Interview with Estate Planning and Probate Attorney, Debbie Lowe
Debbie Lowe has a Masters in Estate Planning from the University of Miami. In this interview, Debbie Lowe answers the most important questions when it comes to protecting your loved ones after you die.
There are many misconceptions about estate planning and when it should be done. Many believe it should be done when you retire or if you own many properties. This is incorrect. Estate planning starts now!
Interview Questions
What is the estate planning process? Minute mark: 0:55
What is probate and its’ process? Minute mark: 1:55
The 3 different types of ownership. Minute mark: 3:55
The most common ownership among married couples. Minute mark: 6:40
How to protect your children when you pass away? Minute mark: 7:22
It was a pleasure meeting with my colleague, Olena Feoktistova. Olena is a real estate agent in Toronto, Ontario, Canada. She came down to Miami to enjoy our nice warm weather.
In addition, she also checked out some properties so she can use during the very cold winters Canada is known for. Olena asked me if she could interview mee to provide insight to her Canadian clients on how we facilitate buying a home in South Florida.
Top 3 things international buyers look for in a property
1. Close to the water
Most international buyers are looking to live near the water and enjoy our most famously known beaches. As a result, our winter- which temperature averages in the high 60’s to high 70’s- brings in snowbirds from Canada and northern U.S states to enjoy our warm climate. In addition, our beautiful water views are a top selling point. No doubt this is on their top priority.
2. Close to entertainment
Not only do they look to be close to the water but also near all the entertainment this beautiful city provides. From restaurants to shopping centers within walking distance. This is a must to feel like you are living where others vacation!
3. Rental restrictions
Lastly, a very important question before buying is: what are the rental restrictions? Most international buyers are looking to stay seasonally. As a result, the property will be vacant during other seasons. Your best option is to rent it out. Many associations will have rental restrictions that may not allow seasonal rentals or any rentals at all. Try to avoid these in case you want to rent your place seasonally to get the addition income while you’re away. Can’t go wrong with some extra cash!
Best time to buy in South
Florida
Best time to buy is during the holiday seasons. This starts around
November with the thanksgiving holiday and ends about mid to the end of January
when everyone is settling back. During this time, there is less buyer
competition because everyone is taking care of their holiday festivities.
Consequently, with less buyer competition, you get a better deal.
Easier than you think to buy in South Florida
Many believe that because they are not a U.S citizen the
process of buying property is difficult. On the contrary, if you can chew gum
and walk, then you can buy real estate here. For example, due to the good
relationship between Canada and the U.S, buying real estate is relatively easy.
If you have the money to buy and are in good standing, then it is like a U.S
citizen buying real estate.
If you are an international buyer interested in buying in south Florida, please feel free to contact me! I can guide you through the steps required to purchase real estate so you can make the right decision.
Nine times out of ten people check their home value on Zillow or Truliaprior to calling a real estate agent. I personally think these sites are great considering they get it right about 50% of the time. Even more so, when you consider that an algorithm is trying to determine a very complex ordeal such as the value of a home, so props to them!
Why do they miss the mark the other 50% of the time?
I don’t really know, and I doubt anyone else truly knows, but here is my educated guess: Because they can only see what’s on the outside of the property through the eyes in the sky – aka satellites – and they can only analyze what can be found on public records such as number of beds, number of baths, square footage, etc.
Therefore, the two reasons Zillow gets home values right half the time are the following:
1. Often, public records are incorrect
This can happen when updates, such
as expansion, added bathroom or bedrooms, that are yet not recorded in public
records.
For example, say you added a family room to your property. You may have expanded to the covered patio to do so. This adds more value to your home since the living square footage under A/C has significantly increased. But this information will most likely not be reflected on public property records, which is where these sites get their information. Therefore, the lack of accurate information can distort what’s reported in sites like Zillow.
2. These sites can’t see the interior of your home
These sites
can only determine the value by the exterior and what has been sold in that neighborhood
in recent years. Therefore, if your home has interior upgrades, or modifications
that would significantly add value to the property, it would not consider these
factors.
Are we in a real estate bubble in terms of price? The answer is NO. The driving force behind increasing prices is the lack of available inventory. It’s a classic supply and demand issue, and this is expected the remain for the foreseeable future.
Mario Avalos 