Buying a house or apartment in Miami as a capital investment is not a very crazy idea. In fact, it is one of the most profitable businesses in the United States and the South Florida real estate market is expected to continue to grow and diversify its offerings. In that sense, today we bring you some advice for all those investors who want to increase the profitability of their investments with the commercialization of real estate in Miami.
1- Buy an old property, remodel some spaces, and sell it this is one of the fastest ways to enter the Miami real estate market. Usually, people make the known fix and flip, with properties near the coast, to generate a profit margin when selling them. To do this you have to be very clear about how much investment you can manage in the renovations, and choose your property based on this.
2- Buy a house or apartment near the coast, and rent it for seasons renting is one of the most traditional ways to get dividends after buying a property. In this sense, there are several modalities that can be adjusted to the needs of any tenant, according to the time that can be invested in the maintenance and promotion of the property. Currently, there are apps that work as hospitality marketplaces where prices per night are accessible for travelers and people who do not require so much time in a city.
Another benefit is that depending on the intended uses of the property, this may or may not generate extra income. One of the most common cases are the rental by season, rent by deposit, rent of a room, among others.
3- Analyze how to increase the profitability of your investment with a real estate consultant
If you do not have time to manage these ideas previously discussed, you can always go to a real estate agency to make those arrangements. Remember that with the help of a real estate consultant you will be able to identify the strengths of these ideas and execute them safely with the guidance of an expert.
4- Analyzes the surplus value of properties and outlines investment goals
Another thing you can do with your real estate agent is to calculate the value of the property and analyze the surplus value according to each aspect of the property. That is, the strategic location will help them to maintain exponential growth over time, but to generate a more accelerated profitability can carry out reforms in the kitchen, bathrooms and finishes in general to increase the value of the construction. Technological improvements also have an impact on surplus value since this investment translates into quality of life and automatically increases the value of properties. This is one of the most popular improvements in recent times and range from installing electronic blinds, to installing light bulbs and other smart appliances.
We hope this post has been helpful to you in your decision and sales process.