is a great time to talk to a South Florida luxury residential real estate attorney about investing in the perfect home.

South Florida is prime for long-term investments, especially in the luxury real estate market, as prices appear to be stabilizing. Luxury real estate are typically safe assets that aren’t subject to the same risks of other investments – a worthwhile addition to your portfolio.

Financing Your Home

Depending on mortgage rates and the initial down payment, it can be extremely expensive to own a luxury home – not to mention taxes and maintenance fees. Consider your financing options before signing the dotted line. If you’re not sure where to start and don’t need the opulence of higher-end properties, you may want to consider the lower end of luxury South Florida real estate, which falls between one and three million.

Your – and Future Buyers’ – Optimal Location

Location is important with any home purchase, but particularly so when investing in luxury real estate. Luxury real estate isn’t just about the house – it’s about the neighborhood, amenities, and proximity to the ocean.

Before diving into a major investment, ensure the property is near high-end shopping, dining, and top schools. Is it a waterfront property? Is there a golf course nearby? Are the neighboring houses equally stunning? Choose the amenities that are important to you and your family, and make sure the house checks off the right boxes. This is also important when considering resale value should you choose to sell down the line.

Property Purpose

These days, lots of investors are using a South Florida luxury residential real estate attorney to help them buy property to rent, flip – you name it. But is the luxury real estate segment the right market for commercial purchases?

It can be if it’s small enough and in a prime location. However, it’s much more difficult to turn a 10-bedroom home into a vacation rental. Most people simply don’t need that much space – especially while on vacation.

It’s equally challenging to turn a profit when flipping a luxury home. Combine the home purchase and the remodel investment, and you’re looking at a pretty high ticket price. This can be a tough sell.

Get Professional Help

If you’re considering a major renovation or expansion, your Fort Lauderdale real estate lawyer can raise any legal issues – zoning regulations, construction permits, and historical significance, among others – that may arise with a high-value home. Give us a call today at (954) 779-7009 to explore Florida’s luxury home market.

Luxury Home Buying Tips

There is a lot involved with purchasing a luxury home in South Florida – you will want to take your time and potentially hire a South Florida luxury real estate attorney to ensure that you make the right choice and to help with your closing.

A luxury home can and should be an investment, not just a beautiful place to live. With the right planning, you can find a premier luxury home in a neighborhood that will rise in value.

  1. Don’t just rely on photos: a photo can be worth a thousand words but can lack the feeling and experience you will get by visiting the property in person. What tends to happen is that buyers sometimes dismiss a potentially good fit based on the photos alone.  If there’s a potential home that is somewhat enticing, it might be worth a closer look in person, especially if it’s a nice neighborhood. Some luxury homes are less photogenic than others yet have an alluring quality that might convince you once you visit.
  2. Think about the future:  When you invest in a luxury home in South Florida you’re also investing in the surrounding neighborhood. It’s a good idea to talk to several local experts, agents, and even an experienced luxury real estate attorney in South Florida about the direction that the neighborhood is moving. You’re going to be tying up a nice chunk of cash in your home and will want to do everything possible to ensure that you can potentially sell your home for a nice appreciation once you move to the next option.
  3. Learn the top neighborhoods in the city you’re considering: It pays to do a little bit of research to find some of the premier luxury residential neighborhoods in the South Florida city you’re considering. Fort Lauderdale has exclusive options like Colee Hammock, Tarpon River, Victoria Park, etc. – each with its own vibe, architecture, attractions and more.

Think about the lifestyle you want and the type of neighborhood that would best serve your interests. Also, don’t hesitate to consider meeting with a South Florida luxury real estate attorney to discuss the local area and which option might be a good fit for your needs.

Your attorney can even assist with your closing and negotiations so that you save money and time while getting into the right home soon.

Call Schecter Law today for more about buying a luxury home in South Florida by calling (954) 779-7009.

 

While the luxury real estate market in South Florida has been steadily healthy for a while now, experts predict that the region is due for an even more impressive boom.

Below are four of the top reasons why you might consider buying a luxury home in South Florida in the near future, and how a luxury real estate attorney in South Florida can help you find a perfect option.

The South Florida Market is Nearing a “Perfect Storm”

There are a variety of factors making it an ideal time to buy in South Florida. Demand has boomed as more long-term residents seek their retirement home and younger transplants enjoy plentiful work opportunities in a booming economy.

Other factors that that may make it an ideal time to buy soon:

With all of the above factors culminating this year, the near future may be the most ideal time to buy.

U.S. Tax Reform and Tax Benefits

Florida is an income tax-free state. After the recent U.S tax bill, many eager buyers are more willing to relocate to the state to enjoy substantial tax savings.

