The place is unusual, attractive, not comparable with any other on the planet. It is also unique due to the fact that it is here that businessmen turn their eyes, which has enabled Miami to become one of the world’s financial and tourist centers over the past 70 years. “Side effect” is an active development of the real estate market – residential and commercial. Apartments in Miami have become a popular and sought-after product, in the acquisition and trade of which residents are not only interested in the United States, but also in other countries of the world. So, in this article we will try to consider all aspects related to the purchase of an apartment in Miami.
Advantages of buying an apartment / house in Miami:
Real estate in Miami is a product in demand in the market. Apartments in Miami, as well as homes in Miami are willing to buy for several reasons. Firstly, with real estate in Miami, it is easy to arrange a vacation in one of the best tourist centers on the planet, i.e. rest in Miami, you can plan at any time of the year and with any duration. Moreover, in the interperiod, i.e. when an apartment in Miami is empty, it can be leased. Renting an apartment in Miami is a very profitable business that allows property owners to earn a considerable income.
And if you buy a house in Miami, you can benefit from the price of residential space. The fact is that the sale of houses in Miami is carried out at a cost that is not much different from the prices of apartments with approximately equal area. True, do not forget about land tax – South Florida is densely populated. If you drive away from the same Miami Beach, then there are apartments and houses are much cheaper. So, an inexpensive house in Miami will cost from 180 to 260 thousand dollars. One of the advantages of owning a home in Miami is the lack of rent. In turn, for the apartments in Miami, their owners have to pay monthly from 1000 dollars for the service. Thus, a house in Miami has a significant advantage over the apartment. In addition, you can start a global renovation of your home and you will not need permission,
If we draw parallels on rental yields, a house in Miami is more beneficial in this regard. The fact is that in some residential complexes there are rules restricting landlords, for example, they can only rent apartments to tenants over 50 years of age. True, this should not be an obstacle for those who wish to buy an apartment in Miami cheaply and then live in it, and, on occasion, make money on it. There are so many options for taking actions with an apartment in Miami that even the existing rules do not have a negative effect, i.e. they are generally invisible to real estate owners in Miami.
Cons from buying a house / apartment in Miami
There are, of course, disadvantages. An inexpensive house in Miami is still half the battle. You may be happy to bargain, but do not forget that its full service will fall on your shoulders, because there is no rent. At the same time, homeowners in Miami are calculated on current payments, for example, for garbage collection, maintaining the lawn in front of the house. Yes, it is not a big expense, but what do you say when a house in Miami will require repair !?
We note one more fact: those who want to rent an apartment in Miami are not much cheaper than those who are interested in renting a house in Miami. However, real estate in Miami is quite high in demand among applicants for free rental living space.
Thus, an apartment in Miami, like a house in Miami, is not only the joy of knowing that you own a property located in one of the most wonderful corners of our planet, but also an extra concern about what to do with housing. However, so that the invested money brought income, benefit, it is not necessary to sit idly.
How to choose a property in Miami?
So, you decided to buy an apartment in Miami or a house in Miami and do not know where to start. We offer an action algorithm that allows you to choose a property in Miami that meets only your selection criteria.
So, decide in what area you would like to have a house or apartment. Miami is, in fact, a kind of collective image, in fact there are four counties, each of which has its own cities with its own laws, its own police, city hall, etc. Each region has its own characteristics, which can be found by reading the relevant articles on the Internet, but there is nothing better than learning about them as a resident of one of the cities. Therefore, first of all, pay attention to the infrastructure: proximity of shops, schools (in America there is a law according to which children can attend schools only in their area of residence), major transportation routes, junctions, recreation parks, etc. An important aspect is the analysis of the demographic, cultural, criminal and racial situation. The cheapest accommodation in Miami – at power lines,
So, the district is selected. Evaluating homes in Miami, residential complexes, pay attention to the year of their construction. Here the principle works: the newer the structure, the better. This is due, primarily, to the fact that in 1978 the United States banned the use of materials in construction that have a negative impact on human health. At the same time, the new is not always the best, and a house in Miami, built, say, 50-70 years ago, in its quality and good quality, can give odds to even the elite new building. That is, each house, residential complex should be approached individually.
