Why You Need To Insure Your Property

 

Before starting to numbering the reasons why property insurance is the second-best investment you can make –the first one being buying a house– let’s do a quick overview on what property insurance is.

Insurance is an agreement that helps you financially wholly after a loss. It protects your property from damage caused for several reasons: natural disasters or accidents. You pay a monthly fee to an insurance company in exchange for a guarantee that the company will comply by taking a burden of possible losses in the future.

Having insurance is not limited; anyone who owns an expensive property is eligible to have one, and in some cases, you’re required to have one in case of mortgages.

 

Coverage

As mentioned previously, property insurance can cover natural disasters or accidents. In more detail:

●        Smoke

●        Theft

●        Vandalism

●        Volcanic eruptions

●        Fire

●        Lighting

●        Rioting

 

And there are separate policies for flood damage, earthquakes, and maintenance damage that are also a good idea to have since these are common occurrences for homeowners.

Having property insurance won’t prevent damages, but it’ll help you have financial safety when it comes to these unexpected events. And while it can be quite an investment, it’s worth in the long term.

What You Need to Know Before Getting a Mortgage Loan in Florida

While owning a home is considered to be part of the goals of most generations, it hasn’t been easy for millennials and gen Z. But there have been solutions to this issue in recent years.

It’s all jokes and games when it comes to millennials and their goal-setting (getting a good job, owning a house, planning for the future). But jokes aside, this generation is still overcoming complex barriers when it comes to being homeowners. 

 

In Florida, there are many options that people can look more into to make the dream of owning a house a reality. The US Federal Housing Administration (FHA) offers a series of mortgages that people can qualify for, even if their credit score is low. 

 

But before getting into this, let’s explain the basic definitions. 

What’s a mortgage loan? 

According to Investopedia, a mortgage loan is “a document submitted to a lender when you apply for a mortgage to purchase real estate.” This document requires extensive information, including the property considered, financial situation (that’s why your credit score matters), employment history, and more. The lender uses the information to make their decision to approve the loan. 

Now, what if you’re not a US citizen? Believe it or not, if you’re a recent immigrant or you have a professional or education visa, you’re most likely to ask for a mortgage, but that comes with some extra steps. 

It depends on your residency status, which is divided into the following groups: 

    - Permanent residents with a green card 

    - Non-permanent resident with a valid visa 

    - “Foreign nationals” 

And that’s where the FHA steps in. Since they have relatively low credit score requirements, it’s one of the best options for non-US citizens. Besides providing information of a lender that fits their risk profile, people must also either show proof of permanent residency in the country or use the home as primary residence, add a valid social security number, and employment authorization documents. 

How do I know if I qualify for an FHA loan? 

This is the most affordable option if you’re a first-time homebuyer and if: 

    - You’re at least 18 years of age; 

    - You can show proof of income; 

    - You plan to live in the house as your primary residence; 

    - You have a debt-to-income ratio of less than 50%. 

Once you have all of these things in order, you’re ready to ask for a mortgage loan, and when you get approved, your homeowner dreams begin. 

Doral stands out as the fastest growing city in Florida.

 

Coveted in both the residential and commercial sectors, this municipality has been among the most active during this decade.

 

A study by the U.S. Census Bureau, verified by the Metropolitan Center of Florida International University, determined that Doral stands out as the fastest growing city in Florida and number eleven in the entire country. The analysis was based on the speed with which businesses and residential areas have been created.

 

The arrival of people from other countries has visibly impacted Doral, between 2010 and 2016, with a 26.1% increase in its population, which represents about 12,000 people.

 

It is estimated that the factors of the growth are linked to an increase in job opportunities, the low levels of crime, geographic location, quality of schools, and more affordable housing offers.

 

In reports from the City of Doral, this location was added in 2003 to the list of 34 municipalities in Miami-Dade County. At that time, it had 22,709 inhabitants. Currently, the number has increased by more than half, to some 58,000 residents.

 

In the U.S. Census Bureau's report, Miami ranked eighth in terms of growth rate, with a 13.1% increase in its population, as reported by Miami Today.

 

The study also mentions details of the population increase in Miami-Dade County. During the period analyzed, the county's population increased by 8.2%, which is due, first of all, to the arrival of people from other places and, secondly, to the balance of born over dead.

 

West Miami was the second fastest-growing county in Miami-Dade, with 24.6% in this decade. Last year alone, 7,459 new residents were registered in that municipality.

