Are you looking for a new condo?
Miami is the most exciting city in America. It’s a city rich in culture with over 60 spoken languages!
Everyday life is easier, more entertaining, and more productive when you live in South Florida. It’s the perfect place for anyone who wants to do more with their life.
If you’re getting ready to buy a Miami condo, but aren’t sure where to start, let us help. How can you find the best condo in Miami? Read on to find out.
Table of Contents
Should You Lease or Buy?
First and foremost: decide whether or not you want to rent or buy. One of Miami’s most popular trends is renting condos.
Condos tend to be more expensive than their single-family home counterparts. However, buyers also have a lot more options as well as responsibilities as owners of a property.
What a Realtor Does
Once you’ve decided where you want to live, the next step is finding an agent. Most real estate agents work for one specific company, but some realtors can work with multiple companies rather than just one.
An agent should connect you with a realtor who deals with the company you want to buy a condo. Your Realtor should also be able to help you (virtually) tour properties and narrow down your search for the perfect place.
Things to Look For in a Realtor
When you’re looking for a realtor to help you buy your condo, there are some things you should look for. The first thing is their experience. How many years have they been in the business?
Are they certified, and do they belong to any professional organizations? The best realtors will have unique leads. That way, you can check out more Condos for Sale to make an educated buy.
Next, determine how accessible they are. Can you contact them quickly, and will they answer your calls and emails quickly? These factors will determine the success of your relationship with your realtor, so make sure to choose someone easy to work with.
Finally, ask about their fees and what precisely those entail. Make sure that you know their commission rate as well as the closing fee and other costs.
Next, get a quote about what you should budget for their services and know exactly how much it will cost to buy your condo. You can also lookup real estate agents on the MLS and Real Trends websites and check their reviews and ratings.
Price of the Best Condo in Miami
Now that you’ve found a realtor, it’s time to discuss your budget for buying the best condo in Miami. The price of condos varies greatly depending on where they are located- the more central, the pricier. Condos in Miami Beach and downtown tend to be around $500,000+, while condos in the outskirts of the city range from $200,000 to-300,000.
We suggest checking out the best restaurants in Miami and then looking for condos nearby. However, you’ll have to start by looking at properties in your price range on a realty website.
Then contact a realtor for more information regarding specific locations you find promising. In addition to knowing your price range, you’ll also want to know the exact type of condo you’re looking for.
Standard Condo Features
As you continue your hunt for the best condo in Miami, you’ll want to familiarize yourself with standard condo features. Condo buildings vary depending on location, age, amenities, etc.
However, they all have some standard features. For instance, almost all condos have elevators and garages.
The elevators can either be open-air or inside. Parking garages tend to be attached rather than separate parking lots. Also, almost all condos have a doorman who is on duty during certain hours of the day.
In addition to these features, newer condos also come with luxury appliances, such as dishwashers and hardwood floors. The building itself might even have a pool, fitness center, business center, etc. All of this depends on what you need in your new home.
Look For a Reputable Board of Directors
When you buy an older condo building, the entire building is usually run by elected members called the board of directors. They are in charge of everything that happens in the building- from maintenance to finances and any other issue.
The board of directors comprises several members, depending on how big the building is. In small buildings, there might be around eight to ten people on the board. In bigger ones, they can have as many as 20-30 people in them.
Older condo buildings tend to have more issues than newer ones because problems pile up over time. It’s essential to check the financial situation of your building is before buying. Also, it might be a good idea to join the board of directors once you move, especially if there are problems with security or amenities.
Contact a realtor who has plenty of experience working with condos if you want more information about condo buying. They can also tell you more about the building’s board of directors and what you should consider before buying.
Miami Condo Types
What type of condo are you looking to buy? Do you want a small unit on the outskirts of town? Do you want to be in the center of the action?
Remember, the more central the condo location, the higher the price points will be. Let’s look at some of the most popular condo designs you can choose from.
Beachfront condos are located right on the beach! They have views of the ocean and usually have spacious interiors. Beachfront units provide direct access to water.
Water access is through a private entrance, balcony, or expensive penthouses. They are mainly found along Ocean Drive in Miami Beach. Prices per square meter tend to be the highest in Miami Beach.
Rooftop condos are very popular with people who love views of the city skyline. Some have pools, jacuzzis, or spas on their terraces for you to relax after a long day at work! The size of these units varies greatly, as do the views they offer.
Canalside condos are great for those who want a waterfront view of the canal and don’t mind below-average interior finishes slightly. Prices tend to be lower since most units follow a basic layout with slight variation. They come equipped with lovely views and a private dock.