In the US, slightly more than 30 percent of housing is over 55 years old. Another 30 percent of residential buildings are close to the age of 50 years. Do not ignore such houses in Miami, because passing by you leave behind you the charm of old houses and beautiful streets.
The area of housing is another aspect that should not be left without your attention. Apartments in Miami are measured in square feet. So, 1 meter is about 3 feet. Some unscrupulous realtors may attribute an extra 100 feet to the apartment, considering the area of the basement or attic. There are those who give one-bedroom housing for two-bedroom.
Apartments in Miami are usually built in high-rise residential complexes. In fact, it is a city in a city. And such conditions attract potential buyers, but as practice shows, one should not choose apartments in Miami, located on the first and last floors: in the winter on the first floor it can be cold, and on the last floor it is hot in summer.
You can also be offered to live in Gardena – prices for apartments in Miami are not high there, but living there is not recommended.
Apartments in Miami have, as a rule, many supporting walls. This is one of the advantages, because thanks to this you can make redevelopment of housing. The only thing that should remain in its place is plumbing and gas equipment.
Before you buy an apartment in Miami, find out about the size of the monthly fee (NOA) for the maintenance of a residential complex. This rate includes a lawn mowing, snow removal, garbage collection, minor repairs. The money goes to the residents’ associations, which, if necessary, can finance major repairs, for example, repairing a leaking roof. The amount of the monthly fee starts from $ 200. In luxurious complexes, it can reach 3,000 thousand dollars. You can not refuse to collect.
Among other things, you should be familiar with the rules and internal regulations in force in the residential complex. For example, some prohibit keeping pets, in others only close relatives can be accommodated in apartments, and the replacement of windows, doors, and repairs will require a special permit from the association.
Buying an apartment in Miami does not mean that your cash expenditures will end on this. According to US law, every property owner is obliged to pay tax on it. Its value depends on the estimated cost of housing. If desired, you can contact the city administration at least everyone to revise this indicator. In addition, the amount of property tax in Miami also depends on its location, i.e. in one city it is higher, in the other below. Certain categories of citizens in general can rely on preferential taxation. If an apartment in Miami is taxed on a very small amount of tax, then in this case you should ask why. The fact is that in some cities 4-year benefits are being introduced.
Whether it is an apartment in Miami or a house in Miami, it is necessary to carefully examine the housing for technical problems. Literally everything is subject to verification:
– electrical wiring / electricity (whether the light is on in all the rooms);
– plumbing equipment (is there hot and cold water, what is its pressure);
– heating equipment (the sale of apartments in Miami is often carried out with the heating turned off and a comfortable indoor temperature when visiting a home is a good sign);
– windows, doors, floors, walls, as well as the presence of mold and, as a result, smudges;
– Household appliances in the apartment for its performance (the presence of equipment means that it is sold with the apartment / house).
Repair work, the implementation of which requires specialists to have a special license, is not cheap in the USA, and therefore you should pay special attention to plumbing, gas, heating and electrical equipment.
If an inexpensive apartment in Miami is sold in an already repaired form, ask the seller if he has all the necessary permissions. In particular, such a document should be mandatory if the basement is re-equipped into a dwelling.
If you do not have sufficient competence to conduct such an inspection of an apartment in Miami, at home in Miami, you can always use the services of a specialist – a home inspector. He will do this work for you, and will also compile a detailed report on the basis of which you will make a decision: whether to buy an apartment or a house in Miami or not. Having this document in hand, you will have a trump card that will allow you to bring down the price of real estate in Miami and buy an apartment in Miami cheap (or buy a house in Miami cheap). The cost of the services of this specialist for the survey apartment in Miami is about $ 300, at home in Miami – from 500 to 1000 dollars.
