Miami is an exciting place to become a homeowner. It’s such a vibrant city with lots of culture, great weather, and beautiful beaches. First-time home buyers will want to have all the information possible before they make any decisions. Here are some of the things you should know about Miami real estate.
Know Your Neighborhoods
The many neighborhoods of Miami have different vibes, so it’s good to research what type of community you’re looking for before you make the big move. For example, Wynwood and Edgewater are known for having an artsy feel. South Miami, Pinecrest, and Coconut Grove are known for being quieter and family-friendly. South Beach is known for being home to the partiers. It is full of bars and restaurants.
Homes in Miami that are closer to the beach are prone to flooding during heavy rains and hurricanes. If you want to be on the shore, be wary of this and have good insurance. See if doors and windows can be made hurricane-proof.
Prices are Increasing
While prices in Miami are still affordable compared to other major cities, they’re definitely on the rise. Miami is gaining a growing workforce and is becoming a more global city, which contributes to rising costs. Due to the warm weather and fun location, many wealthy people buy second homes in Miami, so the prices are reflecting a growing demand. However, there are ways to make Florida living more affordable. For example, veterans can save up to $165 if they pay for their home via VA loan.
Some places in Miami are great when it comes to public transit. In downtown, Metromover is a free bus system that takes people around the area. If you buy in the downtown area, you can enjoy free transportation to many nearby cities. If you don’t plan on using public transit, other areas could be better to buy in. You will be more likely to have good parking options on the outer parts of the city.
Renting Your House
Many people choose to rent their homes out when they leave town because Miami is such a popular vacation destination. There are a lot of regulations that you need to have explained to you by whoever you buy the home from if you are planning on doing this.
If you keep the above information in mind, you will be able to make a smart decision when you buy your new home in Miami. Consider where you’d like to be and what your price range is as you look into Miami real estate.