Monday, 01 June 2020

Things to Know When Buying Luxury Property in Florida

Written by Posted On Wednesday, 20 May 2020 00:29

At the mention of Miami, what comes to mind is the white sandy beaches, bustling nightlife, and magnificent beachfront homes. This makes Miami an ideal location for anyone seeking their little slice of paradise. Luxury homes cost a fortune with the most expensive properties valued as high as $ 65 million.

Here are a few things you should know before investing in a luxury property in Miami.

1. Demand is Seasonal

The best time to shop for a luxury home is during the off-season. Since Miami is mainly a tourist destination, weather plays a big part. The demand for both rental and purchases are at their peaks during the summer. Choose the road less traveled. Listing prices will be lower during the slump. This move has the potential to save a sizable amount.

2. Visit the Property

Do not be swayed by the air-brushed photos you see online. Try to visit the place multiple times during the negotiation. You might discover something the photos missed. Edited photos may also misrepresent the lighting situation. Visit the property at different times to get more accurate information.

3. Get Your Finances in Order

Owning a luxury condo in Florida is not for everyone. This is a niche market for a chosen few. The Miami Beach area is home to some of the most elite properties in the U.S. Some of the properties are valued for as much as $23 million. You should have your finances in order before making any moves. High-value purchase attracts a lot of scrutinies. It helps to have all the documents in order.

4. Buy with the Future in Mind

The prospect of owning a luxury condo is enticing. However, you think about the resale value. You may want to dispose of the property in the future. You can usually tell by looking at the neighborhood.

5. Verify the Developers Credentials

Make sure you do a little digging on the credentials of the construction company and the developer. This will give you inside information on the developer's construction techniques and reviews. Verify that the property titles and licensing comply with local laws. In Miami, this includes title deeds, a certificate of use, the department of revenue, and other necessary government approvals.

6. There is Always Room for Negotiation

Luxury homes are expensive but the listing price isn't always final. Some metrics determine the price of the property. The obvious one being location. In Miami, the South Beach hosts some of the most expensive properties. In the last decade, Miami Downtown real estate market has been picking up. You can check to opt for a Luxury condo instead.

7. Check for the Security of the Property

Luxury homes in Miami are known for thousands of square feet the property sits on, proximity to the water, interior finishing, and expert craftsmanship. However, the other feature that is just as important is the security both within and outside the property. Ensure that there are adequate CCTVs installed at points of the property. This includes round the clock video surveillance and the latest home security systems. Having well-trained security personnel is a big plus. Fire protection also falls in this category so be on the lookout.

Bottom Line

Not everyone has the financial muscle to own a prime property. The amounts that change hands during these transactions are eye-watering. You, therefore, exercise caution and patience. There are plenty of reasons to invest in Miami Homes. However, the decision should be well thought out and all factors considered. If it is your first luxury home then perhaps you should consider letting a realtor or financial advisor you trust to guide you. A small error in judgment could potentially cost you millions. If done by the book, it is a worthwhile investment.

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