Whether you’re planning to move to the Miami area or you’re investing in property there, there are many advantages of buying a place during the pre-construction process. The most compelling reason to buy while construction is still going on is that the property will be cheaper.
But this doesn’t mean that you’re not going to have an idea of what it looks like. We’ll be here to show you all the floor plans as well as a sample home, if this has already been constructed. Apart from actually seeing the property, you’ll have access to all the information you could need. So here are a few things to consider:
Is the property located in a section of Miami that you would like to live/invest in? If you’re actually planning to move there, you’ll have to consider the home’s proximity to work and other amenities. If you have kids, you’ll have to consider the school district. If you’re investing in the property, you need to make sure that it’s in an area where the prices are generally on their way up rather than down.
Since you can’t actually see the property, you need to figure out what it’s going to look like once it’s been built. So you need to consider the square footage and then look at similar properties with the same square footage to get an idea of what it will be like once it’s built.
However, remember that a three bedroom property with a square footage of 1200 will look very different from a five bedroom property with the same square footage. In the former, the rooms will be bigger and in the latter, they will be smaller.
Proposed Construction Time
It’s best to find out how long the property is going to be under construction so that you know when you will actually be able to acquire it. Will you be able to move in in a year, two years or five years? Most people don’t want to buy properties that will take very long to be built but a year or two is a reasonable time to have to wait if the property is in pre-construction.
Contact us for more great tips for investing in a property which is in pre-construction.