Investing in the Miami real estate market is one of the biggest financial ventures you will make in your lifetime. This is a city that is among the most well-known in the country and has remained a cultural hub for decades. Celebrities and businesses throughout the area thrive in a city that has grown to become a top vacation destination in the world.
First, you will need to review your assets and thoroughly research all available financing options. The real estate market in Miami is steadily increasing in value and should continue to grow in 2019. This makes purchasing a house in Miami an excellent investment. Cut out any unnecessary costs and services. For example, using a traditional real estate agent and broker can increase the cost of purchasing a property by up to 3%. However, if you were to buy a home through beycome, we would only charge a success fee of $999 and refund the rest of the commission to you!
It is necessary to find affordable services and negotiate for better prices whenever you can.
Miami is considered prime real estate. Condos and houses listed on the market are sold at near-asking price. Depending on the location, a buyer, seller, or renter can take advantage of this market. The average annual rent for an apartment is $12,000. However, the average cost of a single family home in Miami is $400,000.
Midtown is considered is an up and coming location for investors because the area has gone through recent renovations. Additionally, there is currently a surplus of condominium units which makes for an excellent buyer's market. Now is the time to buy, with new opportunities allowing you to save more than you already are.
You can quickly buy a home in Miami, but additional costs come in the form of overpriced brokers and agents trying to benefit from the transaction. Avoid the additional costs by handling the process yourself with beycome and the tools it provides.
Listing on your Local MLS
Listing on top real estate sites
Full listing on beycome
Virtual Tour & YouTube© Video
Printable promotional items
Full legal offers online
Home Visit Manager
Open House Scheduler
Comparative Marketing Tools
The median down payment for mortgages in Miami is 10% of the final price of the property, but the recommended downpayment for a home is 20% of the final price because you will avoid paying private mortgage insurance (PMI).
Look into pre-approval before making an offer on a property and talk to the appropriate mortgage lenders. You have a better chance for pre-approval if you have good credit score, money down, savings, along with steady employment.
203k Rehab Loan
You cannot apply for a mortgage free of charge. This process often comes with fees. The prices will be higher if you decide to include private mortgage insurance. Save money and simplify the mortgage process by using a website such as better.com.
Addresses for Involved Properties
Proof of Homeowners Insurance
Social Security Numbers
Miami is a city with history, filled with different areas to explore. When you’re shopping for a condo, house or other real estate look for one near some of the trendiest neighborhoods.
Aventura: A coastal neighborhood that is well-connected to the many locations in Miami. This place has become a popular destination for people from the Northern states to visit during the winter months.
Brickell: Also known as the financial district, this is an area celebrated for its lively atmosphere and variety of businesses. When you live here, you have access to a full range of entertainment.
Coconut Grove: This area is also situated along the vibrant Florida coast. Several commercial centers and shopping districts make it a beautiful and active area.
Coral Gables: Boasting unique businesses, this is another cultural hub in Miami. Properties here are close to highways, good schools, and surrounded by shopping centers filled with a wide variety of stores.
Downtown: Otherwise known as the center of business of Miami, this area is as central as it gets. Living here will provide you first-hand access to all the biggest events and happenings in the city.
Little Haiti: This is a neighborhood on the rise. It’s an ideal time to purchase a property here being that prices for real estate are slowly increasing as the area continues to be renovated and redesigned.
Miami Beach: Complete with sun, surf and plenty of sand, this island is the epitome of the Miami lifestyle. Real estate here is always classy and can range from modest to luxury mansions on the shoreline.
Midtown: Found next to the popular Wynwood, Midtown has plenty of new properties and a central shopping center. When you live here, you can enjoy the best of Miami at a fraction of the cost of the nearby neighborhoods.
South Beach: As the southern part of Miami Beach, residents can find an international and youthful crowd. Renowned for its world famous beach and nightlife, there is something for all ages here.
Miami offers different modes of reliable public transportation. Some are free or have discounts.
Metrorail: A 25-mile rail system running from north to south that includes a new line to the Miami International Airport.
Metromover: Runs only in the downtown and Brickell area. It stops the most major locations sights, no ticket required.
Miami Buses: This system has over 1,000 active buses, 95 routes, and can take you practically anywhere in Miami with the right planning.
Miami Trolley: The Miami trolley is free and simplifies your commute in the same way a bus could.
University of Miami: A private, non-sectarian school with high standards for its students. This school has an 81% success rate with a penchant for high student achievements. 1320 S Dixie Hwy, Coral Gables, FL 33146
Florida International University: A metropolitan public research university with a great reputation in the Greater Miami area. This school has two campuses and plenty to offer to potential students. 11200 SW 8th St, Miami, FL 33199
Pharmacies: CVS, Walgreens, VH Pharmacy
Grocery Stores: Publix, Whole Foods, Sedano’s
When looking to purchase a property in Miami, be as thorough as possible in your search. It helps to make a list of questions to help guide your search. Pay particular attention to the convenience, privacy, and comfort of the real estate. You want to be as comfortable as possible, so make sure the amenities available are up to your standards.
