Quantcast 3 Things to Consider Before Buying a Second Home in Miami. |
3 Things to Consider Before Buying a Second Home in Miami.

Northern residents often purchase winter homes in Florida. A second property can serve as a perfect winter retreat, and the greater Miami area is a popular area to buy. Miami boasts a vibrant nightlife, exceptional weather and sunny beaches. In addition, it’s one of the leading areas for commerce, art, culture and financing. Located between the Everglades and Biscayne Bay, Miami features warm but mild temperatures all year long. Those who want to escape frigid winter temperatures should consider purchasing a home in Florida. Here are some more tips to keep in mind.

1. Know Your Miami Neighborhoods

Miami consists of four main areas that are each divided into smaller neighborhoods. Downtown is considered to be the main section, and it features the business district, schools, parks, the financial district and plenty of tourist attractions. Southern Miami (South Beach) includes many restaurants, bars and shopping with older homes situated on tree-lined streets. The northern part of Miami features a diverse collection of 1920s and 1950s homes with classic architectural features. Here are a few of the more desirable neighborhoods in the greater Miami area:

  • Coral Way: The architecture here is reminiscent of the early 20th century. The area features a mixed style of housing, including mission revival-style architecture, 1920s bungalows, 1930s art deco homes and modest post-World War II dwellings. The median home price in Coral Way is $289,036, and approximately 47.4 percent of homes are owner-occupied.
  • Coconut Grove: This charming, bayside village was originally settled in the 1800s. It’s the oldest continuously inhabited neighborhood in Miami. It’s pedestrian-friendly and features many shops, cafes, galleries and boutiques that line the streets. The median home price in Coconut Grove is $563,091, and it’s approximately 59.1 percent owner-occupied.
  • Wynwood: Located north of downtown Miami, this neighborhood is home to many art galleries, cafes and restaurants. The median home price in Wynwood is $204,112, and approximately 21.5 percent of homes are owner-occupied.

2. Get Local Help When Buying a Property From Afar

While some homebuyers prefer to make at least one visit to a prospective property, it’s never been easier to buy a home from afar. Many out-of-state homebuyers often choose online services, such as Owners.com, to view photos of properties that are for sale in another location. If you plan to purchase your second or winter home in the greater Miami Area in this manner, obtain as many pictures of the property and surrounding areas as you can. You can even have a friend in the area check out the property for you. In addition, do your homework. Check with the local tax collector or a property appraiser to research neighborhood trends and values before you sign on the line.

3. Secure the Home While You’re Away

Homebuyers should consider home security during the summer months when buying winter homes in Florida. It’s recommended that you install a home security system with 24-hour monitoring to protect your home against break-ins. You should also prepare the home for your extended absence. Consider turning off the water to prevent damage while you’re away in order to protect your property from ruptured pipes and other plumbing mishaps. Install timers onto your exterior lighting and inside fixtures to provide additional security, and contact a trusted property maintenance company to care for your property and lawn.

A second home in a Florida can be a really good investment. Not only is it a smart financial move, but you’ll have a place to get away and relax when the cold weather arrives. When you’re ready to buy, head to Owners.com to see available listings and get your fingertips on a wealth of helpful resources.

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