If you can recall, at one of the recent posts, I wrote about finding your dream house in Miami, in a sense of renting one. This isn’t a bad idea, if you feel like the upcoming chapter of your life might be temporary, or for whatever the reason is, but in case you’re a seasoned adult who knows what they want, and stand on the ground with both feet, then maybe you should stick around for this post and find out why should you buy real estate in Miami, and what are some tips and tricks and what’s available on Miami housing market.
Step One: Finding a Location in Miami
Again, this is the topic that I’ve talked a bit about, and in case you’ve missed, I would like to go over a few important point you should consider when moving to Miami. First of all, you want to look at your current situation, and the one you’ll be in the next five years. What are your priorities? Are they having kids (or raising them, if you already have them), is it important for you to be close to your job, have wild nightlife, or just enjoy yourself? Once you decide in which direction you want to go, it will be much easier to decide on which of Miami boroughs is the right fit for you. Of course, your budget is another thing you will want to consider, but it should be done in a different manner than when you want to rent something month-to-month.
Buying a house in Miami is not such a big deal, but it also shouldn’t be something you think about last-minute. When it comes to prices, if you feel like not spending above a thousand hundred dollars, you might want to prepare yourself for the option of not visiting the beach that often. The reason is simple, for an average two-bedroom apartment, under $100.000, you get to live on the very border of the city. But, in case you do expand your budget anywhere from 150-300 thousand dollars, you can find yourself a really decent home (a two-bedroom house, or an apartment), depending on the location. Although, with this budget span, you’ll have the luxury of choosing how close to the beach you actually want to live.
Step Two: Matching the House to Your Needs
This one should be a natural. If you’re planning to have a family, it is only natural that you will want a big, at least 3-bedroom house, the same goes if you’re single – you won’t need 5-story house, an apartment should suit you just fine. So, let’s go over some prices and options available for you on the housing market in Miami.
- Apartments in Miami. This is the topic that probably has the biggest variety, as you can’t possibly find all of the things that are out there, but it’s good in the sense of providing a close and relatable range of prices. The median price for one-bedroom apartments, which are close to the city center, or the beach, and are around 700 sq ft big is $200.000. Again, this is only the middle of all of the options available. For the smaller amount of money, there is a good chance you can find bigger area, in some remote location, the same way you could pay a lot more money, but end up with a place that’s right on the beach, or in the middle of things.
- Houses in Miami. This section will vary, depending on the possible needs. Now, I do understand that if a single person is moving, there won’t be a need for buying a one-bedroom house, rather than just finding an apartment, so I’ll just skip that. Let’s go straight to the more spacious options.
- Small Houses in Miami a.k.a. Two-Bedroom Houses. There really aren’t that many options when buying a two-bedroom house, as most of them aren’t nowhere near the beach, so you’ll just have to focus on finding the one in the good neighborhood. For this type of house, which is about 1.200 sq ft, you’ll have to put aside anywhere from 60 to 300 thousand dollars, depending on the location.
- Family Houses in Miami a.k.a. Three-Bedroom Houses. Once again, you are limited in your closeness to the beach, but what you do get in return is a solid school district, paired with excellent transportation system. The prices here vary from 250 to 400 thousand dollars for a house, which has around 1.500 sq ft.
Step Three: Finding a Reliable Realtor
This is the thing that you always need to be considering, no matter where you’re going. If you have somebody with the previous experience of moving to Miami, ask for references, because any help you can get will go a long way. In case you can’t find anything with this method, try travelling there and meeting the locals. What better way to get to know the neighborhood and surroundings, that talking to people who live there? And in case none of these option works out for you, then you need to make sure that you are thorough in your online search. Ask for reviews, recommendations, services, and then you compare the prices, and see what is the best fit. But just know that you should take your time on this step.
That’s about it for this section. In case there is something you don’t agree with, or believe you have more recent, accurate, or just better information, please, contact us. Other than that, stick around till the next time, when you might be able to read some interesting things on how to spend your weekends, or your first Christmas in Miami. Cheers!