Many buyers are often confounded by the tough task of choosing between buying a pre-construction or a finished unit. Before investing in a pre-construction project, it is important to carry out an in-depth research of the neighborhood.
Pre-construction developments in Miami have many advantages. The city is an international tourist attraction site and also a crucial commercial hub with many companies and industries. This continues to drive the demand for new homes. Many investors, some from as far as Europe, are investing in Miami because of the low investment risks and the wide range of opportunities it offers.
Investing in a pre-construction project in Miami has the following benefits:
Pre-construction Condos are mostly very affordable as they are sold at the base price without appreciation costs. This is because property appreciates within the first five years. The value will increase when the property has been completed and you will be the owner at the time.
You get to influence the customization of the design plans of the condominium to your own taste. If you are in touch with the latest market needs you will customize your investment elements to meet the demands of the tenants.
Low Cost of Maintenance
Among the major downsides of a resale unit, is the constant renovations which are costly. A pre-construction unit may not require major renovations in a long period of time, even up to a decade. Any defect in the structure can be fixed by the contractor at no extra cost to you.
A Brand-New Project
Buying a pre-construction property gives you the latest and more upgraded project with better amenities as compared to a resale unit. The designs are probably going to be unique and on high demand for a long period of time making your investment attractive to tenants for longer.
Condo builders often offer numerous incentives to prospective buyers. You can as well negotiate more incentives such as a free parking space during the negotiations. The builders are usually receptive so as to attract more serious buyers.
Faster and Better Returns
With the high demand for condos in Miami, you will not have to wait for a long period of time to receive your return on investment. Tenants will more likely prefer a new property over a used one and may guarantee you long-term tenants and handsome returns.
The benefits of investing in pre-construction are evidently numerous. Check out some of our projects on offer in Miami. You can also talk to one of our experts today for advice on the best pre-construction opportunities in Miami.