You’ve entertained the thought of investing in Miami Beach luxury homes but you don’t want to take the risk of losing money since prices are still going down, that’s certainly understandable. In such a situation, it may be wise to seize upon the heightened demand for rental homes which produce a steady income and can be sold off once the South Florida real estate market gets better. Becoming a landlord of sorts does however come with a few important items to be aware of.

A rental home is a business. While for you it may simply be a residential property investment, the money generated from rent is a form of income which means it’s taxable. Most insurance policies do not cover what is now a business which means you may need to take out additional insurance in order to protect tenants and the property itself in case of damages.

Lawsuits do happen.In a perfect world tenant lawsuits would not exist but they can happen. Strongly consider hiring a lawyer or property manager who knows what laws and regulations the state has when it comes to rental property. They can also make sure the rent you’re charging for that Miami Beach oceanfront condo is justified.

Appearances are deceiving. Anyone can say they’re financially responsible but their credit report may prove otherwise. Taking the time to know who the tenant is and whether they’re a financial liability waiting to happen can save you headaches and lots of money in the end. With that in mind, it may be wise to consider a lease to reduce the chances of the tenant suing you if they’re evicted.

Rental properties are homes themselves.They may not have the same appeal as actually owning a Miami Beach home but tenants still put a lot of importance on the appearance and upkeep of the property they’re paying rent for so it ultimately works in your favor to ensure it looks nice and is well maintained.

The Kleer Team specializes in renting luxury condos in South Beach, Miami Beach, Bal Harbor, Sunny Isles Beach, and Downtown Miami. With our annual rental program, we can help you find the perfect condo you are looking to rent in Miami Beach. Click here to search available Miami Beach Condos for rent.

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As children get older and leave their parent’s home to create a new beginning and as college grads embark on building their careers, the thought of buying a home comes into play. In the past home buying was a no brainer.Miami real estate was thriving and values were going through the roof. Today, it’s a dramatically different situation.

Home buying is riskier and yet prices for a Miami Beach condo or otherwise unaffordable South Florida homes are now a lot more reasonable, an interesting predicament which has many people wanting to buy their first home asking: is it the right time to buy?

A biased real estate agent will not hesitate to tell you that yes, you should totally buy a home now but it just isn’t that simple. For the time being, almost any home you purchase now will have a lower value in a couple of months so yes, there is a significant possibility you will lose money. Plus, if your credit isn’t up to par you’ll quickly find that lenders aren’t as lenient as they once were and may flat out turn you down or give you financing terms that don’t work with your budget.

On the other hand, it’s not necessarily all doom and gloom. As mentioned above, if you’re seeking an upscale waterfront condo or single family home in a gated community, prices are at record lows. Mortgage rates have also been reduced which will allow you to agree on a financing schedule you can actually manage and won’t have you struggling to make monthly payments, especially if you have an above average credit score.

A knowledgeable real estate agent can assist you but the ultimate decision should come down to what your future goals are and your assets. Will you lose money? Chances are you will. Can you recoup your losses in the long term? Eventually, yes. If it’s not the right thing to do then stay put. Just keep in mind there’s nothing wrong with browsing either.

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