Thinking about moving to a vibrant city that combines the allure of breathtaking beaches, a thriving cultural scene, and an unmatched lifestyle? Look no further than Miami. This bustling metropolis has become a magnet for those seeking the ultimate game-changer in their lives.
In this article, "Unveiling the Allure: Why Relocating to Miami, Buying Property, and Renovating is the Ultimate Game-Changer," we explore why Miami has become the go-to destination for individuals looking to create a new chapter filled with endless possibilities. Whether you're captivated by the world-renowned Art Deco architecture, year-round sunshine, the annual Art Basel Art Show, or the diverse culinary delights, Miami offers a lifestyle that caters to your every desire.
Furthermore, Miami's booming real estate market gives you the opportunity to not only buy a dream home but also unleash your creativity through renovation projects that can transform it into your personal jewel, but possibly flip it sometime in the future. Ready to unlock the game-changing experience of relocating to Miami, buying property, and embarking on renovation adventures? Join us on this journey as we delve into the allure that makes Miami the ultimate destination for those seeking a fresh start.
Benefits of relocating to Miami
Miami is the best city in Florida. It offers incredible beaches, a lively nightlife, but moreover, it offers incredible business opportunities and numerous business organizations to join. There are real estate organizations, women’s organizations, sporting events and clubs, chambers of commerce, and charitable organizations. These offer numerous events to meet new people and try out new things.
Like the rest of Florida, there is no income tax. The real estate market offers choices that range from condominiums and townhouses, to single-family homes.
Winters tend to be mild. It has snowed only once in the last 50 years. As the gateway to Latin America, we have airlines that go all over Mexico, Central, and South America. In addition, we have direct flights to the major European capitals. And cruises to the Caribbean islands are easy for weekend excursions and short vacations.
Buying property in Miami: Why it's a game-changer
For years, Miami was just a sleepy little town. And then, one day, we were discovered! I heard one CEO of a major corporation describe his experience. He said he used to have to convince his friends and employees to move here. Then, one day he started to notice that his friends called him after already having relocated here.
I tell you this story to explain why Miami is a solid investment. Prior to 2000, properties in Miami increased in price slowly. But after 2000, prices have risen astronomically. A house in Coral Gables that sold for $365,000 in 1995 is worth $1,900,000 today. Another house in Coral Gables that sold for $965,000 in 2004 is worth $2,058,800 today. There is no doubt that investing in Coral Gables and other areas of Miami is a great investment!
Renovating in Miami: Transforming properties into dream homes
The passage of time is one reason that real estate appreciates in value, but remodeling is another. I helped my son remodel his house after he bought a foreclosure in the Westchester area of Miami. He spent about $50,000 on the remodeling and 7 years later made a $305,000 profit when he sold it. That's a 150% profit on the house. Now, this deal you may not find every day, but there is money to be made in the Miami market from buying and remodeling.
Make sure that before you buy a home, you find out if the property is in a flood zone. FEMA limits the amount of renovation you can do to a home if it's in a flood zone. Read this article about this issue.
The Miami real estate market: Trends and opportunities
There are some interesting trends in the Miami area. One, is flat concrete slab roofs. This is a great advantage for installing a solar energy system. Also, the way we build here is with reinforced concrete block walls and stucco. The usual method of wood trusses for the roof is the weak link when it comes to hurricanes. So any house with a concrete roof is much superior when confronting hurricane-force winds. You can read more about this here.
Other trends include energy-efficient items. Read my article on this here.
Make sure you have some covered terraces that you can use in the winter when the Miami winter is so pleasant that you can sit outside without air-conditioning or heating.
Navigating the renovation process in Miami
Once you buy a home, it is important that you understand what renovation entails. In Miami, you need an architect, a mechanical engineer to do the plumbing and air-conditioning design, and an electrical engineer to do the electrical design. For an addition or removing interior bearing walls, you will also need a structural engineer. Here is a good video that explains interior bearing walls, although in Miami we normally do not have basements and only have wood joist subfloors in older houses.
Normally, the architect brings the team together to work on the project. This makes it easier for the client. He does not have to go out and find these specialty engineers by himself.
The owner needs to give extensive input to the architect on what he wants. The architect can make suggestions but, in the end, it is the owner who makes the final decision. While the architect and engineers are working on the plans, it is a good idea for the owner to browse through stores to see what he wants installed in the addition or remodeling. If the owner has already decided on some of the materials or items he wants, it makes the process easier. Does he want porcelain tile, or marble, or wood floors? Does he want it from a particular source? These are the types of decisions the client needs to make.
Once the plans are done, they have to be submitted to the appropriate building department. It is important to hire an architecture firm that is knowledgeable about the particular building department where the house is located. Again, that will make the process easier. The City of Miami Building Department is particularly difficult. Coral Gables and Miami Beach can be demanding but their process is not cumbersome.
While the plans are being reviewed by the city or county, it is important to select 1 to 3 contractors to bid on the job. Send them the plans for them to review. Do not hire anybody until the plans are permitted as there may be changes and that will become change orders if they are not included in the contract you sign.
Financing options for property purchase and renovation in Miami
Once the plans are permitted and a contractor is selected, you can build the project. If you can pay cash, that’s great, but if you need financing, it’s important to find the right bank or mortgage broker. Many banks do not fund renovations or additions. So you must do your research in this area.
There are two FHA programs that can help. One is the FHA Limited 203(k) Mortgage and the other is the FHA Standard 203(k) Mortgage for larger renovations.
Conclusion: why relocating, buying property, and renovating in Miami is a game-changer
Once you have the house remodeling finished, you can enjoy it. If you are coming from the North, or from Latin America, you can live in quiet harmony and enjoy everything the area has to offer. No cold winters for you. You can sit outside and drink a daiquiri or a glass of wine while eating your Cuban “croquettas”. You can tell yourself how brilliant you are about having chosen Miami as your home!
Contact Information
If you would like help in finding the right home, or after buying it, you want to remodel it, call me Maria Luisa Castellanos, R.A., LEED AP, the principal of United Architects, on my cell at 305-439-7898.
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