Buying real estate in Sunny Isles Beach, Miami has been a popular option for many investors over the course of the last several years. Investors love the area because more and more people are coming to Sunny Isles Beach, Miami to live and to vacation. Having investment properties in the area makes a lot of sense, if you know what you are doing when you are buying.
Be Careful Where You Buy
When you are buying an investment property, you need to do a bit of research. Some areas in Miami are not zoned for rental properties and vacation properties, which means you won’t be able to rent out your unit. If you do, you will be subject to some large fines. These fines have gotten bigger this year – as much as $20,000 for the first offense. Therefore, you need to be very careful when you buy and make sure you are choosing a property in an area that will allow for rentals. Be sure to understand what type of rentals are allowed as well – short-term, long-term, or both. If you are uncertain, you can speak with your Sunny Isles real estate agent, who can help you find a property that will work for your investment needs.
Investment Property Options
When it comes to using your investment property, you have two basic options. You could opt for short-term rentals, which are ideal for renting out to vacationers who will be in the area for a week or two at most. You could also choose to rent to tenants who are looking for a longer-term solution. Some might be looking for a place to stay while they are working in the area for a few weeks or a few months. Others might be looking for a rental where they can raise their family.
You will want to think about the best way to rent out your property to receive the maximum benefit. If you have property that’s right on the beach, for example, having a vacation rental property tends to make the most sense. If you buy a single family home in the suburbs, it might work better as a long-term rental.
Of course, you might find that you don’t necessarily want to use the unit you buy as an investment property. Instead, you might find that it makes a good option as a place where you and the family can live full-time. Whether you are retired or you are still raising a family, Miami can be a great place to call home for the same reasons people love to vacation there – great weather, always close to the beach, great shopping, and always something interesting to see and do. If you don’t want to live in the area full-time, you could always use the property as a vacation home for you, your family, and your friends.
You can find some great possibilities when it comes to your property in Florida. Miami is a great state that is going to be popular for many years to come, so take advantage of that popularity now.