First Time Home Buyer's Guide to Miami

Notice we said to decide on your budget—not just what a lender says you can afford. Many Miami home buyers find that mortgage pre-approvals are often higher than what feels comfortable month to month. Before you talk to a lender, take time to determine the monthly payment that truly fits your lifestyle. Create a complete household budget and factor in new costs that come with owning a home in Coconut Grove or greater Miami—such as property taxes, insurance, HOA fees, landscaping, and utilities like water and garbage. If you’re moving from an apartment or shared living situation, these extra expenses can add up quickly and impact your comfort level. Setting realistic expectations now ensures you can enjoy your new Coconut Grove home without financial stress.

Can you search for and make an offer on a home without a real estate agent? Technically, yes, but why would you? Working with experienced Coconut Grove realtors like our team gives you incredible value and peace of mind throughout the process. Our service is worth every bit of the fee because we help you make smarter decisions, save time, and avoid costly mistakes. We know the Miami and Coconut Grove real estate markets inside and out, and we use that knowledge to find opportunities that others might miss. From identifying the right neighborhoods to handling negotiations and paperwork, we guide you every step of the way. Our goal is to help you find the perfect Coconut Grove home that fits your lifestyle and make the entire experience enjoyable and rewarding.

Once you have selected the perfect home, work with your agent to craft a fair offer based on the value of comparable homes on the market. Depending on what the home is listed at and whether the current environment is a buyer’s or seller’s market, your offer may be below, at, or even above the asking price. We will be able to help you negotiate if you receive a counteroffer and reach an agreement. At this point, the house will go into escrow.

Now is the time to go back to the mortgage lender who pre-approved or pre-qualified you and choose your mortgage. You will be presented with various options based on your unique financial situation, including fixed-rate, variable-rate, 15-year, 30-year, or special programs such as VA loans or FHA loans. Work with your mortgage lender to select the option you feel the most comfortable with.

No one looks forward to all the paperwork involved in buying a home, but it’s a necessary part of the process. Fortunately, everything will be arranged by your lender and title company and, when you’re finished, you’ll know you are the legal owner of your new home.