You may have heard that investing in real estate is a very tricky business. It is in fact true in some cases, but if you are in Miami and intent to invest in Miami real estate exclusively, then you may be glad to know that things aren’t as tricky as they sound with this dynamic industry.
Investing in Florida homes is currently quite favorable for anyone who knows how to place their eggs properly in their baskets. This is because Miami is currently out of inflation and the prices of houses are steadily rising with most homes being sold at a below average price in the market. So that means if you start now, you could make a fortune in the next few years.
But before you begin, remember that real estate investing depends a lot on the location of the homes you choose as well as the type of property you invest in. Currently the two most popular options is investing in condos or single family homes. If you ask any expert today, they will recommend investing in homes instead of condos because of the steady price increase in homes compared to condo. Here are a couple of more reasons why should consider investing in single family homes instead of condos.
Homes are cheaper
Compare the prices of the two properties and you’ll find out that single family homes are much easier to acquire because of the price range being lower. This also means that you’ll easily get money from mortgage brokers or banks when you really need to secure a good deal.
Unlimited renting possibilities
One of the best things about buying single family homes in Miami is that you can immediately rent these homes out for as many times as you want in a year. You’ll be surprised to know that condos are strictly forbidden to be rented out more than two times a year which means you won’t have too many renting opportunities.
Rent is lower
Speaking of renting your property out, the maintenance cost of single family homes is much lower than of a condo. Because the tenant has to pay the cost of maintenance, the rent of condos is much higher than that of the homes. Single families therefore mostly prefer getting a single family home because all the facilities that come with a condo are not worth getting for the surplus.