subject: What You Should Think About Before Buying A Miami Condo [print this page] Security Security
The building should be well-maintained by the association. Before buying a Miami condo, be sure to do some background check on the buildings HOA. Homeowners associations are sometimes notorious for charging a lot and doing less. If the buildings association got caught up in any legal mess, dig deeper to know the reasons.
This is important since the HOA will also oversee the security protocols in the building. If the association isnt competent, youre at risk of accidents and even break-ins, which you cant allow especially if youre moving together with your family.
Compliance to disability access
Most of the condos in Miami, especially those found downtown, are high-rise towers. If you have a disability, which hinders your ability to perform complicated activities, remember to ensure if the building is ADA compliant. You need to find out if the condominium has extra features that allow easy access of common areas for disabled residents. Elevators are also a must.
Insurance coverage
Florida requires Miami condo unit owners to get a condo insurance to cover the unit and everything therein. This will protect you from any problems that may occur from future home improvements and any other modification done to the unit. Furthermore, it is important that the HOA has insurance to cover the building and all units inside.
Monthly fees
In homeownership, you have to worry about the mortgage, insurance, debt and bills every month; the same goes for condo ownership. Before buying the unit, make sure you know exactly what will be included in your monthly payment and if there are regulations regarding future increase.
Financing of the property
Also, you need to know if you can afford the Miami condo. Before even hunting for available properties, you should first look at your current financial status. Determine if youre at the stage of your life wherein you are capable of supporting such a purchase and adhering to the monthly responsibilities.
