Hi. In terms of buying or renting buying is always more financially advantageous. You gain your investment back when you sell. After renting for 2 years you will only receive your security deposit. Areas under $125,000 are limited. Please feel free to contact me to provide current properties in this price range.
Real Living Realty
Rent to Own right now seems to be as extinct as the dinosaurs due to the high demand of properties. I am not in agreement that it is a bad idea, if you can find one. The chances, however, of finding one are not in your favor.... more
Unless you know theses areas, I would recommend renting for at least 6 months first. Brickell is certainly the most developed and priciest area of those you mentioned. Downtown and Midtown are catching up in development quickly but still have lower priced properties for sale and rent available. Depending of how much of an investment value you are looking for DT and Midtown will over long term probably provide greater returns while Brickell, will provide a present higher quality of living neighborhood. The choice is yours. For additional info please call me directly at cell. 305-303-9098. Thanks, Rafael A. Velasquez, President/Broker, Sunset Realty Group... more
The Option to purchase after renting can be given by the owner/seller. You ofcourse can always ask for this option.
I have handled some cases in which the renter purchased the house afterwards so I could give you some more details. For more information contact me on 305 508 0899 or drop me an email at firstname.lastname@example.org
regards David Siddons... more
Expect for the unexpected. Encourage your renters to purchase renters insurance, always keep reserves of capital to unforeseen expenses, negotiate whether you will be doing yard maintenance, and above all, be prepared to refresh the home when the tenants leave. There is always some wear and tear in a home after a years stay. Make sure you list with a reputable agent as well!
Best of luck!... more
With the rent prices on the rise, and super low vacancy ratio in Miami, the rents are becoming financially less desirable. At the same time, the prices of properties are also rising quickly, so the buyers/tenants have to make a rather quick decision as to what to do right now. Many previous home owners can not buy due to their damaged credit (foreclosures, short sales, default during loan modification period, job loss etc.). Rent is the only available option for them (hence, higher rental pricing due to increased demand).
Overall, with the mortgage rates being as low as they are now, and the prices that are still affordable,
more and more people choose buying vs. renting. This decision often has to do with our real estate clients' employment, increasing family size or downsizing/buying a 2nd home property. Many buyers are out of state or foreign buyers, who first come and rent (testing waters), but later buy -finding all Miami has to offer irresistable...In any case, the real estate tax and mortgage interest deductions are great for tax write offs.
However, each person's situation is different when it comes to buying real estate.
The house will work out for a buyer with debt to income ratio under 36%.
The buyer will also need to have 3.5% (FHA) downpayment saved up for a house or a townhome, and
20% down for a condo. Foreign buyer can purchase cash or obtain loans with about 25% to 40% downpayment. In addition to that, there will be inspections costs, closing costs (sometimes paid by the seller), home and flood insurance (expensive in FL). There are unpredicted repairs that might come up once the buyer purchases his/her property - something to plan for. According to most financial gurus, it makes sense to have an emergency fund before you buy (from 3 months for a regular job to a year, if self-employed).
In my estimation, both purchase and rental markets are doing great in Miami right now.
Personal situation will be the key when it comes to a buy vs. rent decision right now.
Beachfront Realty, Inc.