For buyers new to owning abroad
First property purchase in Miami: the decision path
On a first purchase, the common mistake is starting with listings. The correct path is defining objective, timeframe and ownership structure, building the full budget including post-closing costs, and only then comparing units that pass those filters.
The decision path
1. Define the objective before the property
Long-term store of value, family use, income or estate planning lead to different properties, with very different liquidity, cost and use restrictions.
2. Build the full budget
Beyond the purchase price: closing costs, association fees, property tax, insurance, management and maintenance.
3. Decide the ownership structure
Individual or entity, cash or financed, one or several buyers — defined with attorney and accountant before an offer.
4. Organise funds and documents
Passport, source of funds, currency planning and, when financing, pre-approval before choosing the unit.
5. Compare few, well-analysed options
Technical comparison: lease rules, recurring cost, association health, unit position and building or developer track record.
6. Run the transaction past handover
Offer, contract, due diligence, closing, then activation: utilities, insurance, management and leasing when applicable.
Costly mistakes
- Choosing the property before defining the objective
- Modelling rental income without full recurring cost
- Assuming any building allows short-term rental
- Leaving ownership structure to decide after signing