Miami Beach condominium: Should you rent or buy?

Miami, Florida is the place where real estate market is constantly growing. This is quite a challenge for the wealthy investors. The luxury condominiums and the waterfront condominiums become one of the most preferable places for living and bring a good return on investment.

 If you are one of those people who do not yet have the means to buy a house, a condominium or a townhouse, than you may be left with one option: rent. There is one question mark regarding affordability.

Here are several reasons to rent a Miami Beach condominium: 

• You are more flexible

• Renting is almost as comfortable as owning the house and there is no reason for loosing your independence feeling.

• You don’t have to worry about maintenance. This relies on the home owner.

These seems to be three good reasons to rent rather then buy. Also, they may seem objective depend on your disposition. But at the same time, remember that it is you that decide when the time comes to buy a house.

1. What do you have to do to as a renter or tenant? Whom to talk to?

The renter is the person to whom a landlord or home owner grants temporary and exclusive use of part of a building, usually in exchange for a rent (sum of money).

 If you want to live in a rental and don’t want to be the renter, you may call yourself a tenant. This is the person that occupies an apartment, but not necessarily the renter.

When renting a Miami Beach condominium you don’t have to take care about all the expenses a homeowner has. The only payment for you is the check you give to him/her at the end of each month. This check represents the regular amount called rental or lease. The payment may be monthly, each six months or even a 12 month lease.

However, you choose the time you want to stay; and surely, when you sign the contract.  

For closing the deal you’ll have to sign a contract for the arrangement and that is all. There is no more hassle and no more papers involved.

2. Which are the luxury condominiums for rent?

 If you’re on a one way trip to rent a condominium in Miami, you’ll get the chance to get a ride all around the city.

As a rental resident you may be attracted by the waterfront condominiums and the marina facilities they offer. Also, the luxury condominiums downtown Miami or any other high condo building in Miami area may fit your taste. Follow the link and you’ll get to visit the Miami preconstruction condos http://www.realestateparadise.com/miami-keyword48.html

Every choice has a certain price. You may negotiate some of the contract conditions, but the price will ring you the bell about how much you can afford. You may think that a location like Miami, with its original and attractive facilities may cost you quite a fortune for a part time residence, but for sure it will worth it.

3. Which are the prices you have to pay?

 It is said that having your own home it’s a part of the “American Dream”. I dare to say that renting a Miami condominium could bring you rapidly to the “Miami Dream”.

 This “Miami Dream” may cost you about $1,000 per month for one bedroom rental. If you multiply by 12 months and then by 2 years you’ll get the picture of what the “American Dream” will cost you. The result of this ‘never want to stop multiplication’ is that at the end you’ll become maybe one of the Miami permanent residents.

 How is this going to happen? There could be just few steps, from renter to buyer. The monthly rental payment will become a fast growing amount at the end of the year. You may not pay taxes or may not support the house fixing costs, but the monthly payment may eventually surpass the mortgage payment much faster then you expect.  

So, all you have to do is to take a few hours to make some calculation of how much does it cost you a part time residence instead of a permanent residence.

It seems easier to rent the ‘Miami Dream” and harder to become the homeowner. But as a homeowner the “Miami Dream” could last longer. 
What do you think? Let’s talk about in on the Miami real estate paradise forum: http://www.realestateparadise.com/forums/index.php