Also, significant population increases have been detected in North Bay Village, Coconut Grove, Brickell, downtown Miami, Homestead, and Cutler Bay.

What $200K Buys in Doral

Living in South Florida sometimes can come with a hefty price tag depending the location and type of property.  But by living in Doral, real estate is more affordable and makes it easy for first time buyers as well as investors to buy property.  With this in mind, we put together a list of what $200K buys in Doral real estate. 

For Sale at Eagle Cove

10953 NW 43^rd Lane, Eagle Cove, List Price:  $200,000

Here is an opportunity to buy a nice size 1,470 square foot townhouse in gated  Eagle Cove.  Inside, there is a ton of open living space along with two bedrooms and two baths.  Built in 1998, the kitchen has recently been remodeled.    Eagle Cove is close to shopping, restaurants, Doral golf courses and excellent schools.  Because this is a short sale, this is a great chance to buy property in an area where comparable properties are listed between the mid-$200s and the upper-$300s.  As for rental investments, monthly rates in range anywhere from $1,800 to about $3,000 depending on the size and location of the townhouse.  This is an excellent opportunity to get a great deal in a very well-sought after community.

For Sale at the Blue Hyatt

5300 NW 87^th Avenue, #1215, Blue Hyatt, List Price:  $200,000

A one-bedroom, one-condo at the Blue Hyatt is a perfect spot to spend the winters in South Florida.  This is a huge opportunity own real estate at one of Doral’s premier resorts.  Golfers have access to premiere golf courses with excellent shopping and dining close by for everyone else.  The unit is fully furnished with a gorgeous contemporary design with the balcony overlooking the golf course.  Property owners have the opportunity to put their unit in the rental pool for guests and have access to other amenities including a fresh water pool, 24-hour security, state of the art fitness center, concierge, in-room dining and other Hyatt hotel extras.  As an investment property, similar units have rental rates between $1,850 and $2,200 per month.  In terms of vacation property, this unit at the Blue Hyatt is a real possibility.

For Sale at Leeward

8432 NW 107^th Street, #3-35, Leeward, List Price: $200,000

Location is the word of the day with this townhouse located in Leeward.  East of the Turnpike and other traffic arteries into and out of Miami-Dade County, this Mediterranean-style townhouse, in one of the best communities in all of Doral – Islands at Doral, features a spacious living area along with a mix of flooring throughout both floors.  With almost 1,600 square feet and three bedrooms and two baths, this is an excellent property for first-time buyers as well as investors and families who want the ease of condominium/townhouse living.  Currently, of the four units for sale at Leeward, this is the largest and least expensive.  As a comparison, six similar properties at Leeward have sold in the past six months with sale prices between the upper-$100s to mid-$200s.  As the months have progressed, so have the sale prices.  This is also an excellent alternative to hotel living for professionals who spend decent lengths of time in Doral for business.

For Sale at Doral House

9725 NW 52^nd Street, #312, Doral House, List Price:  $199,000

Doral House is situated in one of Doral’s best areas – Doral Park.  This two-bedroom, two bath unit encompasses a split floor plan with just over 1,100 square feet and looks out over one of Doral’s top golf courses from the screen balcony.  Residents enjoy a community pool, a large clubhouse with gym and sauna as well as a playground for kids, restaurant, bar, tennis courts, 24-hour security, and more.  In addition to this unit being for sale, it is also listed as an available rental for $1,600 per month. 

For Sale at Doral Oaks

9735 NW 52^nd Street, #411, Doral Oaks, List Price:  $199,000

Doral Oaks is a premiere community in a premiere Doral neighborhood.  From the screened-in porch that provides lake and golf course views to the beautifully remodeled interior with Italian ceramic floors, granite counter tops and stainless steel appliances in the kitchen and so much more, this is a great unit to own.  It also includes a membership to Doral Park Country Club and its amenities including tennis courts, pool and other amenities.  One-bedroom units are rarely for sale in Doral Oaks and when they are, they sell quickly.  In terms of properties for sale, there is one other one-bedroom unit for sale.  While there are not any one-bedroom rentals currently available, the monthly rental rate should fall between $1,500 and $1,800.  

Look to Doral Real Estate

Doral is full of property priced around the $200K mark.  At that mark, condominium units are the most prevalent with single family homes starting in the mid-$200s.  Many condominiums have residences that have been remodeled with upgraded and modern fixtures and finishes start in the low-$200s.  For first time buyers, investors, and those who want to get more for their investment look to Doral real estate.