Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Rent vs Buy in Miami : Real Estate Advice

  • All3K
  • Local Info256
  • Home Buying1K
  • Home Selling88
  • Market Conditions104

Activity 10
Mon Feb 20, 2017
Gregg Pomeroy answered:
Hello, I'm a mortgage professional.

If you would like I may be able to help see what you would be pre approved for ?

We have programs that you can qualify for with as low as a 580 credit score. I can lend nationwide.

You can contact me through my profile if you have any questions or would like help.
... more
0 votes 2 answers Share Flag
Sun Apr 17, 2016
Aaccm/88 answered:
your better off saving your money, building your credit and buying your home ,but stay awy from LTO reality/rotor holdings
0 votes 10 answers Share Flag
Fri Feb 12, 2016
Yanoska Diaz answered:
In addition to the excellent advice Ann has provided I will like to add that rent to own options are rarely available in Miami.
0 votes 2 answers Share Flag
Tue May 5, 2015
Jacqueline Nurse answered:
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.

Thanks
Jackie Nurse
Real Living Realty
305-609-1232
... more
0 votes 1 answer Share Flag
Thu Mar 19, 2015
Javier Olmedo answered:
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
0 votes 3 answers Share Flag
Sun Jan 25, 2015
Rafael Velasquez answered:
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
0 votes 4 answers Share Flag
Tue Jan 22, 2013
David Siddons Group answered:
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 siddons.d@ewm.com
regards David Siddons
... more
0 votes 7 answers Share Flag
Mon Apr 2, 2012
Miami Beach Condos And Homes answered:
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
1 vote 11 answers Share Flag
Sun Apr 1, 2012
Bill Eckler answered:
As the owner of record, you can do anything with the property that you are allowed legally to do...up to the point of no longer enjoying ownership.

The absolutely best thing you can do for yourself is to seek legal advice from an attorney. It may cost you money but what you get in return may far exceed your expectaions.

Good luck,

Bill
... more
1 vote 6 answers Share Flag
Sat Mar 31, 2012
Irina Karan answered:
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.

Irina Karan
Beachfront Realty, Inc.
305-904-2355
IrinaKaran@gmail.com
... more
2 votes 9 answers Share Flag
Search Advice
Search

Followers

967