Rent to Own Homes in Miami Beach
Miami Beach is located directly on the Atlantic Ocean in southern Florida, approximately seven miles from downtown Miami and about 12 miles from the Miami International Airport. The city incorporates and is surrounded by some of the most scenic attractions in south Florida, including Surfside, Bal Harbour, Dodge Island and Fisher Island.
This resort city is separated from the city of Miami by Biscayne Bay and is well-known as a hot spot for students during spring break and families during vacation season. The Miami Beach police department has received some unflattering attention in the past, but the city is still considered one of the best vacation spots in the United States. Even with a colorful history, the future of Miami Beach is promising.
If you choose to make your home in this coastal city, you’ll find a welcoming community and an attitude of tolerance and acceptance. There are many cultural attractions in the city, including the Miami Beach Community Kollel. The city also enjoys an active nightlife and a thriving tourist industry, so there are always jobs available in the city’s hotels and resorts.
Buying a Home in Miami Beach
Miami Beach has an interesting real estate market because you’ll find homes selling for $300,000 alongside homes selling for more than $1 million. While the median listing price is generally around $600,000, it’s common for median sales prices to come in closer to $400,000. You should expect to pay at least $200 per square foot in any neighborhood while bracing yourself for prices well over $400 per square foot in the most desirable areas.
Popular Neighborhoods in Miami Beach
The big neighborhood debate in Miami Beach is whether you want to live in North or South Beach. Both of these communities have their unique charms, but the decision ultimately comes down to your lifestyle and personality. You’ll encounter higher real estate prices and heavier traffic in South Beach because this neighborhood is home to the more popular beaches and tourist attractions. This means that you’ll encounter more tourists when living in this area, but you’ll also have access to a thriving nightlife and a lively community of spirited neighbors.
If you choose to live in the quieter North Beach area, you’ll enjoy less traffic on the roads, fewer tourists and much lower real estate prices. You won’t have access to that thriving nightlife, but you will have more peace and quiet and perhaps an easier time sticking to your budget.
Buying vs. Rent to Own Homes
Have you seen signs advertising any rent-to-own homes in Miami Beach lately? These properties represent a unique opportunity that has helped many consumers transition from renters to home owners. The contract allows you to rent the home that you want to buy in the future, so there’s no need to make yet another move when you’re ready to purchase the home. You’re already fully settled into the property at that point.
While the terms of the deal can vary, this type of agreement prevents other buyers from making offers on the property during your rental term. You have the exclusive opportunity to purchase the property for a designated price as long as you take action before the end of your contract. This is a good opportunity to move towards home ownership if you aren’t quite ready to secure a home loan right now.
Cost of Living in Miami Beach
The cost of housing in Miami Beach is often more than double the national average, and that has a tremendous impact on the overall cost of living. You can expect to pay slightly above-average prices for most goods and services, but it’s not too difficult to find affordable food in most areas of the city. Utility rates are about even with the national average, and you can control your transportation expenses by living close to your place of employment and favorite entertainment venues. There are big differences in prices from one neighborhood to another, so make sure to select the one that best fits your budget as well as your personality.
If you head to southern Florida and make your way to the city of Miami, you’re almost to a picturesque resort city known as Miami Beach. This city is positioned on a man-made barrier island that is separated from the city of Miami by the Biscayne Bay. The area is well known as a vacation hot spot, especially for students partying their way through spring break. There are still more than 80,000 people who proudly call the city home year-round.
Rent to Own Realtors
Realtors are highly skilled at informing potential buyers and prospective sellers about rent to own. A realtor can help find the second half of the deal you have been searching for.
Unfortunately, not many realtors are interested in rent to own because there isn’t a lot of money for them in the process. In the past, that would constitute a serious roadblock to rent to own; however, there are plenty of websites available for buyers and sellers to find each other.
Completing your rent to own deal without a realtor could save the seller a lot of money on commission. That gives the seller some wiggle room on the sale price, which attracts even more buyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.