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Buying vs. Renting in Miami Beach


Many people from all over the world choose to settle in Miami for its beautiful beaches, sunny weather, and exciting cultural hotspots. There are also prestigious higher education centers, like the University of Miami, and Miami’s diversity appeals to a wide variety of cultures and lifestyles. For those who are considering a long term stay in beautiful Miami, the next question is then: To rent or to buy? This is a question which is very dependent upon each client’s circumstances. At South Beach Condo, our experienced agents can help you determine which course will give you the best value for your money, and help you achieve your Miami residency goals.


There are many factors to be considered in deciding between renting or buying a property in Miami Beach. For those who are considering a longer term or even permanent stay, purchasing a home can save you a great deal of money in the long run; depending upon financial factors such as the property cost, interest rate, and property taxes, after a certain period of time, it becomes much cheaper to own a home than to rent. However, in the short term, it is often cheaper to rent than to buy, as there are no broker fees, closing costs, and mortgage payments are often higher than rent. There may also be renovations needed upon the property, which can be costly, or yearly maintenance that must be taken care of by the property owner. Clients who do not have a nest egg saved for a down payment will also find renting a more attractive option, as purchasing a home requires a down payment of up to twenty percent of the property price.


Beyond financial factors, there are other personal considerations. Clients who are not looking to settle permanently, or whose career opportunities may take them elsewhere in the near future, will find renting a much more viable option. Students of the higher education institutes may not choose to stay in Miami after graduation; it would not be advisable for them to purchase in this scenario. However, clients with children who plan on growing up in that neighborhood and building lasting relationships may prefer the security of owning their home. Miami is also currently a buyer’s market; purchasing a property now may become a wise investment for the future.

Whether you have already decided upon buying or renting and now need an agent to help you find the perfect property, or if you are in the very beginning stages of deciding upon a residence in Miami, at South Beach Condo you will find the resources you need to help you achieve your goals. Our agents are very knowledgeable about the various neighborhoods in Miami, and strive to ensure that they have the latest, up to date information on the most desirable properties. We have listings for both renting and purchasing in a wide price range, and can help you find the perfect property for you. Please do not hesitate to contact our office and speak to someone who can make your transition to a resident of Miami Beach easy, painless, and quick.


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Updated: Wednesday, December 19, 2018

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