When your basic needs are met, the structural aspects of the real estate should be examined next. Look over the architecture of the building and that of the surrounding neighborhood to decide if it matches your tastes. Miami is full of neighborhoods all with their own unique styles and architectural history.
The exterior of a residence is important, but so is the area surrounding the real estate as well. It may match all your needs and expectations, but the surrounding area could hurt an otherwise amazing real estate opportunity. The area could be too noisy, foul-smelling, or overcrowded. Look into the area surrounding any real estate you are interested in order to avoid any purchases you will come to regret.
Closets and other Storage Spaces
Number of Rooms
Numbers of Floors
Garages or Parking
Numbers of Porches or Decks
Your search for a house in Miami should be focused, with a clear idea of what you want and what you need. When you decide on these factors, you can then begin searching through various apartments, condos and homes. There are several resources available to help you with the search, most notably the internet, advertisements, and open houses. Hone in on the perfect property by asking as many questions as you need to feel confident in making your choice.
When you are searching for a property to buy, it may take more than a quick internet search to find the right place for you. Visit open houses and arrange private showings for first-hand looks at the property you are interested in. Use the opportunity to take notes and photos for later, pay attention to any issues or problems that would make living in the property problematic.
Are there any association fees?
Has it recently been refurbished, redecorated or renovated?
What are the price comparisons like?
How long has the real estate in question been listed for sale by their owner?
How much time to do you have to make a decision?
Is there a deadline?
What are the current utilities like?
Why are the owners selling?
Buying property is not as simple as signing your name on a paper and providing a check. You will need to make a fair offer that is fair to all the parties involved. Do some research before making this offer, focus mainly on comparative market analysis and the average prices of properties in the area. You should also learn about contingencies and all the protection they may provide you.
Home Inspection Contingency
Home Appraisal Contingency
For properties higher in demand, you may need to strengthen your offer. Work with a lender preferred by your listing agent to do so. Increase the rate offered to confirm the contract or earnest money. Shorten contingency periods or waive them entirely. At the very least, introduce yourself to the seller with a cover letter, some photos and your opinion on the apartment, condo or house. Show the seller how serious you are; a photocopy of the earnest money check will definitely help.
If you bid too low, do not be surprised if the seller rejects your offer. Should a bidding war begin, you will need to compete with others over who is offering more. The seller may also back out if you scare them away with too many contingencies.
Homeowners are looking for committed buyers instead of someone who will cancel the contract at the drop of a hat. Sellers are also looking to sell quickly, which they cannot do if you face financial problems or drag your feet making any decisions. Negotiate your terms quickly and efficiently to have a better chance at closing the deal and buying the apartment, condo or home.
Just because you are finishing up a contract does not mean that you can relax or ignore the final closing. There are closing costs you need to watch, with lender and third-party fees that should not go above 2-5%. The process should also fall between 30-45 days to complete.
You should close the deal quickly. Following the correct steps to ensures that the sale is done without issue.
Make the earnest money deposit
Order the title
Inspect the property (personally and professionally)
Walk through the residence again.
Once all that is complete, you can submit a cashier’s check for the down payment and closing costs. Once you close the escrow and sign the necessary paperwork, you will become the proud Miami homeowner.
Miami homeowners have many attractions that will increase interest in their property.
Jungle Island: Have a fun trip with the whole family at this safari style adventure. Meet exotic animals in a variety of climates at this zoological based theme park. 1111 Parrot Jungle Trail, Miami, FL 33132-1611
The Great Escape Room: Try your hand at the latest trend! Can you solve the clues and escape this puzzle filled room? 2315 S Le Jeune Rd, Suite 200, Miami, FL 33134-5016
Makoto: A restaurant headed by a famous cook who delivers the quality to you. Enjoy a high-class meal with a variety of plates to choose from. 9700 Collins Ave, Bal Harbour, FL
Mandolin Aegean Bistro: A Greek and Turkish fusion restaurant with a matching atmosphere and dedicated staff. Enjoy a range of meals that come straight from the Greek Isles to your plate. 4312 NE 2nd Ave
Sugarcane Raw Bar Grill: Lead by a culinary revolutionary, taste fine cuisine from their three kitchens. 3252 NE 1st Ave, Miami, FL
Ball & Chain: Open for over half a century, the stage at this bar has been graced with some of the most famous names in music. Recently reopened and revitalized for the modern age, guests can now once again enjoy the atmosphere of this famous Calle 8 establishment. 1513 SW 8th St, Miami, FL 33135-5218
Wood Tavern: Great drinks, lively atmosphere, and entertainment to liven up your time off with this famous bar. 2531 NW 2nd Ave, Wynwood, Miami, FL 33127-4305
Club Space: Try out this all-night club that transformed downtown into the place to be for late night partying. This club opens at 11 PM and doesn't close until the sun comes up. Come fashionably late and join the party until the morning light. 34 NE 11 St., Miami, 305-495-8712
LIV: This club is known as the hottest place to see and be seen. The very model of what it means to be a nightclub, this is the place to be. 4441 Collins Ave., Miami Beach, 305-674-468
Bardot: This musical setting is set to cover all your lyrical tastes as you enjoy some of the cheapest drinks in Miami. This lounge defines a musical nightlife in Miami features top shelf liquor. 3456 North Miami Avenue, Miami, FL 33127, (305) 576-5570
Purdy Lounge: This lounge is unique thanks to its grunge atmosphere and relaxed vibes. Take a visit to the off-road location and enjoy the retro aesthetic. 1811 Purdy Ave, Miami Beach, FL 33139, 305-531-4622
When you are in the process of selling your house, research becomes invaluable before making any decisions. Look up headlines like “Miami for sale by owner” or “for sale by owner in Miami” to narrow down your search. Look at how other properties sold earlier in the quarter handled the process and use that as a reference point for your own planning. Check their presentation, advertising and any attractive qualities that should influence your decisions.
