How to choose a property in Miami for investment in 2023? For real estate to please its owner for many years, you must adhere to a certain algorithm of actions.
Choose a city to buy a housing in Miami-Dade
Miami-Dade County includes 34 cities. Each of them has its advantages and disadvantages. First, it is necessary to pay attention to the settlement’s infrastructure, the location of shops, highways, transport interchanges, squares, and recreation parks relative to each other and different parts of the city. If there are children in the family, you need to understand whether the schools or the school in the area where you choose housing suit you. In the United States, children can only attend schools in their area by law.
An equally important aspect is the cultural, criminal, demographic, and racial analysis. If you want to save money, then it is better to choose a house near expressways, power lines, factories. If you decide to buy property in such a place, it is better to first assess all the risks and anticipate possible inconveniences. For example, if a factory operates near the house, the area’s ecology will not be the healthiest.
In good locations, houses are more expensive.
For example, a villa in Miami Beach, with 12 bedrooms, 20 bathrooms, and 8 parking spaces on the outside, on the beach, and surrounded by greenery, costs $170,000,000.
House with 9 bedrooms 13 bathrooms, a few meters from the beach in Golden Beach, is on sale for $100,000,000.
A 7-bedroom, 9-bathroom beachfront condominium in Sunny Isles Beach can be purchased for $85,000,000.
Real estate in Miami-Dade
So, you have chosen a city and decided on the area of the settlement. When choosing a property, pay attention to the year the house was put into operation. Since 1978, unhealthy building materials have been prohibited in the United States. It is better to choose an object from the housing stock commissioned after 1978. On the other hand, new housing is not always better than the old one. Thus, the quality of a villa built in the 21st century may be higher than the quality of a house built 35-40 years ago.
In the residential real estate market in the United States, just over 30% of properties are over 55 years old. Another 30% of homes are approaching their 50th anniversary. Such housing should not be ignored, as they have a special charm, which, for example, ancient streets in cities have.
Here is what property is currently for sale in Miami-Dade County:
- A home with 9 bedrooms and 11 bathrooms in Miami Beach is on sale for $80,000,000.
- A villa with 10 bedrooms and 12 bathrooms in Miami Beach can be bought for $77,000,000.
- A 4-bedroom 3-bathroom home in Homestead is on sale for $67,500,000.
Nuances of searching real estate in Miami
When choosing accommodation in Florida, it is worth considering some points:
- The area in the US is measured in square feet. One meter equals approximately 3 feet. Sometimes unscrupulous realtors “add” an extra 100 feet to a home by calculating the basement or attic area.
- If you choose an apartment, it is better not to consider apartments on the first and last floors. It can be cool on the ground floor in winter and hot on the top floor in summer.
- Before buying a home, find out about the amount of the monthly maintenance fee of the residential complex (NOA). The tariff includes payment for lawn care, snow removal, garbage collection, and cosmetic repairs of the residential complex. The funds go to the residents’ association, which, if necessary, allocates money for major repairs, such as repairing a leaking roof. It is impossible to refuse to pay for the maintenance of the complex. Monthly fees start at $200. In fashionable complexes, the amount sometimes reaches $ 3,000.
Among other things, it is better to find out all the rules and regulations of the residential complex before buying an apartment. Some complexes do not allow pets. In some, it is forbidden to move even distant relatives, only close ones, to apartments, and somewhere it is possible to replace windows and doors only with the permission of the residents’ association.
Housing in Miami: what to check before you buy
When choosing a house, you must carefully examine the objects for technical malfunctions. You should check:
- Wiring/electricity. You can check if the wiring is working by turning on the room lights. In addition, you need to make sure that all outlets work.
- Plumbing. Ensure your bathrooms and kitchens have hot and cold running water, and check the water pressure.
- Heating equipment. Make sure it works.
- Doors, floors, walls, windows. Look carefully for mold and smudges on them.
- All household appliances that are in the house. If the equipment is sold together with housing, then its cost is most likely included in the property’s price. Check if the refrigerator, dishwasher, washing machine, and so on are working.
- People with a special license carry out the repair of electrical, gas, plumbing, and heating equipment in the United States. Establishing the operation of these devices in the States is not cheap.
That is why, before signing the contract of sale, all equipment should be carefully checked.
In addition to the nuances mentioned above, there are other points that you should pay attention to when choosing a property so that the buyer does not have any problems after signing the acquisition agreement.
If an apartment or house in Miami is being sold already renovated, ask the seller if he has the necessary permission. For example, the owner must have a document if the basement is converted into a dwelling.
At the stage of the sale of the object, the seller signs a Disclosure, a document stating all the defects of the apartment, including hidden faults and shortcomings. This act should be studied in detail.
In addition, it would not be superfluous to check the property’s history, for example, if it has any overdue monthly fee (MOA) payments.
Compare prices for property in Miami
With the help of a convenient search, you can now compare the cost of homes in different locations in Miami-Dade. Read more on the official website Florida.Realestate.