Buy or Rent?

Without a doubt, choosing between buying or renting a home is one of the most difficult and important financial decisions you can make. Depending on which way you go, it will affect your finances in different ways.

 

In order to decide if renting is better than buying, or vice versa, it is necessary to evaluate our own circumstances, those of the market at that moment, and clearly understand the advantages and disadvantages of both.

 

Advantages of Renting

 

- You hardly need any savings to get started.

- The paperwork and steps to be taken are minimal.

- In case of a mistake, it is easier to make amends.

- You can have access to areas where you could not buy.

- It provides tax benefits to both the tenant and the owner, according to certain conditions.

- With the rent you have less expenses, since the taxes associated with the housing are assumed by the owner, unless different conditions are agreed upon in the contract.

 

Advantages of Buying

 

- The property is available for the purpose you want.

- It allows you to decorate and remodel it as you wish.

- In the long term it is usually revalued.

- It serves as a measure of future savings.

- Once paid, you no longer have a fixed monthly cost.

- Depending on the bank interest rate, it can be cheaper to live in your own property than renting.

 

No matter if you are looking for a property to buy or rent, our advisors are trained to help you throughout the process.

What you should know when it’s time to invest: Coronavirus edition

The task of selling, buying and investing in properties has always been a thoughtful act, full of challenges and bumpy roads. These challenges have only been boosted by the new scenario COVID-19 has provided, making it seem that the road is a little steeper than before. However, there are still many opportunities within this field.

 

Surprisingly (or not), the real estate business in South Florida hasn’t stopped. Just like everything else, it has slowed down: transactions are being delayed or pushed back, but they haven’t stopped completely. In fact, many brokers and companies  keep showing properties all over Coral Gables and Miami Lakes, valued from $300,000 to nearly a million dollars. So, in spite of the circumstances, there are still many alternatives to carry out a safe investment for all the parties involved during the COVID-19 pandemic.

 

●     Pricing and Listing: Right now, many transactions are paralyzed, and for fear of losing business opportunities, many owners are lowering their prices; however, this might not be the best strategy to follow. The price fluctuation due to the crisis is temporary, so if you’re thinking about lowering your selling price, make sure it’s not an exaggerated drop. That way, you won’t lose money when the prices start rising up again.

 

Moreover, listing prices and comparisons with other properties are also good measurements, as long as they are up to date. The market has changed in the last few months so there’s no use in checking old references.

 

●     Ace negotiation: Buyers are increasing their standards. Why? This pandemic has shown the importance of owning a home that covers all the needs of space, comfort, security, etc., in a long-term period (at the end of the day, we have spent several months at home already), all of which means that brokers and agents must polish their negotiating skills, and even prepare themselves for a little give and take.

 

●     Take care of the image: Tidying up, fixing minor construction issues and caring for the visual image have a big impact on a client’s decision. As for COVID-19, the alternatives to carry out meetings and home visits are now restricted by virtuality.

 

An online rendezvous might not be the most comfortable for either of the parties; however, it is one of the makeshift solutions during the crisis. On the other hand, for those who are still able to manage face-to-face visits, it is important to be aware of all the safety measures to preserve health (self-distance, face masks, antibacterial gel).

 

Now more than ever, people are valuing the worth of their own homes at its fullest, which is probably the biggest silver lining in our work field right now. Even when times get tough, there’s always something to bet on, and, for us, that is South Florida.

Paraiso Bay: a heaven like Paradise in Edgewater

Investing in Miami has many advantages besides getting to experience what this city has to offer. But with options that the Real Estate market has opened over the last few years, it’s easy to see why investing and choosing the best condo is confusing and overwhelming. There are questions you can start asking to yourself in case you’re thinking about investing in a condo:

·       What’s the best project to invest in?

·      How can I evaluate a project or compare it to another?

·       Which is the best neighborhood to invest in?

These and more questions can come up during the search for the perfect condo. But look no further: Paraiso Bay is now open!

Right in Miami Midtown, this condo complex has bay sights and over 1,000 residencies spread over 55 stories. You can have different options depending on what you’re looking for: 2, 3 or 4 bedrooms. Besides the basic needs, you can fall in love with the breathtaking views of the city thanks to its panoramic windows. The Paraiso Bay Complex was developed by Related Group and Arquitectonica architects.

Which commodities does Paraiso Bay have?

·    Concierge

·    Wine cellar

·    Private elevator

·    Tennis court

·    Spa

·    24-hr security

·    Gym

·    And more…

Now that you know the amenities you can expect from the complex, do you know what you can expect from the apartments?

You can have:

·     Balconies

·     Italian cupboards

·     Floor-to-ceiling doors

·     Open kitchen

·     And more…

Here at Gables Riches, we can help you invest in your future. Paraiso Bay can become your new home today. All you have to do is contact us now!

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Top 3 areas to invest in Miami

Miami is a fast-paced growing area. Property investments have increased over the last 15 years thanks to Miami’s lifestyle. According to the Florida International University’s Metropolitan Center, Doral is one of the fastest growing cities in the state, with a growth of 26.1% between the years of 2010 and 2016.  

