Are you planning on buying pre-construction in Miami? Investing in pre-construction is an attractive proposition that calls for planning and diligent approach. Whenever you choose to invest in a property before its construction, you are buying into a vision based mainly on blueprints presented to you by the developer. But there are still other things you need to know about pre-construction in Miami.
Why Should You Buy Pre-Construction
You might be attracted to buy pre-construction for one of the following reasons:
- Attractive lower prices on offer and possible gains as real estate prices continue to rise.
- Pre-construction presents the opportunity of first ownership.
- Pre-construction gives you control over the location, floor choices, and floor plans
Specifically, Miami is rapidly growing, and property values are fast appreciating. Bank financing is available and arrangements cover up to 60% of the purchase price of the buildings or property being acquired. Regardless if you’re a foreigner, the property loan is available and is only pegged on the building/property being purchased.
What’s Properties are Available in Miami
Luxury buildings (from $ 1,5mil): for those of you seeking a more conservative type of investment. Such an investment can be in the form of skyscrapers and large buildings in established areas such as South Beach, Coral Gables, Aventura, Brickell, or in the purchase of entire buildings and Art Deco villas.
You can be sure to have a large variety to choose from in these long term investments. Currently, the Miami area is having over 40+ new skyscrapers under construction. Buyers stand to benefit from a structured payment model, with only a 10% down payment required from you upon booking. The balance is subsequently payable in 20% installments. As far as balancing the deed is concerned, the preconstruction skyscrapers have a high profitability potential in a market that is constantly growing.
How Do You Go About Pre-Construction Properties
You need to carefully sort and screen new projects, to mitigate against risks associated with the builder. Also, you have to evaluate the long term feasibility of the market. However, you will find that such exposures are minimal for condo conversions of Art Deco buildings. The reasoning behind this is the high demand for these property units that are usually sold out “on paper.”
Regardless, pre-construction projects give discount incentives to buyers to attract financing. It also provides you the chance of first ownership of the property. As well, the developer avails floor plans firsthand, and this is sure to make the whole prospect attractive.