What to expect from the real estate market in 2021?

 

After a year as complicated as 2020, and with the rise of the COVID-19 pandemic, the real estate market has undergone some changes and there are some trends for 2021.

In 2021 there is more interest in buying homes rather than renting. More spacious homes with outdoor spaces, etc., will be sought after.

The consequences of COVID-19 may last throughout 2021, so the real estate sector will have to face new challenges to adapt to this situation.

 

1.    There will be stability in sales and purchases

November 2020 marked a turning point, recovering the downward trend in housing prices.

2.    Investing in housing

Buying a house as a safe and stable investment is still a good option. The most attractive properties to invest in are those in good condition and with a good location.

3.    Properties with offices

Properties with offices will be those most in demand. With the pandemic, and work at home, properties that have offices will be the most sought after, as for now it seems that the pandemic will not end soon.

People prefer buying rather than renting, this gives them more security.

In addition, they prefer properties with free spaces and offices where they can work from home.

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.

Is a Short-Term Rental a Better Choice For Me?

We won’t deny that hotels can be really great; all the comfort, amenities and services can be very attractive for tourist and visitors, especially for those on vacation wanting to relax, take some time off and rest. However, on some occasions, a short-term rental can be the best choice for you and your family (or companions).

The first thing to consider when choosing between a hotel and a short-term rental is the number of days you are going to stay in the same place. If you are spending 30 days or more, the most reasonable and affordable option is probably a short-term rental. If you are staying for less than 30 days, you might want to consider a couple more factors before choosing. For example: the number of people you are traveling with. If you are taking a trip with some friends or if you have a big family, it might be cheaper for everyone to rent a house or a condo. The perks? Having a kitchen where you can cook (and probably save some money, too), more room for everyone, and more quality tim

e with your traveling companions.

If you are traveling not only for vacations but to find a place to live, learn about the area and get to know its community, a short-term rental is the perfect choice. In a hotel, your neighbors would probably be tourists just like you, but if you rent a house or a condo, your neighbors would probably be residents from the area, and getting to know them would give you a pretty good idea of what it’s like to live in that particular neighborhood and in the city.

Hotels give you a more superficial experience of the place you are visiting, but before choosing you need to ask yourself: do I want to feel like home during my vacations? Do I mind having domestic responsibilities? Am I going to cook at all? How much space do I need?

Investing in a place to lease anywhere in Miami, Gables or Doral is a great idea. Know that long-term rentals aren’t your only choice. Renting your property for a short period of time can be very profitable and it would make your place available for you as well. Short-term rentals go from 1 week to an entire season (like the summer) and every year more and more tourists and visitors consider this as a much better choice.