Miami Beach is an unassuming little island with a big reputation.
Some say this island city is a slice of paradise, and there aren’t many who would disagree. Miami Beach has a bustling nightlife, an acclaimed arts scene, and some of the most famous Art Deco architecture outside of old-timey New York City.
It’s home to a diverse population that includes famous celebrities, and it has one of the most well-known stretches of beach in the world. So it’s no surprise that Miami Beach real estate is some of the hottest in the country.
If you’re trying to break into the Miami Beach real estate market, you’ll need some helpful tips. To help you out, we’ve put together this guide to navigating the ins and outs of Miami real estate.
1. Find a Trusted Broker/Realtor
When looking to get into the opulent Miami Beach real estate scene, you’ll need the help of a trusted Florida real estate agent.
Trying to navigate the treacherous waters of real estate in Florida on your own is a recipe for disaster. Miami Beach real estate agents, however, have the skills and knowledge to help find your dream home.
At BlokHaus, we can assess your budget and home preferences, and draw up a list of currently listed homes to meet your needs. Plus, we have resources, connections, and access that most people just don’t have.
2. Understand the Market
It doesn’t matter whether you’re looking for North Miami Beach real estate, or South Beach Miami real estate. You need to do your research and homework, and understand the market as best you can.
Wherever you’re looking for a home, timing is essential. And this applies with redoubled force in South Florida. So take some time to research the market, and figure out whether it’s a buyer’s market or a seller’s market.
It goes without saying that Miami Beach is a competitive market. So you’ll have to understand which parts of the city lie within your reach, depending on your resources and budget. Even in a hot market like Miami Beach, you can still find some incredible steals.
3. Research Various Neighborhoods
There are some great neighborhoods in Miami Beach, and you shouldn’t overlook any of them when searching for the best real estate.
Ask your realtor about it, and they’ll help you narrow down the best places based on your budget and preferences. It’s important to never make your decision too quickly. Keep an open mind, and take the time to explore some of the neighborhoods on your own if possible.
You might be surprised by what you find.
4. Know About Local Property Taxes
Our next tip follows on from the previous.
Research is crucial when looking for a new home. If you’re new to Florida, it’s important to research the tax regime. For one thing, Florida is a Homestead state. This means homeowners can claim up to $50,000 exemption in property taxes under the Florida Homestead Exemption.
Miami Beach has its own set of regulations and property tax arrangements. Before making a move in the Miami Beach real estate market, do your homework and learn how these taxes will affect you.
5. Check Out Financing Options
Don’t neglect the many financing options that you may be eligible for in Miami Beach.
Yes, it’s true that Miami Beach real estate is somewhere in the upper stratosphere of Florida housing markets. But this doesn’t mean that everyone moving to Miami Beach is beyond the need for financing help and other forms of assistance.
Again, this is a matter of doing your due diligence. There are many remarkable resources out there for new homebuyers. Payment assistance for first-time buyers is one form that you might take advantage of. Another is trying to find the most favorable mortgage rates that we at BlokHaus along with our partners can help you navigate.
Either way, there are plenty of financing options out there, and you shouldn’t overlook any of them.
6. Understand Ocean Front Property Laws
Now, if you’re lucky enough to be eyeing beachfront property in Miami Beach, there are a few things you ought to consider.
First of all, there are certain restrictions that apply. Florida is very strict about what it allows oceanfront homeowners to get away with. A big one is that bright lights are prohibited during the nesting season for sea turtles.
Another restriction involves removing certain types of vegetation. Plus, the state is in possession of the beach below the mean high tide line.
These laws and regulations all have to do with preserving beaches for the use and enjoyment of everyone. Of course, things are different when choosing Miami Beach condos, which have some of the best ocean views imaginable.
7. Don’t Forget About the Weather
In South Florida, or really anywhere in Florida, the weather is always a concern.
Probably the biggest threat is that of hurricanes, which have a huge impact on homeowners insurance costs. This is something that’s important to keep in mind when searching for property in Miami Beach.
And although beachfront real estate is highly desirable for all the obvious reasons, this is the real estate that’s most vulnerable to hurricanes and other weather events. Beach erosion, for one thing, is a continuing issue.
Then there is the ever-present threat of flooding, which standard homeowners insurance doesn’t cover. In other words, you’ll have to consider projected insurance costs when searching for the right Miami Beach real estate.
8. Factor in Closing Costs
Another thing to remember is the high price of closing costs in Florida, which are in fact some of the highest in the country.
In a place like Miami Beach, this is especially the case. There are different fees to pay, by both the seller and the buyer, at closing time. But there are some steps you can take to lower these costs.
For instance, you can investigate whether it’s possible to incorporate some of the closing costs into a mortgage. You could also negotiate with the seller to pay some of the costs, or if possible, you could pay in cash to lower these costs.
9. Inquire Into Deed Restrictions
Whatever you do, don’t forget to ask about deed restrictions.
Deed-restricted communities are pretty common in South Florida, and Miami Beach is no exception. Such communities are in thrall to homeowners associations (HOAs), which rule these tight-knit little developments with an iron fist.
So before you commit to buying a piece of property in Miami Beach, you’ll want to brush up on the requirements and restrictions that come with living there. There are HOA fees associated with these communities, and there’s no use complaining about them after you’ve bought a home.
Better to understand what you’re getting into before taking the plunge.
10. Know the Seller
It might help to get to know a little bit more about the seller of the real estate you’re eyeing.
This is a tip that can help make your purchase a little smoother.
Plus, the fact that so many homeowners in Miami Beach aren’t residents of the state can make the process of title transfer a bit more difficult than usual.
11. Make a Big Down Payment
If you want to be competitive in the hot Miami Beach real estate market, offering to make a big down payment is a definite advantage. When you enter this type of market, you need to have the resources to match your ambitions.
So be prepared to make a sizable down payment if you hope to acquire the place of your dreams in Miami Beach.
12. Know Who Is Paying for Title Insurance
Our final tip is to recommend you understand which party is responsible for the title insurance. In many Florida counties, it’s the seller’s responsibility.
But in the case of Miami-Dade County, the buyer is required to cover title insurance. So be prepared to factor in these costs when you close the deal for your new Miami Beach real estate.
Navigate the Miami Beach Real Estate Market With Confidence
Miami Beach has it all: a warm climate, tropical beaches, and vibrant architecture all amidst the gorgeous backdrop of beautiful South Florida.
It’s a piece of paradise on a 15-mile-long island, and it attracts people from all over the world. If you’ve fallen under the spell of Miami Beach, it’s time to consider buying some Miami Beach real estate.
What are you waiting for? At BlokHaus Real Estate + Investments, we have the skills, experience, and human connections to help you find the Miami real estate of your dreams.
Contact us today to see what we can do for you.