Already at the stage of selling a house in Miami, an apartment in Miami, the real estate seller signs Disclosure, a document in which he talks about housing defects, hidden defects. This document should be studied in detail. It would not be superfluous if you check the history of an apartment in Miami, at home in Miami , i.e. Are there any delayed payments to the PLA, loans, etc.? non-payment.
The mortgage crisis of 2008 was supposed to undermine the US construction industry, primarily those companies that are engaged in housing construction. However, the situation did not reach a critical point and, as contrary to the crisis, it was planned to build more than 160 large residential properties. Many years have passed since then, but the construction boom initiated in the crisis year continues today. The center of Miami Downtown, the coast of Miami Beach, Fort Lauderdale is actively being built, the Harbor Ball, Sunny Isles, Hollandale Beach, Hollywood, Aventura and other cities of South Florida are under construction.
This region attracts investors who seek to invest their money with profit. Apartments in Miami and houses in Miami on the status of demand went up a few steps. The crisis experienced showed the whole world, above all, the business community, that it is here that money can find a safe haven and multiply during commercial operations. Both Russians, Belarusians, and Kazakhs are going to Miami … In particular, they have chosen the town of Sunny Isles, which is secretly called little Moscow. Many years ago, the stars of Russian show business acquired their homes here. Leontyev’s apartment in Miami is not empty, Valery periodically visits him. Zhanna Friske’s apartment in Miami was recently sold, according to unofficial sources. And the Orbakaite apartment in Miami got so many photos that it seems that only the laziest did not see it.
In recent years, the number of Russian-speaking people in Miami has increased significantly. This has affected the business industry: many shops, restaurants, pharmacies, medical clinics, print media, etc., have opened up for Russians. The founders of all this are Russian. Who does not have an apartment in Miami, come here for services. First of all medical. Thus, childbirth in Miami became especially popular. Visitors tend to rent an apartment in Miami cheaply and, if possible, inquire about how much an apartment in Miami costs in rubles.
Why is Miami so attractive to real estate investors?
Yes, because the apartments in Miami and houses in Miami – running goods, that is, residential real estate is always in high demand. And why?
First, this is due to the favorable climate of Florida. Here the gentle sun shines all year round, there is always a warm ocean, here is a picturesque nature.
Secondly, the state is actively developing economically. It maintains a consistently high standard of living.
Thirdly, all the cities of Miami are clean, well-groomed, landscaped, which allows us to state: here the ideal urban conditions for life are created. It has everything that every person needs: beautiful recreation parks, luxury shopping centers, sports facilities, etc.
Fourthly, the service sector is well developed here, including medical and childbirth in Miami, people are traveling not only from other US states, but also from other countries of the world.
Fifth, there is a hospitable people here: the locals are always smiling, always friendly.
All these components work on Miami, more precisely on the popularity of this corner of the planet, which causes population growth, high demand for residential and commercial real estate in Miami.
How much is an apartment in Miami?
Definitely note on this question can not be: real estate in Miami is diverse and its value depends on many factors. Thus, an apartment in Miami is estimated according to criteria such as the age of the residential complex, location, distance from the ocean, the main urban centers, what kind of complex it is – ordinary or luxury. Thus, to find and buy an apartment in Miami for a specific budget is not a problem. If you do not give here the analytical calculations regarding fluctuations in housing prices and specify the average cost values, then the usual apartment in Miami Beach per 100 sq. M. will cost 100 thousand dollars, luxury – 1 million dollars and more.
An apartment in Miami for 100 thousand dollars is usually located in a building that was built over 20 years ago, 20 minutes from the coast, maybe the house will not have an elevator, but parking, laundry, communal pool and jacuzzi will be attached to the apartment gym, billiard room and even tennis court.
More expensive apartments in Miami are located in residential complexes built on the first or second coastline. These apartments have a lobby, elevators, security, parking space, sauna, business meeting room, jacuzzi, swimming pool, gym, much more, including landscaping around the house.
The most expensive apartments in Miami are estimated from a million to fifty million dollars. Housing is spacious and bright, and the houses in Miami are “packed” with the most exquisite services used by property owners of this status.