Also referred to as the magic city, Miami is well known for its pristine white sandy beaches, pleasant weather, delicious cuisines, and thriving nightlife. While all these offerings make it a premier vacation destination for Americans and people from around the globe, they have also given way to an impressive real estate industry. Accordingly, tapping into Miami’s accelerating housing market by buying a condo unit could prove to be a lucrative investment.
If you have ever dreamt of owning a real estate property, then here are some convincing reasons why you should consider investing in a condo in Miami now.
Unlike other cities, Miami’s real estate market has a proven reputation for remaining consistent. It ranks in the top 10 percent for real estate appreciation in the US and shows a positive outlook, which can be demonstrated by the fact that prices have increased 6.5% over the past year.
If you buy a property in Miami now, you will likely witness its value appreciation in the next few years. That is because the city sees a high influx of new residents, foreigners, and tourists who look to purchase or rent a property.
You would be glad to know that the Miami housing market has strong potential, and you can garner some favorable returns on your condo investment. There is a high demand for rental housing in Miamis fueled by the high home sale prices. As renting is more affordable than purchasing a property, it is no surprise that 70% of people in Miami live on rent.
Besides students, temporary or seasonal workers and a booming tourist population also contribute to the rising demand for rental housing and the possibility of generating a high rental income from Miami. It is no surprise that rental vacancies are at their lowest in five years while rental rates have gradually gone up over time.
As a rental property owner, you want maximum control over the investment. While you are free to purchase property wherever you want, each U.S. state has its set of landlord-tenant laws.
Florida is one of the few states in the country that comparatively offers a more friendly and favorable environment for landlords and investors. So what does that mean for you if you plan to buy a condo in Miami?
To put that into perspective, Miami does not have any rent control laws, nor does it put a cap on the amount you can charge as a security deposit. You can evict a tenant if they do not make the rent payment within three days of a written notice. Similarly, you can give a seven-day unconditional move-out notice to a tenant if they violate lease terms or cause intentional destruction to your property.
Low Property Taxes
Florida has an average property tax rate of 0.98%, lower than the country’s average of 1.08%. As mentioned at condoblackbook.com, some of the most exclusive and desirable Miami neighborhoods like Key Biscayne, Aventura, and Sunny Isles Beach enjoy a tax rate below 2%. While condo values in these communities may be high, you can save precious hundreds or thousands of dollars in property taxes investing in these luxury properties.
If condo living is what you have always envisioned, then Miami is a paradise for you to invest in an unbeatable selection of luxury condominiums. With stunning waterfront views and amazing amenities, Miami’s luxury condominiums have a lot to offer, making them a highly desirable place to live.
Modern condo developments have breathtaking panoramic views and feature luxury amenities like resort-style pools, full-service spas, state-of-the-art fitness centers, restaurants, boutique shops, and 24/7 concierge services. They offer the perks of staying at a resort right in your own home.
There has been a tremendous wave of new condo construction projects in Miami in the last decade or so in many neighborhoods. Many have sold out in the pre-construction phase due to the heightened interest in luxury-style living from domestic and foreign buyers. The explosion of newly built condominiums means that buyers have a huge variety of choices and can secure a good deal.
With a strong job market, a plethora of leisure activities, stunning beaches, warm weather, and diverse rich culture, Miami has it all. Buying a condo here, whether to experience cosmopolitan living or as an investment, this exciting city has the charm of its own and will remain a wonderful place to call home in the foreseeable future.