Building a Home in Miami – What to be aware of when building your own Miami Home?

New Home Construction Miami  – More Value for your Dollar when Building a Home in Miami

With a limited supply of homes for sale many home buyers don’t want to wait for that one dream home to enter the market. Instead of making an offer (often together with 5 other families) for a certain home, many investors decide to build their own Miami home and get more value for their Dollar.

It can be assumed that a good quality home in Miami’s main areas of Coral Gables, Coconut Grove, South Miami and Pinecrest will sell anywhere around $500 – $600 per Sq.Ft.

First Step – Miami Residential Land for Sale

The first step is to find a residential land to start building, a teardown or simply a fixer upper. Its important to know the average prices in the area and the prices to construct the type of home that you want.

Its worth stating that it takes more than an eye for finding the land, you have to know zoning regulations, construction costs, permit requirements, conditions of the land ( meaning if a pool could be built), topography, type of soil, water levels (WASD) (which will tell you the water lines and drains allowed to the houses on the street), elevation above the water table and so much more.

Before engaging in I have renovated and rebuilt two of my own homes, one in the North Grove which I bought for $750,000 in 2011 and sold for $1,750,000 in 2015. With $645 per SF this sale represented the highest price per SF achieved in the north Grove for a dry lot home. I am currently under interior renovation and expansion for our new home in Coral Gables. I know what it takes to build a home; from timelines to budget and from city permits to general pitfalls.

Build your Home in Miami – The Advantages

Besides creating your own personalized custom home, building your own Miami dream home has several financial advantages. First of all for a brand new home you spend less money than an already built home (given they have the same levels of finishes). You can contract whomever you find fit for the job and you don’t need to pay for the seller’s overhead costs. Furthermore, selling a brand new house in Miami (or one that is 5 or less years old) is more successful in terms of return on  investment than selling an older home. Besides the fact that you have spend less money to purchase the home, buyers are more eager to invest in new homes than in older homes therefore giving you a great competitive advantage.