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The real estate market in Florida, and Miami specifically, has become hit hard during the last several years. In the real estate property boom, lots of developers build large luxury condominiums inside the city that -- if the market when bad -- sat empty. For a lot of, this has created an opportunity to finally own a piece of Miami real estate property cheaply. The special moment City truly offers quite a bit to supply, with a warm tropical climate, pristine beaches, exciting nightlife and a culture that makes the town a genuine melting pot. Still, you may well be wondering whether you must make the leap and buying a flat or perhaps rent you to definitely take pleasure in the lifestyle from the city. Here's a examine 5 good things about buying a condo inside the city instead of renting. 1. Affordability If you're willing to get a condominium within the city, which tend to be more popular than singlefamily homes, you will find a number of great deals in desirable areas like South Beach and Brickell Avenue. According to the Trulia rent versus buy index in 2011, Miami may be the top city where it's cheaper to buy than rent. This index compared median sales prices with the median rents on two-bedroom condos and townhomes. 2. Long-Term Investment Buying Miami real estate might be of interest a long-term investment, as home prices have a tendency to rise after a while. Miami is probably the top 5 holiday destinations in america and professionals from around the world carry on and proceed to the location to buy real estate property. While house values are relatively lacking in the location now, real-estate prices from the greater Miami area have continued to increase through 2012. The thousands of condominiums that sat abandoned following the housing collapse are nearly completely sold along with a variety of new developments are planned in Miami for 2013, like Bellini Williams Island, Icon Bay, Brickell House and the Porsche Design Tower. This signifies that the market is unquestionably buying within the city along with the good deals won't be around considerably longer. 3. Build Equity Building equity is yet another thing you can't do when you rent an apartment in the city. Lots of the foreclosed condominiums in Miami are increasingly being sold for nice prices and, along with some improvements, must be worth well above what you paid within a few short years. The ability to build this equity is probably the primary reasons find real estate. 4. Future Rental Possibilities for Income
In case you are wanting to assess if you must rent or purchase a condo in Miami, you most likely already realize that rentals within the city are extremely popular. As being a major tourist destination, short-term condo rentals are extremely popular in Miami and surrounding areas like South Beach. Based on one popular vacation rental website, Florida is amongst the top three destinations for beaches, pet-friendly vacations and family vacations. When you purchase Miami or South Beach property, there is a capacity to then rent your condo down the road to tourists and even professionals residing in the city for a few months on business. 5. Tax Benefits The most important tax advantage you receive by owning property in Miami could be the Homestead exemption, which can be best for as much as $50,000 for Florida residents on their primary residence. The state of hawaii offers a senior citizen exemption up to $50,000 in many counties, and also a widow(er) exemption, disability exemptions as well as a number of veteran's exemptions.
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