Buying Miami Condos: Five Basic Questions To Ask
Property buyers from all around the world are drawn to the extensive selection of outstanding Miami condos which have easily become one of the most highly sought after real estate options within the region.
However, it is important to note that the process of buying a condo is different which is why property buyers are encouraged to find out more about the Miami condos that they wish to purchase in order to ensure that they know exactly what to expect.
In order to provide property buyers with a better approach to finding the most suitable condos within the region, we have put together five basic questions to ask when going through available options on the property market.
“Will financing be available for the purchase?”
Property buyers who are looking to purchase Miami condos will want to make sure that they go over options that will receive approval from their source of financing in the event that financial assistance should be needed. It is one thing to qualify for such assistance, but it is another to make sure that the real estate option you are looking to purchase is approved for the purchase.
“Does the condo have any special assessments?”
A special assessment is an additional expense or a levy which a condo board will have charged to a property buyer in the event that unforeseen costs should occur within the budget, or whenever a necessary system within the condo will need to be replaced. It is usually proportional to the percentage of common expenses for individual units. A special assessment will typically be smaller for a smaller unit than larger ones.
Property buyers who are looking to purchase newer Miami condos will usually not be charged a special assessment. However, condos which are fifteen years or more might require such a fee. If you find yourself in a situation wherein you may be required to settle such a fee, it would be best to negotiate that the seller of the property covers the expense for you.
Nevertheless, we provide our clients with a selection of options that are suitable to their preferences to make sure that any special assessments are clearly pointed out during the selection process.
“How much are the association fees for the condo?”
Association fees are charged in order to cover for overall operations and management of the condo. Such fees are used to pay for the staff salaries, maintain and operate all amenities, cover utility costs, as well as keep the building exterior in good condition.
Miami condos usually require association fees to be settled on a monthly basis, but a few been known to elect to have the fees paid on a quarterly basis. Such fees can be determined by a proportional amount of the expenses which are attributed to units on a per square footage account.
“Will an inspection be required before the purchase?”
More often than not, conducting an inspection will not be able to detect major issues; however, property buyers are highly recommended to conduct one regardless of what type of real estate option they plan to purchase in order to minimize the risk involved.
If you would like to make sure that the condo you plan to purchase lives up to your expectations, hiring a professional inspector can definitely be one of the best steps to take before the actual purchase, especially since doing so can help you save hundreds to thousands of dollars later on in time.
“Are there any condo restrictions being implemented?”
It is not uncommon for Miami condos to have restrictions, particularly when it comes to pets and leasing. While there are many condos within the region that allow people to keep pets, they will usually set a limit on the size and weight — and sometimes the breed — in order to maintain the quality and safety of living within the community.
When it comes to lease restrictions, condo associations tend to place a limit on how often a condo owner will be able to lease out a unit as well as how long a unit can be leased which is usually at a minimum range of three to six months. If you are looking to purchase a Miami condo for the purpose of renting it out as an investment, it is will be crucial to determine whether or not your purchase will go according to plan.
Make it a point to find out about all the condo restrictions that are being implemented to avoid any unpleasant surprises later on. Most condo associations are very clear in terms of what their restrictions are so take the time to understand how these may end up influencing your decision.
While there are many other questions that will prove to be beneficial to property buyers who are interested in buying condos within Miami, being able to address these five basic questions should help people with the decision-making process.
If you would like us to personally assist you in making the right choice, you are more than welcome to get in touch with us so that we can help you go over your available options on the Miami real estate market.