For sure you know about Miami’s sunshine, white sand beaches, fabulous party scene, year-round attractions, and you realized you love this wonderful place. Buying a Vacation Home in Miami seems like a great landscape. And it certainly is. However, before you take the big step, it’s important to get some small steps. In that way, you’ll be more secure when choosing your future destination.
Find out what’s your motivation
Step one should be figuring out the key to your motivation behind buying a vacation home. Knowing what motivates you, can surely smooth out the choice. Making on key factors like budget, location, type of residence, size of the vacation home, etc. It can also help you figure out if you are ready for the responsibility that comes with buying a vacation home. Having a vacation home in Miami would mean having a perpetual winter escape.
It’s easier to step out for a vacation when you know you’re simply coming back home. It also saves you the time and money spent on hotel bookings. Moreover, having the power to increase or decrease your vacation without any financial implications simply adds to the fun. After finding out what motivates you the most, make sure to cherish that motivation of yours by getting in touch with the best movers in Florida. As they can provide you many services that may help you.
Choose your best neighborhood when Buying a Vacation Home in Miami
Each part of Miami has something different to offer. From laid-back beaches to party districts, shopping hubs, and scenic suburbs, Miami has it all. Therefore, this is where knowing your motivation will be meaningful for you. In case if you’re looking to rent out someday, the commercial or cultural hubs could fit the bill. Otherwise, if a retirement home is what you need, you can go through the more laidback, “village” style of neighborhoods. Moreover, the beach areas are shown as a popular choice for setting up vacation homes in Miami.
Many kinds of lifestyles are supported by various neighborhoods in Miami. Such as Beach Living, Miami Beach, Bal Harbour, Sunny Isles Beach, Surfside, etc. Moreover, there are many Art and Cultural Hubs, Downtown Miami, Arts and Entertainment District, Wynwood, Design District, Midtown, Edgewater, and many more. You can also find Commercial Centers, such as Brickell, Downtown Miami, and Miami River. And in case you’re planning to choose something like Suburban/Village Feel full off Coconut Grove, Coral Gables, Upper East Side, and Aventura, this is what you may want to check in the first place. But before choosing the place, you should pay attention to the distance. Wheater you’re relocation will be local or long-distance, make sure to dial the best local movers in Miami for more secured relocation.
Do your finances prop when Buying a Vacation Home in Miami
Once you’re done with the basics of what you want, you should make a plan and write down how are you going to spend your funds and finance everything. If you’re not paying all cash, you will need to check if the vacation home you’re interested in is qualified for financing. There are lots of traditional and non-traditional lending options through most lenders. Mortgage lenders have different rules for financing vacation homes.
If you are solely looking for a vacation home, you stand a chance at getting a better interest rate and more financing options. However, if you rent out your vacation home, it becomes an investment in the eyes of the bank, and your interest rate is likely to be a bit higher. In any case, assume to pay at least 0.50% or higher than the regular interest rate on the mortgage of your vacation home. Furthermore, be prepared to dish out a 20-25% down payment for your vacation home. In case you’re in a need of residential moving, don’t forget to call the best residential movers in Miami to assure you throughout the whole process.
Figure out the cost of purchasing
Remember to consider putting some of these items into your initial or annual budget:
- Utilities. Even while you’re not using your vacation home, you may be responsible for paying the basic bills such as electricity, cable, internet, etc.
- Fees. Usually, the richer the amenities, the more expensive the bill. So make sure to factor this in, as it will likely be your biggest expense along with property taxes.
- Insurance. Master flood and windstorm insurance is usually a part of your vacation home fees. However, you will want to get interior contents insurance, which is not too expensive, and it’s very important to protect your finishes and personal property.
- Travel costs. This is one of the most overlooked factors when considering the cost of ownership for most. If your second home is a 5-hour drive from your place of residence, then you can afford to overlook this cost. However, if you live up north, on the other side of the coast, or in a different part of the globe altogether, this can become a significant add-on.
- Property Taxes. While one can hope for a Homestead exception on their primary residence in Florida, you will not be able to do so for a vacation home. This means you will be asked to pay property taxes according to the current millage rate. Furthermore, you’ll be asked to pay taxes in case later you rent your vacation home. However, this doesn’t mean your vacation home has to be a complete tax freight.
Follow these tips when buying a vacation home
These are some questions and principal items to think about when buying a vacation home in Miami:
- Consider how you will use your vacation home in Miami
- Evaluate the locations in Miami according to your needs and likes
- Talk to the Miami locals and community
- Study local real estate and state laws
- Calculate vacation home expenses and property costs
- Talk to a real estate accountant in Miami
- Test some properties in Miami before you buy
- Find some assistant to help you with storage services
- Take your time to find the right vacation home in Miami.
Start your Miami vacation home search or explore more information on reasons to move to Florida. It will be easier for you to decide which place you’ll choose if you have everything in detail when buying a vacation home in Miami.
Buying a Vacation Home in Miami will always be a top vacation destination for domestic and international visitors. A Florida investment property makes a lot of sense because it’s a desirable location for vacations. Moreover, its affordable properties are plentiful and there is an enormous profit potential from renting or reselling down the road. In short, the Miami market is dynamic and the market has experienced some fantastic cycles in the last decades. If you are an investor you can win big with this but of course, there are more risks involved. The single or a family vacation home market on the other hand is more surely more stable.
