Why Miami Is The Best Place To InvestJuly 9, 2018
The Design District grows more and more, and the condo-hotels gain strength and followers. In earlier times, Miami was considered a tourist city, beach, or a stopover for other destinations in the United States. Now it is the final destination of many, not only emigrants or tourists but, above all, business executives. According to the US Bureau of the Census and Statistics, Miami has been growing strongly for two years, after registering a significant increase in the real estate investment index, especially in the neighborhoods of Brickell Downtown, Wynwood, Edgewater and the Design District.
The increase of population, together with the continuous expansion of the city as high tech and commercial financial center, make it forecast that Miami will become the second most important city in the United States after New York. In this way, the trends of real estate purchases are also changing: they go from being merely tourist to being more focused on flexible uses for those who come and go.
“All this growth has had the effect that the most central neighborhoods of Miami such as the Design District, Edgewater and Wynwood were transformed so quickly that in a short time entire neighborhoods will be unrecognizable,” said Richard Tallman.
This is why real estate sales trends have been changing, from being only tourist to focusing more on the subject that comes and goes for business, or other activities. This change in the profile of the people who now visit Miami has led to a new trend in the Condo Hotels, a convenient type of acquisition for many people since it gives them the opportunity of a double benefit: the convenience of having their own place in Miami and rent it to generate income while the owner is not occupying the property.
If you consider the possibility of investing in Florida taking advantage of this phenomenon in which the city has become, the following tips are recommended:
- Find a good team of advisors and real estate agent:It is important to speak with a professional accountant and the law, and a good real estate agent to find out and make sure what is most convenient for you and what you want to achieve with the investment
- Form a network of contacts:The flow of information with people who are buying real estate or who are interested in doing so is essential. The flow of information is key in the process of the successful purchase of a property as an investment.
- Get advice on the operating mechanism:The system to buy a property in the United States is peculiar, so it is recommended that you try to obtain as much information as possible before acquiring a property.
- Analyze the costs and calculate the net rate of return:The cost of commissions and taxes should be evaluated, since this may depend on the success or failure of the process, in addition to calculating the rate that will be obtained after the deduction of the all the expenses. You have to take into account arrangements when buying and maintenance arrangements.
- Investigate the most popular real estate businesses and the best structure to buy properties.