|
Thursday, October 19 2006 @ 08:17 PM Central Daylight Time
|
But why rent when you can buy?
At least for now, most investors and speculators alike have postponed their buying binge until next year when Miami real estate horizon clears up. The cloud of uncertainty has hovered over the horizon for a few months, real estate sales went down. The “bubble’s bursting” rumor fanned the wings of vultures waiting on the sides for a fast swoop on the first casualty.
Real estate experts, however, remain optimistic that the scenario will take a face-lift next year and good deals will abound for the investor – who has cash available.
Renting is a wiser option in times of an indecisive economy. When the floodgates of opportunity swells in real estate next year, as optimists believe, the one who has the money cashes in all the advantages. Thus, it is wise to bind time in making a purchase until the situation stabilizes.
What has gone wrong?
Part of being a smart investor is to get familiar with the market. In Miami today, there is prevalent fear of the housing bubble because of massive supply over demand. Luxury condominiums, for example, have sprouted like mushrooms everywhere, with few takers. This can pull the economy down to its knees.
A flood of condominiums can be noted in Florida, as well as in Miami-Dade. Imagine when these units come to the market all at once?
As a rule of thumb among successful real estate investors, you should encourage your good judgment to prevail over impulse. When preconstruction interests you, you may go for it but do not merely rely on instinct. Preconstruction condos may not be easy to sell than you think.
Thus, renting, instead of buying can prepare you for the good times ahead when the slump is over. Here are tips you might find handy when finding a place to rent:
1. Call in the experts. Find out which place suits your budget by contacting property managers who keep a database of available properties for lease. They can find a match for you.
2. Check online. The internet is the fastest and easiest place to search for available spaces in your area. Property management companies and real estate firms run virtual addresses on the internet with full information of their products and service.
3. Compare prices. Type of accommodation and its location will influence rental fees; average rent in Miami today for two-bedroom accommodation is $1,000 while a studio-type may command at least $600 per month.
4. Examine the contract. Check provisions on deposits and advance, includingimprovements, repairs and maintenance.
5. Know your limitations. There are accommodations for rent that prohibit pets, and very young children. Knowing your limitations can help you come up with the best choice for place to rent.
6. Negotiate. Manage to come up with a reasonable price, which is within your budget.
Christiene Villanueva
http://miamirealestateinc.com |
|
