When you have a family it’s sometimes hard to make ends meet. We have three kids in private school and that leaves very little money left over. My wife and I have planned for our retirement and we hope to be able to travel and enjoy ourselves. It would be nice to be able to enjoy it know while we’re still young but in life we have priorities.
But what if we can have both? Take care of our priorities and still have a little fun. I think too often we put off living our lives to take care of the drudgery of life.
So my wife and I squirreled away a little extra money and are able to buy a small vacation home. We looked at several areas in the southeast. We considered Charleston SC, St. Augustine FL, and even a spot in North Carolina. But we eventually decided on Miami Florida. Miami is a vibrant city with a diverse culture. You have the nightlife, beach, shopping, and virtually anything else you may want.
So we began our search and boy were we surprised by the real estate costs in Miami…wow. We decided that our best bet was to get a house that needed work and just pay someone to renovate it for us. This serves several purposes.
- Get a house for MUCH cheaper than one that is move in ready
- Afford more house in the areas we are looking
- Have more say in the design of the house (cabinets, flooring, paint, etc)
We have found 3 quality properties that don’t look like much but have huge potential. Next we need to find a company to renovate for us. Not living in Miami and not knowing anyone there this is a difficult process. It’s hard to find real local construction projects in the local Miami area that can show you good residential or commercial before and afters photos. I want to see before and after because that will tell me if the company can make the transformation I want.
That’s pretty much where we stand. Once we find a good construction company to do our renovation we will find out how much that will cost. That will affect which house we put a bid on. I don’t want to buy a house for $100,000 thinking I got a great deal but the renovations cost another $100,000.
If you have any tips on finding a good construction company leave a comment below.