December 28, 2007, Newsletter Issue #138: Renting Vs. Buying in Miami

Tip of the Week

Renting Miami real estate, although convenient for some, is not a great long term plan. After all, why pay someone else's mortgage when you can pay your own? In some cases, renting is a necessity.

Perhaps you are moving to Miami for a new job or a job transfer. In this case, you may want to rent for a while to get a feel for the area and see if you want to stay for the long term. You may also find Miami real estate to be unaffordable whether due to home prices being too high or interest rates on the upswing. Either way, you need to consider how you are spending your money and where your money can do the most work for you.

For instance, perhaps you have found the property values dropping in the Miami neighborhood you've always liked. Move in as a renter, wait for the market to stabilize and then jump on the opportunity! Perhaps you can find a rent or lease to own property as well. No matter your situation, if you aren't a homeowner you should work toward becoming one. Save your pennies for that rainy day and when you find your Miami dream home, you'll be ready!

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