buying a Miami Beach Condo

45 Tips For Buying a Miami Beach Condo

I was thinking today about tips for buying a Miami Beach Condo because our buyers often have so questions during our buyer’s consultation.  I thought it would be a good idea to put pen to paper and list out some of the most frequent issues and also things you should know.

buying a Miami Beach Condo

Tips list for Buying a Miami Beach Condo

  1. First most important, find the Miami Beach neighborhood that best matches the lifestyle you want to live.
  2. Choose a building that matches your expectations in terms of service and amenities.
  3. Pay attention to the surrounding buildings and the surrounding areas.
  4. Is there a bus stop, a night club or something nearby that could potentially drive you crazy with noise?
  5. Secured, garaged, second level (at least) parking is a must.
  6. Miami Beach is an island, and sometimes it floods (see #5).
  7. If parking is available, most units in Miami Beach only come with one parking space.  Be sure to clarify if it is “deeded” to the unit or “assigned” and what this means regarding your ownership and resale.
  8. If you need an extra space, can that be arranged and can you purchase a second space?
  9. I would highly recommend a two bedroom over one bedroom.  Once you purchase a Miami Beach Condo, you will have many visitors.
  10. The higher up you go in floors, the pricier the units tend to be but if you don’t mind the height the resale has better value in higher floors.
  11. Be sure to know what view is the best view in the particular building you like the most.  Buy the best view for your money.
  12. Although ocean views are great during the day,  during the night, there is nothing to see.  So maybe you would prefer a city view?
  13. More on the views……  in some buildings one view is a better investment than another.
  14. Don’t read too much into the tax payment listed on the listing, it is the current owner’s, yours will be different.
  15. Are the windows and sliding glass doors hurricane proof?  If not, can you make them hurricane-proof?
  16. Who are the board of directors of the building and how is the building managed?
  17. Carefully read over the financials during the contingency period and ask questions if you don’t understand.
  18. Generally speaking, how is the overall condition of the building?
  19. What is the general attitude of the building towards maintenance, updates and ongoing repairs?
  20. Are there any major upcoming projects? 40-year assessment, etc.
  21. Is the building eligible for financing?
  22. What are the rental restrictions?
  23. How long does the condo association application take?
  24. Are there any foreclosures or delinquencies and how is the building handling these issues?
  25. Read the condo docs like your life depends on it and be sure you are okay with how this building runs their business.
  26. Work with an agent who specializes in Miami Beach and knows the buildings.
  27. Before an offer is written on a property talk about earnest money deposits and contingency contract periods.
  28. You don’t have to use an attorney for the transaction, although I highly recommend a lawyer.
  29. You will need to choose a title company and an inspection company (interview them in advance).
  30. Work with a local lender or lending professional who is seasoned in the Miami Beach market (this is a BIGGIE!!)  Inexperience can kill a deal.
  31. When making an offer, the seller’s agent will require the offer to be submitted with a pre-approval letter or proof of cash so be sure to have this in advance.
  32. When making an offer have your agent put together a market analysis so that you can be sure you are getting the best bang for your buck.
  33. Not all sellers in the Miami Beach market are underwater or desperate.  Understand the seller and their motivation to sell before making an offer.
  34. Prices listed on short sale listings are not necessarily the approved amount by the bank thus are not indicative of what the property will sell for a final selling price.
  35. When looking at short sale properties be sure your agent is correctly interviewing the short sale agent.
  36. Foreclosures are not always the “best” deals.
  37. I have found some of the best deals are those where the sellers are not distressed yet are eager to move the property.
  38. Preview the property during the day and at night.
  39. The highest and best offer doesn’t necessarily mean just “the purchase price” rather it can include (but not limited to) inspection periods, inspections caps, time to close, cash versus financing, deposit amount and more.
  40. Good deals don’t just hang out in the market, and they are good deals because they are good deals.
  41. The property that you looked at today and liked is the same property that someone looked at last week and liked, be ready to make an offer and move when you find a good deal.
  42. What’s included in the maintenance fees?
  43. Are there any future assessments anticipated and for what?
  44. If you are going to rent out the property, have your agent pull “rental comps” so that you can get a good idea of how much per month you can get for the unit.
  45. Pets or no pets?  Some buildings do not allow pets at all.

Copyright © By Jamey Prezzi * All Rights Reserved* 45 Tips For Buying a Miami Beach Condo

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