5 Things to Know About Buying a Condo in Miami Beach
Did you know that the average rent for a studio apartment in Miami Beach, Florida, is $2081 as of November 2022, and for a one-bedroom apartment, it's $2700 a month? These are exorbitant rates, and you don't even own your place paying such amounts.
That's why buying a condo in Miami Beach is the better choice. Most people in Miami Beach live in high-rise condos or apartments.
Below are some things you need to know about Miami Real Estate. So keep reading!
1. Don't Forget to Account For Condo Association Fees
Homeowners Association (HOA) is something that a lot of renters or traditional homeowners won't know about. It's particular to owning or buying a condo.
Each condo has an HOA which helps manage the community and its rules. Also, they are involved in maintaining all the shared amenities and all the necessary upkeep.
The great thing about owning a condo is that you don't have to worry about mowing the lawn or cleaning up the pool. All of that is taken care of by the HOA.
You pay for that privilege, of course. The HOA fees are recurring and monthly and differ from condo to condo depending on the number of amenities available, the size of the condo, and other variables.
The HOA fees are paid by every owner in the condo community. So it creates equality and equanimity between the owners. The spending budget for the HOA gets created from the HOA fees paid in, and each HOA has discretionary power in how they choose to spend the money.
A favourable point about the HOA is that it comprises part of condo owners, which means that they have a high stake in ensuring HOA fees stay low and the condo stays clean, beautiful and livable.
2. Amenities Will Come With Your Condo
Every condo that you look at in Miami Beach will have different amenities. So you will need to figure out what you want to have in your home, and then choose accordingly.
For example, you might not care about having a pool in the building, because you would rather go to the beach, but you can't do without a sauna and hot tub. Another person might want a gym but can do without guest rooms or tennis courts.
Some common amenities you will see in brochures for condos are:
● Tennis Courts
● Pet-friendly play areas
● And much more
If you are looking at the luxury high rises, they might even include daily housekeeping and room service with them (these are also known as condo hotels). That's why you need to do your research and go around to look at several different condos before picking a particular Miami condo.
Also, consider that the more amenities a condo has, the higher its HOA fees and also, the mortgage will be that much more. If you are on a budget, you might want to search for a condo with minimal amenities, which should help you save on costs.
3. Condos Are Cheaper Than Traditional Homes
The positive thing about condos is that they are much cheaper than traditional homes. In addition, you can buy high-rise condos that are situated right in the downtown core or next to the beach, depending on your preference.
Condos are usually located in better locations than homes would be, so if you are a young professional who wants to be next to the fun parts of town, then you will want to choose a condo rather than a home.
Don't forget to account for the following things in your monthly budget when crunching the numbers for a Miami condo.
● HOA fees
● Condo insurance
● Property Taxes
● Water and utilities
Both condo insurance and property taxes for a condo are much cheaper than they would be for a traditional home, which helps you save on costs. This way you can enjoy a better lifestyle in Miami Beach while still paying into a mortgage and owning a condo.
4. Homeowners Association - Participate if Interested
The Homeowners Association (HOA) is crucial to the proper functioning of any condo. Their budget and reserve will tell you a lot about how a condo is run.
If you don't like leaving all these important decisions up to other condo owners, then you could consider joining the HOA meetings and/or joining the HOA itself and making a useful contribution that way.
It will also help you feel more involved in the community itself, and you can add this to your resume as well, boosting it.
5. It's Easy to Make Friends in a High-Rise Condo
Never lived in a condo before? One thing you will notice about living in a condo is that it's a different experience to be sure.
You do have to abide by the rules and regulations that the HOA sets up, so sometimes you can't hang clothes on the balcony or have items set up outside your condo door. That can be a little more restrictive than owning a home would be.
But the HOA is always organizing events and meetups between condo residents to ensure that there is the camaraderie between folks. That makes it much easier to meet people from your condo, forming deep bonds which could last a lifetime.
It's also quite simple to get a friendly neighbour to water your plants or keep a watch on your condo while you are away.
Buying a Condo in Florida Has Many Advantages
Going from a homeowner in some other city to a condo owner in Miami Beach can feel like a downgrade. But when you look at all the advantages of living in a high-rise condo in Florida, you might rethink the whole thing.
Buying a condo is the better choice when it comes to living in Miami Beach. If you are interested in buying a condo in the North bay Village, North Miami/ Miami Beach, Surfside, or Bal Harbour areas, contact us today!