Miami is one of the most preferred destinations by Hispanics and many families have converted this city in their second home. That’s why is important to be informed of what you have to consider at the moment of purchasing a property in the Capital of the Sun, also known the Capital of America.
Five points that the foreign buyer must take into account:
1. Budget: It is important to be clear if you think of buying a property with your own resources (cash) or through a mortgage loan. There are various banks willing to lend money to the foreign buyer, and conditions are pretty simple depending on the country of origin. Generally, when an offer for a property is made, a proof of funds is required. In the case of a purchase with one’s own money or a letter of pre-approval by the bank when you purchase the property with a loan from a financial institution.
2. Professional: Choose a professional committed with the industry and willing to take the necessary time to give you advantages and disadvantages of the neighborhood, make the comparable and quantify all related expenses that the property may have at the moment of the purchase. Do not look for a real estate seller, instead identify a professional willing to give you a clear and objective opinion on the property to be purchased. It is better to work with someone who isn’t the same nationality but has the experience and responsibility to offer you good advisory.
3. Location: Once you have all resources ready to purchase a property in Miami and have chosen a property broker to help you with the search, it is important to identify the zones where you can buy with your budget. Anywhere in the world, this is a fundamental point since the cities or neighborhoods that are already recognized by the community are an initial guarantee seal for your investment to have a better future.
4. Numbers: Numbers speak for themselves. The connection and emotion that you can have with the chosen property is important but numbers always help you to put your feet on the ground and also have a clearer idea on what we can really invest. Besides, you must remember that properties have related costs that you must assume at the moment of purchase whether they are government and/or the community or condominium to which the property belongs.
5. Ask: There are many people who help making possible the transaction when buying a property in the United States: inspection companies, property brokers, lenders, attorneys, insurance brokers, among others. It is important to decide to purchase a property as a natural person or thru a corporation, a USA partner or one from your country of origin. Please, do not hesitate to ask real estate professionals and be clear on the purchase process. Normally, families who invest in Miami bring their own patrimony and it is normal that they become involved in the process and work in a team with their property broker whether it is a holiday property purchase or a purchase for investment.
These five steps will keep you away from stress on the purchase of your property in South Florida. The foundations for becoming a world city are placed, specially with the daily arrival of families and international investors who come to be part of this great and diverse community.