Buying a Vacation Home in South Beach, Florida

Vacation homes in Florida

‘They’ say that there are only three important factors to consider when you are buying a home a second home or a vacation home. The only three factors that matter are: location, location and location. There probably isn’t a better location anywhere on the planet than South Beach if you are looking for a home, second home or vacation home in a sunny, warm, tropical location with access to sandy white beaches.

Buying a home in South Beach is pretty much like buying a home anywhere else in the world. You have to know what you want, you have to find a real estate agent who will listen to you and under stand your wants and needs and you must be able to afford not only the purchase price but the upkeep, the insurance and the taxes.

Many people buy second homes or vacation homes with an eye toward their retirement years. This is a very wise way to look at the purchase of a vacation home or a second home. If you buy early enough, before prices soar as baby-boomers begin to retire, your investment can easily double or triple in value.

It is a well-known fact that those who own second homes or vacation homes take more family vacations than those who do not. That reason alone should be enough to make you start looking at the possibility of buying a home in South Beach. Who doesn’t want more quality time with their family?

There are also those that buy second homes or vacation homes strictly because they are excellent investments or rental options. As my daddy said, “They aren’t making any more land.” That’s very true and the land and the home that sits upon it only can appreciate in value over the years. As a matter of fact, property value is the only thing that really does rise in direct proportion to inflation. Buying a second home or a vacation home is an excellent financial move.

Remember that buying a home in South Beach means that you will have to qualify to get a home mortgage most likely unless you are independently wealthy. Getting a mortgage means that you are going to have to prove yourself financially capable of making the monthly payments on the South Beach property and you are going to be required to carry insurance that will include flood insurance. Because of recent hurricanes that have hit the South Beach area, flood insurance is a fairly expensive proposition. But flood insurance in one thing that you would certainly not want to be without when you own a home in South Beach. South Beach is not just on the ocean, it is also on Biscayne Bay and that makes it doubly susceptible to flooding.

Buying an apartment or a condo is also an alternative to buying a single family dwelling and might be an option that would appeal to you. Please do remember that all condos and all apartment complexes are not created equally. You need professional advice before you make a monetary investment in either.

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