What are the demographics of your area?
Are properties like yours sold often?
Are certain occupations attracted to your area?
Miami is a popular international city. There is no end to the clubs, restaurants, bars, museums, and other attractions which all attract their fair share of attention.
The Internet is a reliable tool to advertise and research Miami properties listed on the market. Look up other for sale by owner homes in Miami and compare similar properties to have greater context. Real estate in Miami is hotly contested for both buyers and sellers so every advantage in the field counts. Furthermore, consider making a list of nearby attractions to look over as you make your decisions. Miami is a vacation hotspot for a reason and buyers will be looking to see what your neighborhood has to offer.
Any home for sale by owner in Miami needs preparation for its showing, and if you are buying one, then it may need repairs or renovation. There are tons of services available to make a home for sale by owners in Miami more presentable.
A home valuation analysis done by an inspector will provide an objective view on the quality of your home based on its location and home quality.
Associated Building Inspectors
17850 S Dixie Hwy, Miami, FL 33157
Alliance Home Inspections
Home Pro Miami
If your home is leaky or you have systems that do not work correctly, repair services are a must. Businesses in the Miami area include:
A good plumber will make sure that the pipes throughout your home do not have issues that would otherwise ruin a sale.
Roto-Rooter Plumbing & Water Cleanup
1726 NW 36th St #3, Miami, FL 33142
EZ Miami Plumbing Inc.
S., 1201 Le Jeune Road, Miami, FL 33134 Miami, FL
Miami Emergency Plumbing
A handyman will take care of smaller scale carpentry and other repairs.
Miami Handyman Services, Inc.
4245 SW 84th Ave, Miami, FL 33155
Tri Miami Handyman Services
Andromeda Handyman Services
Contractors will increase your curb appeal and handle larger scale repairs.
7501 NW 7th St, Miami, FL 33126
Jorda Mechanical Contractors
Miami, FL 33144
Any Miami home for sale by owner will need to stand out fully in order to attract the most potential buyers. Landscapers will keep the vegetation around your home trim and neat. Local landscapers include:
690 SW 1st Ct, Miami, FL 33130
Blossom Landscaping Inc
830 NE 74th St, Miami, FL 33138
If you decide to host an open house, the interior needs to be set up perfectly for any visitors. Declutter and staging services will organize your home to make it more presentable for potential buyers. Local professionals include:
Vice City Cleaning
1400 Biscayne Blvd, Miami, FL 33132
If you need to keep your pet out of your home, a pet hotel will be able to hold them until your business is concluded. Local pet hotels include:
Dog Dude Ranch
6305 SW 120th Ave, Miami, FL 33183
high-class- Grooming, Resort, Daycare & Boutique
9831 NW 58th St #139, Doral, FL 33178
Doggies Gone Wild
1675 NW 97th Ave, Miami, FL 33172
Rio's Pet Spa & Boarding
609 NE 127th St, North Miami, FL 33161
3210 Grand Ave, Miami, FL 33133
Barks and Tales Dog Spa | Pet Groomer & Pet Grooming & Boarding
2037 NW 1st Pl, Miami, FL 33127
Start with basic online advertising and the websites capable of showing apartments, condos or homes available in the Miami area. beycome is a website that facilitates real estate transactions between buyers and sellers for a low-cost flat fee. Craigslist Miami is a widely used website that provides advertising space and marketing help.
Classic methods of advertising are also available and allow you to look into local marketing. Physical ads like flyers and yard signs are an easy way to see any local houses for sale. An open house is also a good way to check out properties directly. Newspapers provide ad space for local real estate
Diario Las Américas
El Nuevo Herald
The Miami News
Miami New Times
The Miami Hurricane
Florida Keys Keynoter
Miami News Record
For homeowners, be sure to check out the local Miami scene for professionals working in the field. Photographers are able to provide quality photos of your apartment, condo or house that will help to strengthen social media efforts. Facebook, Twitter, Instagram, and more all rely on having suitable photos up to provide context to any potential buyers. Miami photographers to take note of include:
210 Almeria Ave, Coral Gables, FL 33134
Spectrum Real Estate Photography
5750 Collins Ave #5-B, Miami Beach, FL 33140
Real estate in the city of Miami is constantly in demand by a market that understands just how valuable properties here are. Cut out any middlemen and handle the purchase or sale or real estate yourself and connect with associates directly. beycome is here to simplify the real estate transaction process. Avoid commission fees, problematic realtors, and slow results by taking the most proactive approach to real estate.
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