Investing In Real Estate In Miami, Florida

Below are some of the reasons why it makes sense to buy a home or an investment property in Miami, Florida.

1. Tourism attraction– Miami is one of the top tourist destinations in the world thanks to rich cultural diversity and beautiful beaches. If you are looking for the best location to invest in buy investment property for rental income or rentals, look no further than Miami, Florida.

2. Vibrant economy– The tourism industry has been the major driving force of the Miami economy. However, we are witnessing other market segments that are experiencing unprecedented growth. Today, Miami is a leader in tourism, finance, commerce, and international trade.

3. Favorable taxes- The state of Florida does not impose state income taxes compared to other bigger states such as California, Hawaii, and New York. When you invest in Miami, Florida real estate market, you will save more money since Florida does not have capital gains tax on personal income.

4. Low unemployment- With a vibrant economy, Miami has one of the lowest unemployment rates in the U.S. many professionals are working in different sectors and crime rates are low. Therefore, when you invest in the real estate market in Miami, Florida, you are assured of great returns on investments.

5. Fast property appreciation- As Miami continues to experience a booming economy, real estate investors also enjoy a steady property appreciation. The low mortgage rates and fewer listings in 2020 and this year have contributed to the current booming housing market. Property prices have increased and investors are assured of a high return on investment.

6. Diverse real estate investment options- If you are interested in residential properties, you can invest either in pre-construction homes, single-family homes, or condos. Investment properties for rental income are also ideal for investors who are looking to tap the booming tourism industry. Commercial real estate in retail and offices is also vibrant because Miami is also a hub of international trade and finance.

7. Projected growth- For the last few years, there have been major development projects in Miami. Major neighborhoods are also experiencing new uplifts to meet the current and future standards. The rental market is also growing fast. All these new projects will see the city grow exponentially in the coming years. You can be part of this growth by investing in Miami, Florida real estate market now.

8. Better rental terms- Unlike many other states that have tough laws on rentals, Miami, does not have any rental control laws. This means that investors and landlords can adjust their rental prices each year to reflect the current market without any restrictions. In addition, no law sets a cap on the maximum security deposit.

9. ROI (Return On Investment)- With Miami’s low property taxes which its average is close to 1%, its steady real estate appreciation, high rental income, no state income taxes, and a massive tourist market is no wonder why international and national investors are quickly picking up real estate properties in this city. Investing in Miami’s real estate can give strong returns. Rents aren’t as high as they are elsewhere in the country and with lower property values than markets like California and New York.

10. Diverse Real Estate Market – In Miami, there are different types of real estate investments to profit from. In residential, you can buy pre-construction homes or condos to buy early at a lowest price and leverage time of construction with appreciation. You can buy distressed single-family homes to fix then sell for a profit or keep as rentals for families to generate passive inco0me. Condominiums are great for cashflow from high demand of rentals. Multi-family or income properties with less than 4 units can generate a tremendous amount of income from the rents per year. Approved short term rental apartments can be rented through Airbnb and VRBO with a fast turn over and gain daily profits. You can buy commercial real estate including apartment buildings, retail and office spaces, and businesses that are for sale.

Take advantage of the current favorable market condition and kick-start your real estate investment journey now by purchasing a property in Miami, Florida. Grab a copy of our free real estate guide for investors so that you can start investing on a high note.

Jester Nino
Broker Associate
Oscar Teran Group | C5 | EXP Realty
305-204-3585