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.

4 reasons to invest in Doral

Doral has become a very culturally diverse city, where more than 75,800 people live, according to the last census carried out in 2020, compared to the 45,000 reflected in the 2010 census. Undoubtedly, there are several reasons to invest in Doral, since its growth is only advancing.

 

According to Mayor Bermúdez in an interview for the Doral Family Journal, “Strategic location, diverse economy, low taxes, and quality of life are key factors that continue to drive Doral's smart growth and prosperity.”

 

If you are considering your reasons for investing in Doral, you must take different variables into account. The main ones are: location, the growth of the local economy, the diversity of properties, among others.

 

Keep reading and find out.

 

Location

Doral is 15 minutes from Miami International Airport, and 12 miles from Downtown; it is also surrounded by the Dolphin Expressway or the Palmetto Expressway, which makes it a city with a privileged and strategic location.

 

Doral growth

One of the main reasons to invest in Doral is the growth in all areas of this city. From the last census carried out, quite interesting data was obtained that shows that Doral has become a city and is no longer a suburb. It is not just the population growth in recent years, but this other type of data taken from the Doral Family Journal:

 

·         According to figures from the Miami Association of Realtors, in 2021 and “taking as an example homes with prices up to $500 thousand dollars, the total inventory in Doral is 514 properties for sale in the secondary market, compared to 1,369 that were available on this same date in 2020 and with the 1,315 that were being sold in 2019”.

·         Mortgage rates have fallen in the case of buying and selling. According to the Federal Housing Mortgage Loan Corporation, interest rates during 2021 have been between 2.74% and 3.08%, compared to 3.11% in 2020, when they had already begun to decline and with 3.94% in 2019 and 4.54% in 2018.

·         82% of the population under 65 have health insurance, which is directly linked to the average family income, that in Doral is located at $ 77,493 per year.

·         91.4% of the population have a high school degree and 51.9% of the inhabitants have a university diploma or higher.

 

 

Diversity of properties

The diversity of properties is another reason to invest in Doral. There are modern projects and traditional projects, in addition to luxury condominiums. You can live in gated communities or in multi-story buildings, not counting the variety of prices that offer multiple options and are attractive to many types of investors.

 

Check out our website and see the options we have for you.

 

Multicultural city

Doral is a multicultural city. 85% of its residents are Hispanic or Latino, and 88% of the residents speak a language other than English at home. It is a city that has attracted people from other countries and has become their home.

 

If living in a multicultural area appeals to you, Doral is for you. You will surely learn a lot about other cultures, you will see that the gastronomic offer is diverse (and let's be honest, delicious), and it’s full of cultural events that will keep you entertained and in constant motion.

 

These reasons to invest in Doral are additional to the benefits as a city that we have already mentioned on other opportunities: such as parks, sports facilities, impressive gardens, malls, and good schools for your children.

 

Living in Doral is a great experience.

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. 

More than a city of immigrants

In late 2017, early 2018, Doral was already the third best place in the US to retire according to US News & World Report, and the best city in Florida for business start-ups according to Business Week. This wonderful city known as "the city built by immigrants", has become one of the most important in South Florida, full of hotels and resorts of all kinds, television channels, golf courses, shopping centers, restaurants, and clubs that keep the city in constant motion.

 

If you live in Doral or plan to do so, here is a list of the attractions that you can visit and enjoy.

 

Doral is full of parks where you can walk, exercise, and be entertained. One of them is Doral Central Park, which was previously known to everyone as the JC Bermúdez Park, perfect for walks, picnics, bike rides or just disconnecting.

 

There is also the Doral Legacy Park that offers courts for multiple sports such as basketball, tennis, soccer, and baseball, in addition to covered areas that can be rented for social or cultural events.

 

If you plan to go shopping, we recommend the Miami International Mall, small but with stores of the most recognized chains and a varied food court; in addition to department stores such as Macys, JC Penny, among others.

 

The most impressive mall in the area is the Dolphin Mall, with more than 240 stores, theaters, restaurants, and a series of events throughout the year for the entire family.

