Need some help with real estate basics?

Question

I am thinking of buying a home or condo because I just do not want to rent anymore. If I buy a home I was going to get one from a list of forclosures here in charleston, wv. I would'nt mind a fixer upper as long as it is still able to be lived in. If I go for a condo I am going to purchase in the miami Area.
I will list links to my condo choices which are basically ones that will cost me very little but still look decent that I could possibly rent. As this is my 1st time buying I just need a little information about taxes. I know I will need to pay something like an annual property tax are the taxes on properties like these normally high? Are there any other fees or risks I need to know about.
thanks

Choice one:

http://miamidade.expertrealty.com/miami/condo-details/n252981-brickell-bay-1200-brickell-bay-dr-2914

Choice two:

http://miamidade.expertrealty.com/miami/condo-details/d1178873-river-run-condo-1700-nw-n-river-dr-204

also on the brickell bay website it has the 2-3,000 condos listed for rent but on the real estate page that is the sale price listed

Answer 1

ok generally taxes are 1% of assessed value annually. the assessed value is what the state comes up with based on land value and development in the area. thankfully they are usually quite lower than what the house is really worth. but when u purchase a house and the price is recorded they use this number.

as far as the other real estate questions, they are all kinda blended together. rent vs. buy... yes buy! i see a mortgage as my own personal bank account. (esp if u live there for the full 30 years or so) since u pay down that balance every month, eventually after 25-30 years the amount u have paid the bank u have in equity.

the type of purchase u are looking at is called 'sweat equity' meaning u bought the discount by getting a house that needs work. generally though... forclosures are not 'liveable' houses. most of the time the previous owner does everything they can to destroy the house to equal what the bank did to their credit... ASK ME HOW I KNOW THIS!!! lol yea personal experience!! now i never rent out my properties, i flip em or do something on the mortgage side and take payments.


anyways i didn't look at the condos, its what u like. cuz u are gonna live there. when i buy properties, i look cuz i need to know who i can sell it to, and thats all part of my deal.

u can also explore a 'lease option' to test out the neighborhood. thats where u have a contract to purchase, thats held for a time period..say 12 months. u have 12 months to perform the contract and buy. but during the 12 months u are 'leasing' or renting, without obligation to buy!

but if u do that, i'd tell u to pay as little as deposit as possible because if u don't want to buy, u lose that money.

if u were talkin to me about one of my houses i'm selling on lease option, i wouldn't tell u that (sorry! lol), cuz i'd want a huge amount deposit to ensure that u don't mess up my house that u may or may not buy.

any other questions, feel free.

Answer 2

i did not look at the choices, but you should be able to find out what the taxes are in that area online. Do they have an MLS service or a local govermet site? Also try zillow.com

Answer 3

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