Why Buy Miami Real Estate? 5 Advantages of Buying a Condo Over Renting

Real estate market in Florida, and Miami particularly, continues to be hit hard during the last couple of years. During real estate boom, a large number of developers build large luxury condominiums within the city that -- once the market when bad -- sitting empty. For a lot of, it has produced an chance to finally own a bit of Miami property in an affordable cost. The Special Moment City truly offers quite a bit to provide, having a warm tropical climate, pristine beaches, exciting nightlife along with a culture which makes the town a real melting pot. Still, you might be wondering regardless of whether you should make the leap and purchase a flat or simply rent someone to benefit from the lifestyle within the city. Here's a glance at 5 benefits of purchasing a condo within the city instead of renting.

1. Affordability

If you are prepared to purchase a condominium within the city, which tend to be popular than single-homes, you will find numerous discounted prices in desirable areas like South Beach and Brickell Avenue. Based on the Trulia rent versus buy index this year, Miami may be the top city where it's cheaper to purchase than rent. This index compared median sales prices using the median rents on two-bed room condos and townhomes.
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2. Lengthy-Term Investment

Buying Miami property should be thought about a lengthy-term investment, as home values tend to increase with time. Miami is among the 5 best holiday destinations within the U . s . States and professionals from around the globe still proceed to the region to purchase property. While home values are relatively low in the region now, property prices within the greater Miami area have ongoing to increase through 2012. The a large number of condominiums that sitting abandoned following the housing collapse are nearly completely offered and numerous new developments are planned in Miami for 2013, for example Bellini Johnson Island, Icon Bay, Brickell House and also the Porsche Design Tower. This implies that the marketplace is certainly obtaining within the city and also the discounted prices will not be for sale considerably longer.

3. Build Equity

Building equity is yet another factor you cannot do whenever you rent a flat within the city. Most of the foreclosed condominiums in Miami are now being offered for excellent prices and, along with some enhancements, ought to be worth well above that which you compensated in a couple of short years. The opportunity to build this equity is among the primary reasons use property.

4. Future Rental Options for Earnings

If you are attempting to decide should you rent or purchase a condo in Miami, you most likely already understand that rentals within the city are extremely popular. Like a major tourist destination, short-term vacation rentals are very famous Miami and surrounding areas like South Beach. Based on a very common holiday rental website, Florida is among the best three destinations for beaches, pet-friendly vacations and family vacations. When you purchase Miami or South Beach property, you be capable of then rent your condo later on to vacationers or perhaps professionals remaining within the city for any couple of several weeks on business.

5. Tax Benefits

The greatest tax advantage you will get by owning property in Miami may be the Homestead exemption, which will work for as much as $50,000 for Florida residents on their own primary residence. The condition also provides an older person exemption as much as $50,000 in lots of counties, in addition to a widow(er) exemption, disability exemptions and numerous veteran's exemptions.

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