Before buying a condo, a family home or any real estate, you always want to make sure that there is an upward trend in the price of property in that area, right?
It is very practical to note that Florida residents, especially in Miami, have a lifestyle that attracts many local and foreign visitors. This has greatly impacted the real estate market in that area. Miami is characterized by having the cultural mix and the perfect combination for anyone who wants to work, live and play without having to run out of money in the bank. This has created a market for real estate investors. There are several distinguishing factors in Miami for most of its residents to become renters over the years. Some immediate attractions are that property prices have become affordable for real estate investors, rental rates are very lucrative and also remain in constant growth.
The US dollar is supported by a relatively stronger economy compared to the Colombian peso. Therefore, earning a stable cash flow on the investment of the peso per US dollar is very lucrative, especially when it comes from a property located in the city of Miami. One of the biggest trends used by investors right now when they don’t intend to receive cash flow, they decide to simply buy the property and watch their equity grow in equity, making money on their own. They do it in Miami with the peace of mind in the option of selling the property later since it is very safe in a city of continuous growth.
Despite the rapid rise and gentle fall in real estate prices, it has become very common to see an increase in rental rates in the Miami real estate market. Data reveal that the cost of a building does not determine the cost of its rent. Currently over 70% of residents in Miami are renters, this is a scenario that allows a homeowner to buy cheaply in Miami and continue to enjoy a high return on their investment.
Over the past two decades, rental rates in Miami have increased consistently. This, however, does not mean that there are no vacant properties. Of course, they exist, but this does not scare real estate investors. They know that, if your property were vacant, you may want to turn it into a second home, or just let the property continue to increase in value and then you could sell it whenever you want. Another way to make sure your property doesn’t go vacant is by reducing the rent by a few dollars or renting it out through property managers who are experts in the area.
The beauty of investing in Miami as a Colombian, in addition to all the other reasons, is that about one-third of every foreign real estate transaction made in Florida is done by Latin Americans. This trend reflects the ability of Latin Americans to recognize a growing market in an area and start collectively.
Places to Consider When Investing in Miami
Miami has a plethora of beautiful, high-end neighborhoods, but the neighborhoods with the fastest-growing rental income and property value are known by our experts. In our offices we are Latin American and we recognize from the need of our clients, to how to help them invest every penny of their assets that is totally tied to the family value.
Getting to Miami is not a factor of setbacks, it only takes a little more than 3 hours taking a direct flight from some of the airports located in Colombia. Miami is a beautiful place to watch your money grow, and if you’re considering moving to Miami, it should be noted that it has a beautiful tropical climate year-round. Miami has elegant shopping centers, incredible restaurants and the proximity of exquisite beaches.
Miami generally offers the right quality of life for the new real estate investor.
Contact us today. We are here to guide you and answer all your questions.