Three tips when considering purchasing an investment property in Miami Beach
Purchasing an investment property in Miami Beach?
Investing in property in Miami Beach is a great move right now. Luxury condominiums are on the rise and nowhere is selling better than Miami Beach. But with all the buzz comes a lot of competition. It is important to be prepared and know as much as you can about the market before you enter one as competitive as the Miami Beach market. If you are looking to invest, we’ve put together three tips for you to consider when purchasing an investment in property in Miami Beach.
1) Know when to rent and when to sell
This is choice is pretty much up to what is best for you, but there are a few things to consider when you are deciding whether to rent a Miami Beach property out or to invest to sell. When investing to resell, it is best to improve the property as quickly as possible and sell as quickly as possible. With all the competition in Miami real estate, your property value has to increase and it has to increase fast in order to make maximum profit. When renting a property out, it is important to think in the long term. Location becomes much more important when renting a property out vs. selling it. Knowing what neighborhoods are booming and what type of locations are popular now and into the future is an important part of your investment. Follow this ways to buy a real estate property
2.) Know the Laws
Many people are unsure about local Miami law regarding property rentals. Airbnb is one of the largest companies for listing vacation rentals, but it is illegal in Miami Beach without the proper measures and is under strict regulation. Airbnb and the city of Miami have been in a long struggle over the legality of short term rentals, so be sure that you are up to date on the latest laws and regulations if you intend to invest for this purpose. The Planning Department of Miami has information on this topic and can provide resources to keep you informed.
3.) Get Expert Advice
Before investing in property in Miami Beach, you should seek the advice of professionals to ensure that you are getting off to the right start. The experts at Jonula are available to help in any way you need. Bill Hernandez and Bryan Sereny are trained professionals who have worked with both investors, buyers, and sellers, all to great success in the Miami Beach area. When you take your first step, or even your thousandth, having a team of real estate experts with insider knowledge is a great way to maximize your profits and make sure you are ahead of the competition.