 

If you like cycling in Doral, we recommend the Turnpike Trail, a route that crosses Doral between NW 25 St and NW 34th St; one on NW 74th St and the other on NW 112 Ave near a residential complex.

 

Sound like a good place to live? Get your dream home in this prestigious city on our website https://www.doralriches.com. 

Venezuelan Community in Miami

 

Arriving in Miami for the first time and hearing Spanish in every corner, one wonders if one is really in the United States, and quickly realizes why this city is considered the Hispanic capital of the country. And when visiting the city of El Doral, in Miami-Dade County, you might think you have entered Caracas, where arepas are sold everywhere and the Venezuelan flag is seen more than the American flag.

 

Venezuelans are the latest unstoppable wave of migration feeding Miami's melting pot of Latino cultures. According to the latest Democratic Vision Foundation study based on U.S. Census Bureau data, there are an estimated 200,000 in South Florida, half of which live all across the country.

 

Most have arrived in the last 10 years, pushed by the crisis of the government of Nicolás Maduro and his predecessor, Hugo Chávez. The number of immigrants went from 164,903 in 2005, to 418,366 in 2017, more than doubling (253%) in just over a decade.

 

"Around 19,000 Venezuelans live in Doral, 28% of the city's population, plus those we don't know about, because they have arrived recently and end up at an aunt's house, a relative, a friend...", says Alfredo Ortega, the Venezuelan head of the mayor's office, in a conversation with EL MUNDO.

 

Ortega highlights the significant increase in the number of his compatriots in recent months, and mentions the efforts made by the mayor's office to help the newcomers. They have given seminars and talks on immigration, and have a network of contacts that offer support, such as churches, state offices, and organizations.

Advantages of relying on the services of a real estate consultant

 

Have you thought about selling or maybe renting your property in Doral?

Many people want to sell or rent their properties in Doral, but they have a hard time figuring out the first step to make this happen. Having the help of a real estate consultant is essential to streamline all processes of buying and selling properties.

Why hire a real estate consultant?

1.    Expedite the buying and selling process

One of the advantages of having a real estate consultant is that he/she can help you in the whole buying and selling process. He/she knows all the procedures, what to do in certain circumstances and, above all, how to act in different scenarios. The real estate consultant is dedicated to your case and helps you in everything you need to expedite the buying and selling process.

2.    He/she offers you his/her experience and knowledge

In addition, real estate advisors have an experience that we do not have. They know the real estate market better than anyone else, they evaluate the type of property you are looking for and offer you the best options in the market.

3.    They manage a database of contacts and properties

Real estate consultants have an excellent database that can work for you when it comes to finding the property you are looking for. Their database contains clients, professional contacts, services, and more. With this database you will be able to get the property you are looking for faster.

4.    They have excellent negotiation skills

All real estate consultants have very good negotiation skills thanks to their experience in this market.

Having a real estate consultant will help you streamline all processes, get the property you are looking for much faster, and best of all, get a good deal, because they will always be protecting your interests. Don't wait any longer, hire your real estate consultant in Doral and get the property you are looking for!

What do you need to know for 2021? Some Real Estate Trends for this year

 

After a year complicated by the pandemic, 2021 presents us with many challenges. But how will the housing market perform in the current economic system? Here are some of the trends we believe will be present this year:

Trend No. 1: Few possibilities for homebuyers

There were not enough homes for sale during last year to meet buyer demand. The shortage of inventory means you need to be vigilant when looking for a home, as the best homes are likely to sell quickly.  In November 2020, more than 7 out of 10 homes sold had been on the market for less than a month –they sold very quickly.

If you want to find a good home in this scarce market, we recommend to:

1. Give up a few things you thought were a must-have for your dream home.

2. Broaden your search. Your dream home won't necessarily be in the location you think.

3. Get pre-approved.

Trend No. 2: Home prices continue to rise

In November 2020, existing home prices increased 15% compared to last year, reaching a national average of more than $300,000. If you are going to buy a home in Doral, in such an expensive market, you should consider how much you are willing to spend. Make a budget of what you can afford to spend and what you cannot.

We recommend:

- That your house payment does not imply more than 25% of your monthly salary.

-  To save at least 10-20% down payment.

