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In Miami, buyers are primarily looking for properties that have already been renovated. This is the current trend : many clients tell me they would like to buy a property to renovate and then resell it, essentially flipping it.
But today, the market is so structured and stable that prices very often already reflect the necessary renovations.
For example, a standard three-bedroom, two-bathroom house might be worth around $400,000. If it requires $60,000 or $70,000 in renovations, its price will generally be adjusted accordingly and listed closer to $320,000 to $330,000.
The main advantage of buying a property to renovate is the ability to completely customize it to your taste if you intend to live there. But ultimately, once the purchase price is added to the cost of renovations, you very often end up with the market price for a property that has already been renovated.
