Purchasing Miami Beach Condos Real Estate Guide

Steven Vargas is a South Florida area real estate agent specializing in luxury homes and condominiums. A few specialties exist concerning condominiums, especially applicable to those more familiar with traditional residential homes. Our realtor for luxury condos in Miami Beach wants to impart some information to help potential condominium buyers.

Many individuals enlist condominium facilities as a resource for ideal vacation properties. However, condos also represent excellent homes for single individuals, as well as downsizing families.

A supreme benefit that condominiums possess over traditional homes is that management generally handles every facet regarding building maintenance. This frees up tenants to handle things inside of their own properties and lives.

Nevertheless, you should consider a few things unique to condominium associations before finalizing a purchase.

Supply and Demand

There is an extensive amount of rhetoric considering the still relatively recent real estate market downturn. Luckily, South Florida survived the worst of this period in spite of overbuilding in the area at one time.

Roughly five years’ worth of inventory is finally offloaded to buyers and prices are rising. This could mean good or bad news for potential buyers depending on their final intentions.

Communities that impart age restrictions, however, still boast high inventories due to turnover concerning an aging population and smaller buying pools. 55 and older communities typically reflect lower prices as a result of value suppression for this reason.

Management Rules and Stipulations

Thanks to the population density in Miami as a whole, condominium regulatory stipulations serve a positive purpose for a variety of reasons. Most communities impart a set of rules when a new tenant signs an agreement. These terms help maintain order among residents in the facility. These often include everything from trash or recycling, to terms stipulating pet restrictions.

It is vitally important that you review all of these rules and contract terms carefully, as they drastically affect your living situation. Many people go into a condominium purchase thinking that they can “slip through the cracks” so to speak, but unfortunately, this is hardly ever the case.

Ordinarily, one tenant inside of the condominium will possess an inordinate amount of time that they use to ensure everyone else follows the rules.

Nonetheless, when you go to sign your purchase contract, you’ll possess a 3-day right of rescission. This bolsters a buyer’s rights by providing them a three day review period to go over any rules or financial conditions concerning the condominium association.

Miami Beach Condos Fees and Assessments

Just about every condominium collects dues and assesses other fees, either monthly or quarterly. The association employs these fees to pay for landscaping maintenance, water, sewer, as well as trash removal. Some facilities also provide pool services also covered by these dues.

Ensure that you determine what the association utilizes these fees for before you sign the agreement. Some condominiums will provide you with basic cable television, as well as numerous other benefits.

Regardless of the additionally provided amenities, a portion of these fees will likely contribute to large maintenance fees. This includes repair and replacement roofing, as well as any other exterior refreshing or renovation.

A condominium associate will normally reach out to facility residents assessing each owner a percentage. This is a percentage of the entire bill for the renovations. Went split up amongst all the tenants, is alleviates the total cost.

Before you sign a purchase agreement for a new condominium, make sure you look at the build date. Facilities that were built in the 1960’s or 70’s often need concrete restoration.

This is due to saltwater deterioration from the salty air that blows in from the Atlantic Ocean. This expense may reflect a higher figure than what you expect, or want to pay.

Miami Beach Condominium Financing

Loans offering low down payments are not exactly common anymore. However, you can still obtain them from the FHA. The FHA must approve the condominium association, as well as their financial viability.

The FHA also maintains a directory of condominium associations that they approve. If an association is not on this list, they can still place an order for a spot approval.

During this process, the FHA will look for at least 10% of a total budget allotted into a reserve account specifically for repairs. This ensures that any FHA recommended facility is financially viable and reflects the high FHA standards.

Steven Vargas – Realtor for Luxury Condos in Miami Beach

Steven Vargas is a realtor for luxury condos in Miami Beach. However, he lends his services to potential buyers all over the South Florida area. Although his specialty is luxury homes and condos, he assists numerous different kinds of real estate purchasers.

Steven normally possesses a good idea of what a client is looking for before he sits down with them. Nevertheless, he can impart a wealth of previously untapped information to prospective home buyers.

He accomplishes this by utilizing his experience as born and raised Miamian, as well as his professional experience selling real estate in the South Florida area.

Customers seek out Steven as a realtor for luxury condos in Miami Beach, and all over South Florida for this reason. His goal is to essentially assist potential buyers with their real estate needs utilizing any and every resource at his disposal.

For more information on our realtor for luxury condos in Miami Beach, contact Steven Vargas today!