Investing in Miami Beach Real Estate is no easy task, especially in a down real estate market. How can you, as an investor, make sure your purchase venture is sound? How do you know which areas offer better returns historically in Miami and how to deal with all the intricacies of a Miami real estate transaction?
We deal with a lot of investors, let’s face it – most of our clients are investors from Europe, South America, Canada and other parts of the United States. Whether you are buying a Miami bank-owned property to fix and flip, a Venetian Island single family home to rent while the market turns around, or a South Beach vacation home to enjoy part of the year – it is crucial that you scrutinize every aspect of the investment and make sure you leave no stone unturned.
Choose the type of Investment
First you must choose the type of property you want to invest in – single family home, commercial property, waterfront condo, etc. We will help you analyze your needs and study your options to best meet your personal and investment goals. Some factors involved in making a decision have to do with usage, renting, and price range.
Where should you buy?
Once the type of property is identified – area and location must be chosen. I can tell you that we are working with French investors buying a single family home in Surfside, Venezuelan investors buying a commercial property in Coral Gables, Italian investors buying a vacation getaway in Fisher Island….the list is endless – it is our job to help you study all the options.
How do you know if the investment is sound?
Finding the property then becomes the easiest part – the job actually begins after a particular property is identified and you are under contract. I like to write about my forte in the business because being an architect gives me an edge that our clients find extremely useful. When I visit properties with you, I make sure you see everything I see – I point out defects in construction, materials used, construction methods and pros and cons of buying that particular piece of real estate. You will feel that you are seeing each and every property with your architect, putting your best interest before anything else. Our clients will confirm that on many occasions, no matter how much they have liked a property, I have recommended that they walk away. Emotions are separated from the transaction in order to make sure you are making a good decision.
Do not assume that the only properties that have to be inspected are single family homes because there is no condo-board to protect you from “developer” or “building” flaws. Although single-family home inspections are more complete than apartments, it is important to also complete building inspections for individual condos to make sure plumbing, electrical, air conditioning and appliances are in good condition. Even if the condo is brand-new, it is crucial for these inspections to be thorough.
We recently helped an American Investor with a walk-through of a new Miami Beach condo. He had contacted us 2 weeks before the walk-through asking if there was anything he should look out for during the walk-through and I offered to go with him in order to document any deficiencies. Here’s what we found in his new condo: Floor outlets were not property installed, there were missing ceiling fixtures, GFCI outlets were installed incorrectly in kitchen, windows were not sealed, there was evidence of puddling water in the balcony, the kitchen sink was missing a shut-off valve. There was a floor tile that was improperly installed, and a couple of other items – when I was done with the list, our client stood in front of me and said, “Do you realize that if you would not have come with me, all those items would have been missed and it would have meant more out-of-pocket money for me?….thank you!”.
You may be the best negotiator in this earth, but when it comes to buying your own property and dealing with a real estate market you may not be familiar with, it’s important for you to be able to detach emotionally and know that we will always work on your behalf. There are intricacies in each real estate market, whether you are buying South Beach Real Estate, Miami Shores Real Estate or Coral Gables Real Estate. There are also cultural and local idiosyncrasies that you may not be familiar with. We will do the best possible job at negotiating for you and you will walk away a satisfied customer.
From attorneys to Title Agencies – we will coordinate and communicate with you and will never feel left out of the equation. Buying a property as an absentee owner is never easy and you need to feel comfortable about the transaction. Technology is our friend – we scan documents, e-mail, Skype and use other ways to make sure you don’t miss a thing.
There are many steps in buying Miami Beach Investment Properties. We will be the first to say that it is not rocket science and you don’t have to be a genius to make a successful purchase but we do ask if it is worth to leave it up to chance. Whether you are hands on or prefer that someone handles everything for you, it is better to have someone that knows investments by your side, than to take a blind shot at making the right decision, especially if you don’t know the area and the way transactions are handled. We do warn you that we are brutally honest and you may end up having fun with us….it’s part of who we are and the fact that we love what we do will make the process so much easier. Don’t take our word for it either….take a look at some of these testimonials.
**originally published on October 27th, 2008**
Do you want to buy or sell your Miami Condo or Home? Contact Ines Hegedus-Garcia for Team Miamism. We pride ourselves in top customer service and have become a go-to source for the media when it comes to Miami and Miami Beach real estate market knowledge. And we answer our phone!
Call Ines: 305-206-9366
© 2006 - 2013 Miamism™ - All Rights Reserved.