Real estate is probably the best option for money investment that you can get to in the United States right now. Ever since the financial crisis of the 2000s, real estate prices have taken a serious dive. Although they have been steadily going up after 2012, they’re still nowhere near their previous prowess. Prices are steadily rising, though, and many experts say it won’t take many years for the real estate market to reclaim its rightful place in the US economy. All those reasons make it the reasonable choice to get into real estate now, while you still can.
Real estate, as an investment, is much safer and more reliable than your other options. The financial crisis like what was experienced starting around 2008 will most probably never happen again. And real estate is much safer than getting into the stock market, which is always fluctuating. That means your entire investment can be blown away in mere seconds. That is not the case when it comes real estate. The price of the property tends to appreciate over time, and your investment is manifested in something tangible where the value is right in front of you. Some states in the USA are better than others when it comes to real estates, and Miami is probably the best of them all.
Why invest in Miami?
Despite what you might think, real estate in Miami is quite affordable. And despite it being one of the hottest spots of realtors in the world, the price is still within reasonable ranges. This is probably due to the fact that the real estate market in Miami suffered one of the greatest hits in the country during the financial crisis. In the years after the crisis, you could get your hands on a piece of property that used to sell for over 300,000 for just 100,000! The numbers were quite terrifying as the market struggled to get back on its feet. After 2012, the real estate market has been slow to regain its momentum, but it’s happening nonetheless. The value of homes began rising at noticeable margins, but still nothing like it used to be. Prices have risen in value estimated to be between 7 and 12%.
Now or never
As the numbers above show, the real estate market is making a comeback in Miami, and it’s happening slowly but surely. This is why now is the perfect time to get your hand on a piece of property in Miami, because if you keep waiting, chances are you won’t be able to. Real estate is on the rise and investors are flocking to buy some of those reasonably priced properties. So it’s really a matter of time before the prices go up and go back the way they were.
If your entire picture about Miami is from Scarface, you got your facts wrong. Miami isn’t just about spring break and beach parties anymore. It has been attracting a different crowd for some time now, and the demographic it used to house is quickly changing. The cultural change in Miami’s nature has led to it becoming a hub for culture, arts, and innovation. Gone are the days when all you could do in Miami is party, and now is the time where you go to Miami to attend a fashion show or art exhibit. This is one of the reasons why different crowds from all over the world are coming to Miami to settle down. Whether they’re coming from restless countries or just retiring in Miami, the city is now catering to a much bigger audience who wants to buy property there, and the price is more than encouraging them. Anthony Guerriero of Manhattan Miami explains that Miami is a popular place to invest in real estate because its luxury properties are less expensive compared to other major cities.
How to get real estate in Miami
Find a realtor
You can’t get into real estate in Miami without a realtor, especially if you’re a foreigner who doesn’t know much about the city. This is crucial as he will be your eyes and ears out there, and without one you’d probably never find a property in Miami. The guidance the realtor will provide will prove to be the most important part of your real estate hunt.
Get your hands on a property
You’ve got yourself a realtor, and next comes the step of finding the piece of property you’re purchasing. You need to inform your realtor of your search criteria, because based on that they will steer you in the right direction which could result in your getting the property you want. This is why getting a realtor is crucial, as they would know which areas are safe and interesting and which are not. They will also have insight into the market and if the prices you’re stumbling across are reasonable enough or not.
Based on your allocated budget and your realtor’s advice, you’ll have some listings which you need to start checking yourself. It goes without saying that you need to be present for checking the property, so you could make sure everything is going as planned. Pay attention to the neighborhood and the area where you’ll be checking the property. Some of the areas worth checking in Miami include Miami Beach and Coconut Grove, which are among the hottest and most sought spots.
Money and offer
Don’t try to exceed your budget plan, and always stick to your initial one. After finding a property that meets your liking, you need to settle your financial affairs. Are you getting a mortgage or paying in cash? Whatever it is, get ready to make an offer for the property with the owner. Whether it’s the realtor or yourself that makes the deal, be sure to get everything in writing after everything is agreed upon.
Keep an open eye
In general, getting into the real estate business anywhere requires a certain level of alertness. You need to be aware of what you’re doing and where you’re doing it, because this is no small amount of money you’re going to pay. Some make sure you hire a reliable realtor with decent credentials and a reputable name. They should also have enough experience in the market since it’s them that will be drafting the contracts which you will sign eventually to get the property. The last thing you need to be aware of is the market. Do some research and ask around to know if you’re paying a fair price or not. The last thing you want is someone gaslighting you or overcharging you because you lack experience, or in this case didn’t make the effort to get to know what you’re getting into.