- To choose a 15-year fixed-rate conventional mortgage.

Trend #3: Online real estate services are on the rise

Have you heard of real estate services like Zillow? These allow you to search or list homes for sale online.

What you do is tell companies like Zillow or Opendoor about the house you want to sell. They buy it from you, inject some money into it to resell it at a higher price, take care of all the paperwork for the house, and then charge you pretty much the same as an agent's commission for selling expenses.

Trend #4: Risky buying options are more affordable

Rent-to-own

First, if you're itching to buy a home but can't afford it yet, some sellers like Divvy offer a rent-to-own agreement.

The downside to rent-to-own is that if you later decide you don't want to buy the house or something breaks the contract, all those payments you made will have been a waste.

Whether you’re selling or buying, you can take advantage of the current trends by partnering with a professional real estate agent.

Downtown Doral – Update on the Process

As construction progresses, Downtown Doral has officially become a reality with more announcements being made.  This is definitely one of the major "talks of the town" when it comes to Doral real estate.  With townhouse communities completed and condominiums, apartments and commercial space in the works, it is always good to present an update on the process of Downtown Doral.

5252 Paseo is Sold Out

The only place to start is by the most recent announcement in The Real Deal a couple of weeks ago stating that 5252 Paseo is officially sold out with most of the 203 individual properties being “sold to foreign investors in Latin America.” It is anticipated that this condominium will be open by the end of the year.  According to the developers, unit prices fell between the upper-$200s and upper-$900s.

5300 Paseo is On the Move

For those who were considering 5252 Paseo, don't worry.  Its sister condominium is 5300 Paseo, a 23-story, 219-unit condominium is about underway.  In addition to successful sales with the condominium, it was announced in the South Florida Business Journal that Codina Partners had secured a $46+million dollar construction loan for the building being designed by Sieger Suarez and Adriana Hoyos.  For potential buyers, 5300 Paseo preconstruction list prices start in the mid to upper-$200s and climb to the mid-$800s for units ranging from 1,100+ square feet to over 1,900 square feet.  The condominium offers one, two and three-bedroom units along with amenities including a pool, children’s play area, and a fitness center with massage rooms.

Townhomes at Downtown Doral

Construction for the Townhomes at Downtown Doral is complete with a handful of townhouses listed for sale in the $800s.  These are some of the most luxurious townhomes in all of Miami-Dade County – think elaborate rooftop patios and terraces on top of each townhouse and high-end fixtures, finishes and appliances.

Other Elements of Downtown Doral

Downtown Doral is located in the heart of Doral as a sort of city within a city.  Tagging itself as a “Live-Work-Play” master-planned community, the entire city appears to be culminating in Downtown Doral to ultimately “include eight to nine mid-rise condo towers, more than 1 million square feet of office space, a K-5 charter school, and 70 retail stores and restaurants” stated in The Real Deal.  The official Doral City Hall is located in this new part of Doral along with retail, business, and restaurant space.  The first phase of the Shops at Downtown Doral is expected to open late this year.

Fantastic businesses have committed to Downtown Doral. According to The Real Deal article, “A UPS Store, AT&T store, Marilyn Monroe Spa and Nail Salon, and liquor store are among the retailers Codina announced this week, Codina Barlick said.  Popular Coral Gables eatery Bulla Gastrobar will open a Peruvian ceviche restaurant called Pisco y Nazca; and Dragonfly, a Japanese sushi chain out of Gainesville and Orlando, will also be a tenant.”

Doral has an excellent public school system. The Downtown Doral Charter Elementary School is in its final stages of construction and is expected to open for school next fall.  According to a Doral community newspaper article, “Downtown Doral Charter Elementary School is projected to open in fall of 2015 and will accommodate over 800 students from Pre-K through fifth grade. DDCES will offer a one-of-a-kind, dual language curriculum, which will prepare students to excel in an increasingly complex global society. DDCES is private-public partnership, which will be managed by M-DCPS.”

Downtown Doral is underway to become an amazing community within the city of Doral. Watching the community progress is an awesome experience. The goal is to make Downtown Doral a destination for those living and visiting Miami-Dade.  It looks like it is well on its way to meeting that goal.