So, you’re thinking of buying a vacation home in Miami or the surrounding area. That’s great! All of South Florida is ideal for a vacation home, but there’s just something about Miami that draws people in. Want to be close to the hustle and excitement of a beautiful, warm coastal city? Miami is perfect for you. Or perhaps you’d rather relax in a quiet neighborhood where things are more peaceful. The Miami area has you covered there, too!
Before buying a vacation home in Miami, ask yourself this: Am I prepared to put in the work if I purchase a fixer-upper? Most people won’t have the time (let alone the skills) to transform an old home into something comfortable and livable. If you’re going to buy a project rather than a move-in-ready home, you’ve got to know what you’re doing and have the resources to make the change, otherwise, you’re just buying a piece of property that is going to sit. You’re never going to be able to enjoy it.
What does your dream vacation home look like? If you really need four bedrooms, are you going to settle for three just because the price is right? If you want an open floor plan, would you settle for something more compartmentalized because it’s close to the beach? Take the time to go through the criteria that are essential to living comfortably and determine where you are willing to budge and where you aren’t. Don’t commit yourself to something that is going to make living in your home away from home less than enjoyable.
Buying a home is like proposing to someone. As people say, you’re not just marrying your future spouse—you’re marrying their family, too! When buying a vacation home in Miami, take a walk around the neighborhood. Are the homes well kept, or are they good candidates for one of those fixer-upper TV shows? Not only does your neighborhood affect you while you own your home: it also determines how much you’ll be able to sell for in the future.
How many parking spaces are you going to need? Many communities restrict street parking and guest parking spaces, so if you plan on having friends or family over, you should know what you’re getting before you sign a contract. In fact, you should make sure that you have guaranteed parking for yourself, too. Not having anywhere to park your car can be a real nightmare.
Have you come up with a budget for your new home purchase yet? If you haven’t, you need to consider all the expenses that come with buying a vacation home in Miami. These can include monthly payments, HOA dues, taxes, and utility costs. Once you figure out what you can afford, stick to it, even if that means passing on something that has everything you need.
Buying a vacation home in Miami?
If you’re looking to buy a home away from home in the Miami area, we’ve got you covered. Talk to the real estate attorneys at AM Law to make sure you get what you need. Contact us today.