Findire.com - Property Management Company which deal with Midtown Condo
As Miami Florida Condos is an area prone to intense tropical storms and hurricane winds, building maintenance can be a considerable expense.
Press Release (PressBurner) Aug 23, 2010 - While you may not think about moving to Florida for whatever reason, it would be a good idea to buy properties to rent out as vacation homes. More and more people these days are looking for alternatives to hotel and the appeal of renting an apartment, condo or villa instead is growing more and more popular. Why is this you may ask? There are a number of reasons. For one thing, not everyone has a lot of money to spend these days, whether it is for a hotel, Miami Luxury Condo or even dining out all the time. Let's say for example that someone is visiting for Spring Break in Miami. Hotels here can cost a fortune, especially during this part of the year. An average hotel here can be as much as $100-300 a night.
Spring break usually lasts a week, so these costs add up. A vacation rental is much less expensive for many people, especially those that are coming in a group. You can charge $2,000 or more for letting people rent your investment property, and they will flock to your rental. Some of the added things you should look for when buying investment real estate are extra bathrooms, a pool or Jacuzzi, and modern kitchens. It is up to you to allow pets, but this can be a bad idea. Make sure that you ask for a deposit, not only to keep a booking, but also for a cleaning deposit as well. This should be at least a third of your weekly rates, because it is important that people who rent from you leave the place like they found it.
When buying Miami condos, one of the most important factors to consider is insurance. While the entire condominium building is insured, the same cannot be said for individually-owned properties. As such, if you are planning to purchase a condo, you should understand that protecting your condo unit is vital. And here are some ways and areas where you could do just that.
Insurance is also helpful in recovering damages to your personal properties. If you think that your clock or sofa isn’t worth covering, you’d be surprised at how much everything adds up to; and the number could be staggering.
The building’s insurance only covers the Miami condos within it and not the things within the condos. You must consider protecting your personal belongings by purchasing insurance. And to make things easier, create an itemized list of your personal items. List them in categories, like jewelry, clothing, furniture, etc., to help the insurance company provide a more accurate value for your personal items.
Any real estate property, including Miami condos, is vulnerable to water damage. Overtime water damage is, however, more common in traditional homes. Although you cannot be reached by flood if you leave high up the building, the rain can potentially ruin the integrity of your condo’s walls. In order to curb repair expenses, anticipate this problem by purchasing an insurance policy that will cover water damage.
However, as a Miami condos owner, you should also know the simple ways of preventing and detecting water damage. For instance, if you find discoloration or softness in the walls, you must immediately know the potential cause for it might be from water damage. Not only will this help you get rid of water damage but molds as well, which develop when moisture collect on the walls and other parts of your property.