The dynamics involved in the purchase of residential real estate are totally different from those of commercial real estate as the underlying purposes for buying either of them differ. Buying residential real estate means that you are most likely to live in the property or rent it out to someone. In either case, it will be occupied by someone for a considerable amount of time as their residence. The standard of living aided by the amenities available in the area cannot be overlooked as such.
Therefore, it’s good to dig deeper and consider the most pertinent factors as to how well they sit for you. Go through the following that we have come up with to help you develop the right framework for your decision of buying residential real estate.
Neighborhood environment
The environment or ambiance of the neighborhood is something you simply cannot ignore. When you live in a certain area, you are consistently in contact with the vicinity and its people as well. So when you head out to search for residential real estate and evaluate your options, make sure that the neighborhood environment is pleasant and has what is important in your life. If you have children, the quality of schools will be an important factor. If you are a foodie, you may enjoy having great restaurants just outside your door.
Access to major highways and transit hubs
The greater Miami area is recognized mainly as a city where people commute by driving. Even if you use ride sharing services such as Uber and Lyft, living close to a highway like I-95, the Florida Turnpike or a major bridge like the MacArthur Causeway (395) can shave a lot of time off your commute. As new high rise condo buildings are inhabited in areas like Downtown Miami and Brickell, the number of people using the Metrorail and Metro Mover has increased. Miami and Miami Beach have also introduced a trolley service and many expect a “Baylink” will be built in the near future to shuttle people from Downtown Miami to Miami Beach. All Aboard Florida is will also commence daily train rides from Miami to Orlando with several stops along the way. Keep in mind being close to the Miami or Ft. Lauderdale/Hollywood Airports as well as the cruise ports can make leaving town much quicker. Make sure to keep these things in mind when selecting the location you want to live.
Dig into the future developments in the pipeline
You don’t want to buy a home in an area that has no scope of advancement and improvement in sight. Stagnancy is a huge no-no when it comes to deciding upon housing options. For this, I can advise on what’s going to change about the neighborhood in say, two years or so and what kind of commercial activities are likely to take place. So do check out what’s in the pipeline in terms of further improvement of the area.