Miami has become such an attractive international destination, but buying a property has to be done with eyes wide open. Often people come to South Florida on vacation, fall in love with our city and decide to buy a house or condominium, without fully exploring their options before investing.
If you are considering buying locally, whether for personal use or to be rented out, here are 4 suggestions to keep in mind.
- Location!
The major considerations are your lifestyle and the purpose of the property. Is it going to be used as a family home or rented out? For instance, a family with young children will want to be close to amenities, such as the beach, pool and parks. On the other hand, location requirements will be different if you are single or newly married and want to have more nightlife options. Case in point, Key Biscayne is idyllic for young families, whereas Brickell or Miami Beach cater more to young professionals.
- Accessibility
Is there an international or a large domestic airport nearby? Remote may seem romantic, but will it hamper your enjoyment of the property once the newness wears off? The longer it takes you to get there, the less frequently you may want to use it.
- Budget
You need a realistic budget that includes utilities, taxes, furnishings, monthly maintenance and insurance. Just because you can afford a million dollar condo does not mean you should spend that. You don’t want to be house poor. Consider whether you can afford the incidentals and assessments that may come with the property.
- A Professional Property Manager
If you make this investment, it deserves to be taken care of properly. A professional property manager will have access to qualified service providers, which you, as an absentee homeowner, will not have. A professional property manager can foresee and prevent issues before they become costly problems. TBR Property Management has been in business for 15 years. We know the ins and outs of taking care of a property for an absentee homeowner. We are your boots on the ground.
Ahhhh… The joys of home ownership! If we can be of assistance by introducing you to real estate professionals who can help you find the right property, please let us know.