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Miami is one of those Florida cities which helps with drawing people to the state on a regular basis. These may include tourists who are seeking a great vacation experience where they can roam the sun-kissed beaches of the city, or partake in the various amalgamation of cultures in Miami areas like Key Biscayne, Edgewater, South Beach, and Miami Beach. For those looking to set down more permanent roots in the city (even during the COVID19 pandemic), Miami offers a variety of reasons for moving to this South Florida city.
Some of these reasons may include the fact that the weather is great all year round, the cultural makeup of the city makes for a great cosmopolitan experience, and the public transportation of Miami is reliable. Miami offers some of the best property investment options available, even drawing in such celebrities as Lenny Kravitz to invest in property in the area. Let’s look at some reasons why it’s a good idea to buy property in Miami.
Reasons to buy property in Miami
The return on investment (ROI) is impressive
If you are a property investor or landlord looking to buy property in Miami, there’s a good chance that you’ll receive a solid ROI. There’s a high demand for housing in Miami, along with many residents seeking opportunities to rent. As a property investor for say, a set of luxury apartments like Paramount Bay, your ROI will be through the roof. Potential residents love the fact that Lenny Kravitz envisioned places like this, and Arquitectonica-designed apartments offer a luxury apartment living experience.
Your ROI for properties like these also increases when you include such amenities as private parking spaces, washer/dryer connections, garbage collection, a pool area with chaise lounge chairs, onsite security staff, and onsite security cameras. In addition, many of the spacious floor plans will act as a draw for potential residents. In a city where physical fitness is celebrated, the fitness centers for some of these properties can be a huge draw. Also having a workout location for residents that adheres to new guidelines for COVID19 safety, is a huge plus.
Providing renters with a fitness center that has locker rooms, private workout areas, security cameras, reasonable gym hours, free weights, and drop weights can be a huge draw for potential renters. People are willing to pay for whatever they want, as can be seen in how many people are continuing to flock to Miami areas like Key Biscayne, Edgewater, Biscayne Bay, and South Beach, and setting down roots there. Reaping the benefits for your ROI is one reason why you should invest in property in Miami.
Miami’s tourism industry is growing.
As mentioned before, Miami is a city that caters to tourists. The city offers endless beaches, a wide assortment of shopping choices, a diverse culture, many outdoor fun opportunities, and a chance to chill in the lap of luxury. As a real estate investor, this can possibly spell a financial windfall for you. You don’t have to have a graduate-level business degree or be a vacation expert to realize that investing in vacation real estate in Miami is a good idea. People will need places to stay, so why not cash in on that as an investor to ensure future booking for your possible cash cow?
As an investor, make sure that this is the case, from the moment a visitor checks in to the moment that they check out of your location. If you ensure that this is the case for tourists, you’ll ensure future booking for your real estate investment in the future months, and years to come. Make your Miami hotel/motel investment one of the many reasons visitors will come to your city to visit and become overnight guests for life.
People love beaches and the waterfront.
Many people enjoy vacationing near the water. On any given day Miami residents also love being able to wake up and see the Atlantic Ocean. For that reason, Miami’s beaches and waterfronts are a huge draw for permanent residents and overnight guests. This includes tourists who want to visit Biscayne Bay to see the aquatic sights. This can even include South Beach or Miami Beach residents who love to just chill on chaise lounge chairs at the end of a long week.
To not have to travel to the picturesque beaches of out of country locations like Mexico City (in the midst of a COVID19 pandemic), is a huge draw for visitors and Miami residents. They’ll consider future travel opportunities to Miami for the sole reason of visiting the sand-strewn Edgewater, South Beach, and Miami Beach areas. As a Miami property investor, investing in beachfront or waterfront properties can be beneficial for you.