For many people, Miami is not just a destination for fun and entertainment, it’s also a coveted spot for long-term stay. Who doesn’t want to wake up to sunshine and sounds of the sea almost every day, right? Everybody wants to retire where every day feels like a vacation.
If you are looking to buy a luxury property in Miami, the city has no shortage of stunning homes with breathtaking views. Whether you are considering living here or just want a fancy place to come home to whenever you visit, as with any other type property being bought, you need to perform due diligence. We caught up with long-time Miami resident and businessman Lee S. Rosen for tips on buying a luxury home.
- Know what amenities you like to shorten your list of choices.
Make a list of what amenities you want so you know what you will be searching for. Also observe the landmarks and institutions that are near. If you’re bringing the entire family over, be sure you consider a home that’s closer to schools. Do you want a pool? A beachfront property? A rec room? An additional guest house? All these should be laid out from the start. You don’t want to waste your time looking at properties you have no intention of buying.
“Do you want a 5-bedroom mansion or are you satisfied with a 2-bedroom penthouse suite? Having a shorter list to choose from takes the stress out of property hunting,” notes Lee Rosen.
- Choose a realtor who’s well-versed with the local market.
A real estate agent with experience handling luxury properties can help you choose the right one better (and faster) compared to someone who doesn’t know the Miami real estate climate that much. A seasoned realtor will have insider information and can probably even get you a better deal because he or she is already familiar with the owners. An expert local agent will also make processing the paperwork a lot more convenient.
- Make sure you have the finances to back this up.
“A luxury Miami home entails a having a sizeable budget. Because Miami is considered prime real estate, you have to be prepared,” adds Lee Rosen. If you’re taking out a loan to fund this purchase, be sure to ask about pre-approvals before going out to view houses. You don’t want to be in that situation where you find your “dream home” but discover later that you can’t afford it. Knowing how much you can use from the beginning will help you screen properties that are according to your ceiling, so no time and effort is wasted.
- List down all the items that will be left with the home after you buy it.
Some homes will be staged and contain decorative items for the purpose of marketing the house. Make an inventory of all the items that will stay with it after you’ve paid for it. Be sure to ask your realtor what’s included and what’s not. You may have been super impressed with such a nicely decorated home but open the doors to a bare space later.
- Consider multiple locations.
“Don’t jump on the first house that you see, or the first property that made your heart skip a beat. There will be quite a few of those in Miami, so be sure to make the rounds first,” advises Lee Rosen. “So many homeowners make the mistake of buying on impulse and then regretting later because they saw something else they like.”
When you’ve finally decided on a luxury home, ask your realtor to draft an agreement that itemizes everything inside it, including appliances, furniture, flooring, carpets, wallpaper, light fittings, and more. Being specific with the items protects you from these things getting pulled out or replaced with lesser value alternatives in the final contract.
“Because luxury properties in Miami are definitely not cheap, you have to protect your investment and make sure you’re getting exactly what you expect,” concludes Rosen.