The cost of apartments in Miami-Dade is troublesome because housing is in a resort town. On average, an apartment can be purchased for $180,000 to $1,100,000.
Apartments in Miami – general information
Miami is a resort city in Florida, located on the east coast of the United States. Positioned as a resort city, most of its real estate is designated “housing for a short stay.” According to most American real estate agents, the housing market in Miami is going through hard times: prices either wildly soar up then fall heavily; in just the last 9 years, the price for the same property could vary by 60%. They also admit that over the past three years, it has only been possible to close a deal worth $1,000,000. It is worth noting that most of this city’s apartments are in condominiums.
Advantages of apartments in Miami
The positives include the following:
– Comfortable housing for a short rest; you can come almost at any time of the year (the main thing is not to forget to turn off the air conditioner when leaving, otherwise, due to the humid climate, mold may form in the room).
– Separate insurance is not required (a feature of local legislation) – due to the threat of frequent natural disasters, insurance is included in the payment for housing and communal services.
– Almost every house has a guard at the entrance.
– Water and electricity costs are minimal.
– Good investing.
As a rule, payment for the services of a realtor and a lawyer is already included in the transaction cost. But already at the stage of negotiations with the seller, the potential buyer must confirm that he has the money to make a purchase and pay related expenses – for this, you need to open an account with an American bank.
Related costs include:
– General expenses and taxes when registering real estate – 1.5-2% of the contract price.
– Technical inspection (checking the operational condition) – up to $400.
– Repair costs (if needed) – up to $2,400.
Features of buying property near the ocean
The procedure for buying real estate in the United States has some features. If we consider Miami, it is essential to note that many residential buildings are in the coastal zone. Tenants highly seek after this prestigious property and is a great investment opportunity. However, it is essential to remember that buying an apartment or house near the ocean requires insurance against natural disasters (hurricanes and floods).
Buying an apartment in Miami
If you buy an apartment in a resort metropolis, pay attention to the fact that many apartment buildings here are members of the owners association. Before making a deal, you must send an application to the association’s administration and obtain official permission to purchase from it.
The Association of Owners has the right:
– Charge a fee for maintenance of the common areas of the residential complex, garbage collection services, etc.
– Establish restrictions on the rental of apartments;
– Establish rules and restrictions on pets.
Thus, if you are buying a home to run a rental business, carefully read the association rules before the transaction. Usually, they are published in the announcement of the sale.
For many foreigners, such a thing as a property inspection before buying is unfamiliar. This is a feature of the American market. The procedure is optional, but all competent experts advise doing it. A licensed specialist thoroughly inspects the property and reveals all its shortcomings and hidden problems. This allows the future owner to avoid some problems. The procedure is paid; however, if any violations are detected, the buyer can refuse the purchase or agree with the seller on a discount.
Real estate valuation
If you buy an apartment or villa on credit, you must independently assess the property’s value. The estimated value mustn’t differ much from the actual price. Otherwise, the bank may refuse to issue a loan.
Where is the best place to buy it?
It is easy for overseas citizens to check Miami’s real estate aggregator – there is Florida.Realestate. The agent will help find the best option, select the right lawyer to complete the transaction, and find a technical inspector to inspect the condition. You can compare the prices and find the needed option on the website.
Buying an apartment is justified when you need to save money and buy a home in an exciting location. For example, near the center, near a major transport hub, and not far from the place of work or study.
The market value of apartments is 20% lower than apartments, and the cadastral value is 2 or 3 times lower. The benefit from the purchase covers the high tax rate, and according to the living conditions, apartments do not differ from apartments. When moving to a larger, more comfortable home, selling a room in an apart-complex will bring additional profit. After all, real estate prices are constantly rising.
A competent choice of project when buying an apartment will help to avoid inflated utility bills. For example, in residential complexes of a “mixed” type, the cost of energy resources and the maintenance of the common property is distributed among the owners of apartments and apartments.
Apartments are sold in new houses with ready-made finishes, often with a set of furniture and household appliances, within walking distance from the metro. And a community of energetic neighbors, a cafe, a co-working space, or a fitness club in the same building is a nice bonus.