Some Helpful Tips in Buying a Second Home in the Miami Real Estate Market

By shaye • August 17th, 2010

All of us need to think about our retirement plans not necessarily today but sometime in the future. For some this could be anything from planning a vacation or buying an investment property. The latter is probably the most popular option as this can provide a comfortable financial cushion. But even if you don’t plan to turn a second home into an investment property, there are still things you need to mull over. And when you’re considering the Miami real estate market, here are two basic tips to help you.

Know where you are at your life right now 

The very first step is determining if you are indeed ready to own a second home. Financial factors play a major role in this step. But another factor you mustn’t forget is your lifestyle. Your choice of property in the Miami real estate market should complement how you want to live your life post-retirement. Are you planning to spend a lot of time in the home? How frequent do you plan on using the property? Is transportation a major issue? There are relatively plenty of questions you need to ask in order to find the right second home. 

Aside from those issues, maintenance is also another major concern. Owning a second home—Miami real estate or not—means another set of responsibility. What you can do is to choose a property that is less demanding. Condominiums, for instance, require less maintenance. Unlike traditional homes, the bulk of the maintenance duty is done by the management. All you need to maintain are the monthly fees. Plus the fact that these homes are perfectly located and filled with plenty of amenities is beneficial for any plans of turning your second home into an investment property. 

Take some time in choosing the perfect location 

The next basic step is to choose the right location. It is important not to limit your choices of neighborhood. Accessibility to public amenities like hospitals and police is crucial. Work may also be a factor if you plan on taking up part-time work in the future. 

But, most importantly, the Miami real estate property you choose must be located in a place that you will love. Your preference is a major determining factor in the choice of location. Remember that this is a place where you are likely going to for some time off and relaxation. If the neighborhood doesn’t offer any chance of those happening, find another place where you can see yourself just sitting back and enjoying a hot afternoon. 

Mark Michael Ferrer 
Miami Real Estate

 

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