Investing in pre-construction real estate is a highly speculative business venture. In-depth research and due diligence are imperative before buying a pre-construction condo, whether for renting out or living in. With the help of professional property managers in Miami, these preliminary procedures need not hold you back.
The Real estate market in Miami is on a constant growth making it appealing for investors. Below are the perks of buying a pre-construction condominium.
1. Good Pricing
Buying a pre-construction condo means you are purchasing a plan and not a finished product. The developer is likely to offer incentives and discounts for early buyers to attract funding for the rest of the project.
This gives early investors an opportunity to get the best prices as the property is bound to appreciate with time, increasing the costs of owning the condo. Lower initial prices mean that once the building is complete, returns on investment will be higher due to appreciation in the value of the property.
Investing in a pre-construction condo allows you to have a say in the design of your unit. Developers offer investors opportunities to control some elements of construction like finishing, painting, appliances and floor plans. You get the chance to personalize your unit and avoid the costs and challenges of renovating a resale condo to suit your preference.
3. Flexibility in Payments
Many pre-construction developers in Miami require a down payment of up to 25 percent. You can spread these payments over a period of time as opposed to making one large deposit. Making payments in small installments gives you the opportunity to save and get your finances in order if you are cash-strapped at the time of purchase.
A good Realtor will guide you through the entire process of buying a pre-construction condo. Click here for expert assistance with floor plans, property availability and pricing to ensure you get high returns on your investment.