Miami is just the 20th-best city for buying homes as opposed to renting,
after being ranked first in January, according to real estate firm
Trulia. According to the data, it is cheaper to rent than to buy in
Miami. “It’s a personal decision, of course,” said Daisy Kong, a
spokesperson for Trulia. “But if you have a steady job and you are
planning to stay for seven years or more and have enough cash to put 20
percent down and enough left over for seven or eight months of expenses,
you’re better off buying in most places.” [CNN]
Miami falls among top buying markets
August 16, 2011 09:44AM
August 17, 2011 at 11:07 am, Anonymous said:
Location Location location… can’t compare a condo in Kendall or Doral to a Condo in Downtown Miami/Brickell/Miami Beach. You usually pay higher maintenance but appreciation is much greater!
By the pay you pay taxes and have expenses on a single family home too! Cant get away from those…
August 17, 2011 at 10:04 pm, Gardenia Saumell said:
today is THE BUYER MARKET Big surplus of properties
at a very LOW PRICE and a very low interest ,
make the move now, call me if you need a 30 years experience
Realtor
August 17, 2011 at 3:19 pm, Anonymous said:
As a realtor, I might also add that there are problems with the stability of owners of condos. I have had clients lose their deposits to landlords who were foreclosed on. The other problem is that an owner might decide to sell, just as the tenant is getting real comfortable. That means, the tenant has to be prepared to move yearly. Moving expenses are also costly. There are definitely pros and cons in either situation. If you are new to the area, it is better to rent for a year and become familiar with the location and the possibility of commuting in heavy traffic. A single owner may not prefer the maintenance problems of a single family home. The rental market is very strong right now and is getting to be expensive when you consider first, last and security deposit when renting a condo. Rental communities have income requirements, as well. There is no easy answer.
August 16, 2011 at 6:33 pm, Dean Corso said:
DON’T EVER BUY a condo in Miami unless you want to die in it. There are so many hidden costs, expenses, taxes, assessments, in a mismanaged and wholly corrupt City, and other non-disclosed monthly hemorrhaging of your money, it is MUCH SMARTER TO RENT which you can do for less (negotiate) and without a single headache from the above- mentioned realities yet realtor-hyped “great investment” horse manure. Just ask Mr. Ed.
August 16, 2011 at 8:04 pm, Anonymous said:
That is a statement of someone who did not did their homework before they bought or speculated. Spoken by a true loser!!
August 16, 2011 at 8:29 pm, Rosemarie said:
Buyers receive a good faith closing statement 3 days before closing.
August 18, 2011 at 5:07 pm, Anonymous said:
Good areas are not low cost, well depends for who, someone abroad will think is low cost, not low for locals
August 16, 2011 at 9:24 pm, Anonymous said:
To be honest Dean you are true about cost compare to others places where I have condos and I don’t have to pay maintenance because the tenant cover it and here in Miami even if the property is rented as an owner I am not making money like properties abroad but I still think it’s better to buy in a good building, wait and expect appreciation to come to recuperate costs
August 17, 2011 at 6:28 pm, Andres Lemos said:
It comes down to what the purpose is? Personal, second home, or purely investment. That will determine the basis of the filters for the property.
There are quantitative and qualitative reasons behind these decisions. The pro and cons vary so it’s a matter of looking at the objective and see what makes sense.
Renting is the best idea at times and buying can equally be as advantageous. On a personal level, there is nothing like home and that is not representative of renting compared to owning. Tax advantages (while they are there) and the ability to make improvements have a lot of say on what is house is vs. what is becomes=a home.
Can ‘t generalize in this business.
Amen,
Andres
August 17, 2011 at 6:58 pm, Anonymous said:
The comment about location has nothing to do with the point that when you see what you invest on the property condo fees because of corrupt associations imposing assestments and the price you sell it, there’s no profit, no gain, I mean even in the worst place of the world when you buy a property and sell it then, you make a positive difference but here I sold a condo on the beach and I lost money