Renting versus owning has been a major ongoing debate when it comes to Miami real estate. Even with prices getting lower and interest rates also remaining low, many renters still wonder whether it's right to take the next step towards homeownership. While the decision to ultimately to buy lies entirely with you, here are a few reasons to consider it.
Think about landlords and ownership. The money you're paying is going into the landlord's pocket, allowing him or her to make improvements and and adjustments that could result in a home sale and leave you scrambling to find a new place to live. The same idea applies with customization. Owning Miami real estate gives you a greater amount of creative freedom than renting where you're limited to what the landlord allows and doesn't allow.
Renting is quickly becoming almost as expensive as buying. Although you won't have to deal with all the extra fees associated with homeownership, consider that a monthly rent payment can cost almost as much as a mortgage payment. The affordability of Miami real estate continues to improve each day, make sure you evaluate which option works best for you on a long term basis.