Miami Beach Condo: How to Find Your Best Option
Home values may be down across the country. But the Miami Beach market is an exception to that rule. According to the latest data, Miami home values rose 19.7% year-over-year, while national home values have dropped 6.1%.
There has never been a better time to buy a Miami Beach condo. Condo living offers the ultimate stress-free lifestyle. If you are in the market for a new investment property, a condo unit can also earn you an impressive ROI.
If you are wondering how to find the right condo in Miami Beach, you've come to the right place. Read this condo buyer's guide, or connect with Shoma Bay to learn more about our North Bay Village units.
What Is a Condo in Florida?
Florida Statutes section 718.103 defines condominiums as real estate properties with individual-owned units that share a communal space. Unit owners split the cost of the shared spaces, making them jointly owned.
Miami Beach is home to a diverse range of real estate types. Condos are common, offering tenants benefits like property ownership, a low-maintenance lifestyle, and incredible amenities.
Condos can also be an excellent investment opportunity. Miami Beach is a tourist hotspot, making it especially ideal for short-term rentals. However, there are some things you need to know about leasing condos in Miami.
Can You Rent Out Your Condo in Miami?
Whether you can rent out your condo in Miami depends on your building. Some buildings allow owners to lease their units to long-term or short-term renters. Others may place restrictions on vacation rentals or ban rentals altogether.
It is important to identify any leasing restrictions before purchasing a condo. Many condo buyers eventually rent out their condos when they can't sell them. And a condo can be more difficult to sell than a house.
Additionally, Miami Beach is the ideal location for a short-term vacation rental. However, some condo communities require at least a 6-month lease term if you want to lease your unit. Ensure your building aligns with your business goals.
How to Find the Best Miami Beach Condo for You
Have you decided that a Miami Beach condo is the right move for you? If so, you are probably ready to begin your search.
Luckily, hunting for condos is similar to the process of buying a traditional home. Learn our top tips for finding the right Miami Beach condo for your investment goals below.
Determine Your Budget
Overall median condo sale prices are $425,000 in Miami-Dade County as a whole. However, Miami Beach condos range in price from less than $200,000 to over $1 million.
With such a wide range of prices, it is crucial to set a budget before you start shopping. Getting pre-qualified for a mortgage can help you figure out how much condo you can afford. It will also come in handy during the sale process.
The good news is that buying a condo is typically more affordable than purchasing a single-family home. The bad news is that getting financing for condos can be more challenging than securing a typical home loan.
Do Your Research
Once you know your budget, you can start searching for condos in Miami markets you know you can afford. Whether you are looking for an affordable or luxury unit, Miami Beach has a condo for you.
One of the most affordable areas to buy a condo in Miami Beach is North Beach. It offers a laid-back vibe and proximity to the equally relaxed North Miami Beach. Condos in the area range in price from $110,000 to $500,000.
South Beach and South of Fifth ("SoFi") are the best neighborhoods to look for high-end and luxury condos. North Bay Village is also a great area to search. It's the location of Shoma Bay, a luxury condo building offering studio, 1-bedroom, 2-bedroom, 3-bedroom, and penthouse spaces.
Schedule a Tour
Schedule a tour of the top few condo buildings that make your list. You will want to check out the units themselves. But prospective owners should also pay close attention to the building.
During your tours, ask about the building's age to get a grasp on maintenance fees. Also, pay attention to the building amenities you get as a perk of being an owner.
Finally, make sure to inquire about HOA or condo association fees. The association will take care of maintenance and repairs in common areas. Some associations may also cover condo owner's insurance, community utilities, and more.
Get an Inspection
The last step on your journey is to schedule an inspection of your chosen unit. Florida recently passed a new condo inspection law whereby condos older than 30 years must be inspected at least once every decade.
However, getting an inspection before you close the deal on your new condo is not a legal requirement. Still, you should consider getting one done anyway. That way, you can identify any repairs early on.
If there are significant repairs, you may still want to buy the unit. You can ask the seller for a concession to cover the cost. Or you can make the sale contingent upon the seller fixing the maintenance issues.
The benefit of purchasing new construction like Shoma Bay is you know that the building is up to the latest code vs older condos in Miami Beach.
Condo Living at Shoma Bay
A Miami Beach condo is an excellent choice for homebuyers and investors alike. We hope this guide has helped you find the perfect unit to add to your portfolio or start condo living yourself!
Are you searching for the best condo community in North Bay Village? Shoma Bay offers 333 high-end condo units and community amenities you can't beat. Find the right floor plan for you and schedule a tour today.