We all start somewhere. One thing that remains constant is that living in a luxurious home is the dream for many. In South Florida, the population is increasing but so are the luxury towers and single family homes. If you are done with college, planning to retire or just want to be in a great place, then South Florida can satisfy that. One challenge you will have to deal with is deciding whether to buy or rent in Miami luxury real estate market. And the right answer to that depends on you.
What money you have, will for a permanent home and preferences are the key things to consider here. We will look at both options.
It’s the option where payments is per month as long as you are to occupy the home. Some of the luxury homes being built and already built in Miami have this option. Renting can be appealing for people who want to avoid expenses and works of maintenance. With your own home, you have all the responsibility. Mowing the grass, the trees and trimming the fences will be a task for you to do. With renting, all the tasks are taken away from you. All you have to care about is what is inside your house. If you are to relocate often, then renting is the ideal option. It happens for people working in jobs that require flexibility. In South Beach ideal luxury rentals are at Continuum South Tower, Continuum North Tower, Icon South Beach, Il Villagio, One Ocean, Marea Miami Beach.
As much as renting can be appealing, it can also has its negative side. It is not that repairs and maintenance costs will be the burden of the landlord. It all must be included in the rents you pay. Other expenses including security and charges during relocation can be costly. Remember you have to pay any Miami real estate agent you contact. In South Florida, renting costs are on their way up. The objective is to encourage people to own homes and buy units.
Unlike where the costs are recurring every month with renting, buying is an investment. You settle all the costs at a go. Ongoing fees however still follow you including property taxes, mortgages, insurance, repairs and maintenance and utilities. Although not as high as renting, you still have to pay a significant amount per month. The problem may arise during the initial purchase. You need sizeable down payments and a positive credit history for mortgages.
Some Miami condominiums allow renting for a period not less than 5 years and then residents are free to buy units.