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Ultra and WMC rocks! I've done it 2 years in a row.
1) Cost: Miami is expensive! BOOK EARLY! You could find hotels for $130-$150 a night booking early on in South Beach, and that will change to $280-$350 a month or two before the event.
Club events cover is varied from $30 or so to $150ish (!)for Guetta or other Top 5 DJs. Check wantickets.com. Drinks are expensive ($15 or so depending on the club)! Then again, there are a lot of talented DJs less mainstream DJs available for cheaper. A lot of parties.
Pool Parties! Boat Parties! Beach Parties! These all cost $$$, save for some free sponsored pool parties. Check wantickets.com and theres always a thread on tranceaddict with all the events. Actually, there are probably a lot of first time guides on here too, so I'm probably wasting my time.
2) Depending on the amount of partying you do, you could be there almost all week, for the entire WMC, to the Sunday closing parties.
3) Go see the DJs you want to see. Plan it out loosely before hand. Be sure to check out the Carl Cox tent! Go to afterparties afterword: be aware that if you're going back to your hotel (to change or whatever) leave the festival a little early if you're staying in south beach. Or you could walk to a club on the mainland (Space, Grand Central, lots others) all dirty lol, but make sure you have appropriate club wear.
4) Don't rent a car (made that mistake the first year). Cabs are reasonable, and public transit is available if you're on a budget. BUY EVENT TICKETS IN ADVANCE! I cannot stress this enough. Not only is it cheaper, but you don't wait in line. And lines can be over 2 hours (crazy). If you're doing substances of any kind, do some research/get connections because a LOT of crap floods into Miami at this time.
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