Over the past few years, the real estate market in Florida and, in particular, in Miami, has suffered a lot. During the real estate boom, dozens of developers build large luxury condos in the city, which - when the market, when bad, sat empty. For many, this created the opportunity to finally acquire a piece of Miami real estate at an affordable price. The Magic City does have something to offer, with a warm tropical climate, unspoilt beaches, exciting nightlife and a culture that makes the city a real melting pot. However, you may be wondering if you should take a dip and buy a condo or just rent one to enjoy the lifestyle in the city. Here is a look at the 5 advantages of buying an apartment in the city, and not on rent.
1. Availability
If you are ready to buy a condominium in a city that is usually more popular than single-family homes, you will find some good deals in desirable areas such as South Beach and Brickell Avenue. According to the Trulia rent and buy index in 2011, Miami - the main city where it is cheaper to buy than to rent. This indicator compared the median sale prices with the median rental price for two-bedroom apartments and town houses.
2. Long-term investments
Buying Miami real estate should have been a long-term investment, since real estate prices tend to rise over time. Miami is one of the top five travel destinations in the United States, and professionals from around the world continue to move to the area to buy property. While housing prices in the area are relatively low, property prices in most of Miami continued to rise until 2012. Thousands of condominiums that left after the collapse of housing are almost completely sold, and in 2013 a number of new developments are planned in Miami for 2013, such as Bellini Williams Island, Icon Bay, Brickell House and Porsche design tower. This shows that the market is definitely selected in the city, and good deals will not be much longer.
3. Building equity
Building capital is another thing that you cannot do when renting an apartment in the city. Many of the closed condos in Miami are sold at high prices and, with minor improvements, should cost well above what you paid for a few short years. The ability to build this capital is one of the main reasons why people buy real estate.
4. Future income opportunities
If you try to decide whether to rent or buy a condo in Miami, you probably already understand that Rent in the city is very popular As a major tourist destination, short-term condo apartments are very popular in Miami and surrounding areas, such as South Beach. According to one popular vacation rental website, Florida is one of the top three destinations for beaches, pets, and family vacations. When you buy Miami or South Beach real estate, you have the opportunity to rent a condo in the future for tourists or even professionals living in the city for several months in the business.
5. Tax breaks
The biggest tax advantage you get by owning real estate in Miami is the exemption from Homestead, which is good for up to $ 50,000 for the residents of florida in their primary residence. The state also offers exemption from a life-long citizen up to $ 50,000 in many cases, as well as exemption from a widow (er), exemption from disability and a number of exemptions from veterans.
