Miami condo investments require that you have useful investment about the condominiums in this area and their locations. It is important to find comprehensive and up-to-date information about the condo market in Miami.
There are various condos on sale therefore it is important to start searching for the ones listed by top condominium developments. Narrow down to the condos that meet your needs such as investment or occupation as a primary or a secondary home. Finally you will find a condo that meets your needs.
If you are using internet to search for a condo, find condos from websites that are updated regularly. It also helps if you find a good real estate agent who understands the on goings in the market.
Miami condos are situated in different neighborhoods. The most popular addresses include:
- Sunny Isles Beach
- Miami Beach
- Miami River
- Park West
- South Beach
- Midtown Miami
- South Beach
- Bal Harbor
- Fisher Island
- Downtown Miami
The best Miami condo investments for you depends on whether you want to a condo that is on the beach front, close to shopping amenities or near the city.
As you search for a condo to invest in, it is important for you to consider the following:
Condos in Miami such as Mansions at Acqualina are not cheap because it is a place that people from all over the world want to settle because of the luxurious lifestyle, high quality amenities, excellent surroundings and fun activities. As an investor, you should not just buy before establishing whether you are getting best price for a condo. The advertised price could be too high. After finding an interesting unit, make efforts to get comprehensive market information about the other units that have been sold recently within the same building. It is easy to find market activity reports from realtors about Miami area with some detailed information on various neighborhoods.
Be aware of short sale and foreclosure
Short sale: This is when a property owner puts it up for sale at a value that is less than the mortgage. Miami beach homes in a property on short sale mean that you make your offer and wait for mortgage holder to approve the given discount. This process takes 3 to 6 months. This property therefore is better for an investor who is not looking to acquire the property immediately.
Foreclosure: The other term is bank owned. It is used for a condo that is taken over by the mortgage holder and put it up on sale. You make an offer by submitting proof of funds, a deposit and a filled out contract so as to get a response. This is a very rigid business process but the advantage is that at the end, you will receive great discounts. You can purchase property under this category immediately with a quick closing.
It is important that you consider the amenities in a building before Miami condo investments.
It is important that you consider the space available for parking. Most of the new condos assign 2 parking spaces when purchasing larger units. In older condos, there is only one assigned parking space. If you have a second car, you can valet park it. Alternatively you will purchase or rent additional parking space from another condo owner. It is therefore important for you to determine the options available before you buy a unit.
If you have pets or investing in a condo it is important that you determine whether the building allows pets of if there are restrictions in size and weight. Older buildings that house condos do not allow pets. However, there are some that will allow 1 pet and limit the weight at 201lbs. The same goes for some newer buildings.
If you are interested in a condo that will accommodate pets, it is better for you to go for newer buildings as they usually have not limits. . However there are still new ones that allow 2 pets and weight of up to 551 lbs so it is better to ask.
It is important to consider everything including whether you can rent out your condo and condo association fees before you buy.