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In Miami, the properties are already finished, and buyers often want them.
This is the case today; I often have clients here who ask me, “Would it be interesting to buy a property that I’m going to ‘flip’?”
They’d buy it, renovate it, and then resell it. But today, the market is so stable, so well-structured, that if you’re looking at a property that needs work, its price will already reflect that.
For example, a 3bed/2bath house, which is a standard. I don’t know, it might be worth $400,000, and we know that the renovations will cost around $60,000 to $70,000.
Well, even on the listing, it’ll be cheaper. You’ll find it for $320,000 or $330,000.
The only advantage, ultimately, is that it’ll be done, if you want to live there, it’ll be finished to your liking.
And in the end, between the purchase price and the renovations you’ll do, it will indeed come back to the market price.