This is not the only tax benefit for moving to Florida. Florida also does not collect a death tax, and this isn’t expected to change any time soon. Current state legislation blocks any state death tax.

Homestead Benefits

Florida is well-known for its spectacular tax benefits, and few are better than the homestead exemption. Right now, Florida offers an exemption on the first $50,000 of the home or condo’s value from property taxes. A measure on the Nov. 6th ballot aims to increase that exemption even further.

The Hurricane Season

The big “h word” is something we Floridians like to avoid, but it is a reality. It is also shaking up the marketplace in a big way.

Homes that aren’t in flood zones, particularly luxury homes, are quickly rising the ranks and becoming highly sought-after. In the next few years, these homes will be prized Florida treasures, further potentially increasing their value.

South Florida remains a wonderful place to buy. The region is in a big transition, and smart buyers are quickly seeing the opportunities present.

Contact a luxury real estate attorney at Schecter Law to learn more about the benefits of investing here and how an attorney can assist you with your closing, due diligence and many other steps at a reasonable cost.

It remains an excellent time to consider buying a home as both interest rates and many Florida real estate markets have continued to rise. If you happen to be searching in South Florida, you probably already know that it has been a highly active and competitive seller’s market in 2018.

Although it isn’t commonly known, it is a good decision to work with a licensed Florida residential real estate attorney for your home search, as they can provide assistance with your closing and title search and insurance, and the cost can be comparable or even less than a title company — with a more thorough and professional search.

Below are some other tips to ensure a great deal:

Get your finances sorted out ahead of time

Don’t begin searching for your home until you’ve sorted out your finances ahead of time and pre-qualified for a mortgage. You will want to have a sufficient amount of cash saved up for your down payment and closing costs, as well as any potential inspections or appraisals that the seller may not cover.

On top of that, you’ll have expenses related to moving and of course you want to have some savings left after it’s all said and done. It’s better to wait to save up more instead of rushing into a deal in most cases.

Don’t waste time looking for a bargain

Right now with the market being as active as it is, it can be really hard to find a good bargain. You can end up wasting time on the process and lose out on some great opportunities if you wait for the perfect deal. Many times, the best residential deals are snagged up by investors who pay in full cash and are difficult to compete with.

Instead, find homes that appeal to you and that are within a reasonable price of local market estimates. Your real estate attorney can even assist with those estimates to help you decide if it is a good deal for your goals or not.

Take care of your due diligence

Whether it’s your first time buying a home or you have experience with it, there are multiple due diligence steps that need to be taken care of ahead of time, including thorough inspections, a title search, and investigating any reports of defects.

Although sellers in Florida are obligated to disclose material defects they have knowledge about, you will often want to take it a step further if there is any doubt at all, and at minimum get a basic or even a more advanced inspection.

It’s always helpful to work with a residential real estate attorney in Florida for the above-mentioned and many other steps to guarantee that your next home purchase is ideal for your goals. Contact Schecter Law today with any questions you may have about buying a home in Florida.

The luxury home market is South Florida has been active in recent months, with home prices soaring in several neighborhoods as a result of a strong economy and growing incomes.

Purchasing the right luxury home presents an opportunity to acquire a premium real estate investment while also taking care of your personal needs for a home.

Working with an attorney for your closing, research on homes, negotiation, or assistance with other steps in the process makes perfect sense for an investment as substantial as a new luxury home.

A South Florida luxury residential real estate attorney at Schecter Law can help you plan your investment and navigate the opportunities in the local market (of which there are many) and successfully close on the luxury home of your dreams.

Below are some other tips to help you find the right option:

Work with an Expert in the Local Market

It can be challenging to navigate a large inventory and search new locations to find your ideal luxury home. You will want to work with a local real estate agent who knows the market well and can guide you toward some of the best home ownership opportunities. An agent or lawyer with experience in luxury home transactions can always help.

Expect a Longer Process

You can also expect the process to take significantly longer as you search for a luxury home. In many cases the home will take longer to inspect, and in general you will want to be much more thorough with your due diligence, which can add some weeks or months to the process. It is better to take your time with this type of purchase rather than rushing into it to ensure you pick the right home.

Look at the Area

Many South Florida luxury homes are located in prime neighborhoods as you would expect. Consider how the area is being developed presently and in the future. Are there any big condominium projects planned, or is there a new commercial center being developed nearby?

All of these factors will affect your home’s value in the future. On the contrary, if the area has seen a population decline or increased crime rates recently, it may be better to look elsewhere.

Contact Mark Schecter, a leading luxury residential real estate attorney in South Florida, for more assistance with finding a premier home investment here or for any questions at all. Call Schecter Law today at (954)-779-7009.