Now, we’ll tell you about some of the fast-growing areas to invest in Miami:

Between 2015 and 2016, cities like Bonita Springs (4.5%) and Fort Mort (4.5%), were some of the fastest growing cities thanks to their environment and possibilities of investment.

Miami, on the other hand, grew a little bit over 2.9%. Between the years 2010 and 2016, the city gained nearly 53,000 residents, and last year alone (2017) it grew by 13,000 new residents.

Other cities around the South Florida area with a resident growth were: 16,408 in Miramar, 13,200 in Fort Lauderdale, 11,700 in Boca Raton, 11,200 in Hollywood, 9,900 in Davie, 8,961 in Coral Springs and 7,638 in West Palm Beach.

South Florida hasn’t lost population in over six years, making this area an attractive investment opportunity. And that’s where Gables Riches comes in. We offer Real Estate, Property Management and Property Insurance; we help you during the entire process. All you have to do is contact us and we’ll make your dreams of living in Miami come true.

Source: http://bit.ly/2G8Ou2r

5252 Paseo Boulevard in Doral

The Real Estate market in South Florida is very solid right now. New buildings open their doors every week, and one that really caught our attention last year was the 5252 Paseo Blvd in Doral. It’s such a beautiful building, extremely well located and with excellent prices for investors and anyone searching for their next home. Whether you want to rent or buy, you’ll be amazed with all the great things this building offers, and Doral Riches will help you get a great deal and in record time.

Doral is a great city to live in, filled with enthusiastic people from many different backgrounds, countries and cultures, all with one thing in common: the desire to make their community better and better every day. Buildings like the 5252 Paseo add little touches of elegance to this town, and since its construction in 2016, it has become almost a landmark thanks to its modern and original design.

Located in Downtown Doral, the 5252 Paseo is near some great schools, and the best shopping and dining in town are only a few minutes away. There’s even dining and grocery shopping inside the complex. If that’s not enough, you should also know that every unit has porcelain floors, and Nest System (home automation) to give you a full 21^st-Century futuristic home experience. The building offers some great amenities like a huge pool, an exercise classroom, gym, play room for children, spinning, concierge and valet. Everything to automatically upgrade your lifestyle from the minute you sign the papers.

Since its inauguration, proprietors have given nothing but great reviews about the condominium, and the building’s general management and administration. It’s a very organized building, and there’s always someone available to help with any kind of trouble in the units.

There are some units available for renting and/or buying. The price range for renting goes from $1,700 to $4,000, and the price range for purchasing goes from $200k to $600k (very reasonable prices for such a new building Downtown).

Some might consider the fact that there are areas still in construction near the complex a disadvantage, but this only means one thing: revaluation once they are done. This is a great opportunity for both first-time and experienced investors. Interested in this building or in any other building anywhere in Doral? Gables Riches is the right company for you. Feel free to contact us anytime.

Photo credit: www.5252paseo.com

Don’t Underestimate Renters’ Insurance!

As with all insurance, renters’ insurance provides extra protection; this time, for your own home and belongings. Some tenants and landlords might think renters’ insurance is overrated. However, it might save you from the most catastrophic events. We never know when an accident may occur or how the weather can turn against us, so insurance can be the perfect lifeguard for our homes. 

Don’t underestimate it! They can help you save money if something happens to your home.  They are not only favorable for tenants, but for landlords too. Here are some benefits of renters’ insurance.

Benefits for Landlords

1)     Protection against incidents. Even if you have the most responsible and careful tenant and you trust him/her with your life, there’s always the possibility of your home getting damaged without being their fault. Your house could catch fire, for example, and as a landlord it would be your responsibility to pay for those damages if there’s no renters’ insurance.

2)     Healthy relationship with your tenants. If anything happens to your house, it is most likely to keep a peaceful relationship with your tenants if there’s a third party handling the case. You will not only avoid a fight, but you will also save time and energy.

3)     Not getting involved in your tenant’s arguments. In the case your tenant is involved in an argument with some other neighbor –for example, due to property damage– then you won’t have to take the responsibility for it. Renters’ insurance will take care of it, even if there’s any monetary argument over it. This means, one less headache a day!

Benefits for Tenants

1)     Home protection against natural disasters. Tornados, wildfire, and hail are real in the USA. If your home happens to get damaged by a natural disaster, sometimes landlords don’t cover that loss. Avoid losing all your belongings and property with renters’ insurance. You spend money on insurance now, but it will be completely worth it in the long run if anything happens to your home. (Remember, not all natural disasters are covered, for some of them you might have to get extra coverage. Ask about it before paying.)

2)     Home protection against theft. Burglary can happen anywhere and anytime, even if you live in what looks like a very safe neighborhood. There’s always a risk of someone breaking into your home and stealing your most valuable belongings. Renters’ insurance helps you protect most belongings if stolen.

3)     Home protection against injuries. We all have accidents, and renters’ insurance is a good way of keeping your home safe from them. If a guest or even yourself damage your home, a landlord will rarely (not to say never) pay for it. Avoid wasting more money than you should with renters’ insurance. They will take care of the expenses to repair or replace what has been unintentionally damaged.

Photo credit: http://bit.ly/2AjWqLj