Are you looking to rent instead of buying? Miami has a great selection of waterfront resorts to rent. These condos are popular with families, retirees, and tourists alike. They tend to be quite spacious.
Waterfront resorts include amenities such as heated pools, clubhouses, and tennis courts. You’ll also have access to restaurants & lounges, spas & health centers, etc.
What Feels Right?
What do you plan on doing in your new Miami condo? If you plan on being an active part of the building, then perhaps living close to luxurious amenities is for you. On the other hand, if all you want is a quiet retreat, then living close to the beach might be what you’re looking for.
No matter where your new Miami condo ends up, remember that it should meet your lifestyle requirements and not just be any old unit. It will end up being your home- so make sure it feels that way.
Find the Perfect Condo Size
Once you decide what type of condo you want, you’ll need to determine the unit sizes that will work for you. Keep in mind that the ideal unit should be able to fit all your furniture and appliances.
For example, a one-bedroom condo is designed for a single person or a couple without children. A two-bedroom condo can accommodate up to three people comfortably with enough room for furniture & appliances. If you have kids, then you’ll want a larger unit, such as a three-bedroom condo.
If all else fails, consider a larger unit that can be easily divided to suit your requirements. The most important thing you should consider when choosing a condo is how it will make you feel after living in it for a while. It’s no good buying a three-bedroom condo with a partial view of the ocean if all you want is a cozy one-bedroom unit on the beachfront.
There are usually extra features with bigger condo units. You might find luxurious bathrooms, fully-equipped kitchens, and modern appliances.
You may also receive exclusive access to the building’s amenities. Remember though; bigger isn’t always better!
The more space you have means you’ll be able to spread out all your furniture and fill it with personal items. If you’re not the most organized person, a smaller unit could help you keep everything in its rightful place.
Schedule a Tour
Did you pick the type of condo you want and the size? Now it’s time to schedule a tour!
Call your realtor and let them know you’d like to schedule an in-person or virtual tour. If possible, we recommend doing both types of terms!
Virtual tours are great for getting a feel of what the condo’s like. You’ll understand the layout, size, amenities, and more. Whereas an in-person tour allows you to look for red flags.
Top Condo Inspections Spots
Often, red flags aren’t pop up in the virtual tour simply because you won’t look in those areas. However, there are several spots all potential condo-buyers should know to inspect before spending a dime.
Let’s look at the top areas you should scout for potential issues.
Start your condo inspection by checking out the kitchen cabinets, drawers, pantry space, countertops, and oven/stove. If possible, turn on all appliances to make sure they work correctly.
Whether it’s a tiny bathroom or an extravagant master suite, you’ll need to make sure everything is in tip-top shape before moving on. Notice if the tiles are loose and check for cracks on the walls & flooring.
Make sure all faucet knobs work correctly and that there aren’t any leaks under the sink. Also, check for mold on grout and in between tiles. It’s helpful if you know what black mold looks like.
Next, when you’re buying a condo in Miami, always check each bedroom for damage. Make sure to inspect closets, dressers, drawers, and storage spaces.
The Building Exterior
Before signing off on a contract with your real estate agent, take a tour of the building exterior. Inspect the roofing, doors, windowsills, and foundation for cracks or chips.
Also, inspect appliances to make sure they’re all up-to-date. If you see anything that could cause problems in the future, talk to your realtor about it before signing off on anything final.
Condo Building Interior
Your condo unit isn’t the only thing you should be inspecting. You’ll also need to look over the building’s exterior.
Inspect the entrance, stairwells, lobby, elevators, and hallways. Make sure they’re all clean and up-to-date to avoid any maintenance issues in the future.
Is the Condo Handicap Accessible?
Last but not least, inspect for accessibility before signing on the dotted line. Make sure that people with disabilities can access the building and unit.
The last thing anyone wants is to move into a home that isn’t accessible for themselves or disabled friends! Take a peek at the ADA requirements condos have to abide by.
One of the best ways to investigate what you’re getting yourself into is through a condo inspection checklist. Get your real estate agent involved and let them help you check off everything on this list.
Succeeding in the Miami Real Estate Market
Buying the best condo in Miami is a life-changing move. Take your time.
Remember, bigger isn’t always better. A small studio could be the perfect place for you to live in, as long as it’s well kept and has all the amenities you want! Ready to make an offer? Just contact your local realtor for an initial consultation.
Let them know what your price range is, as well as your dream location. Then your realtor will help you find a condo unit that perfectly fits your lifestyle and spending plan. For more tips, look at the rest of our blog.