Buying Miami Condos Things To Always Consider
Miami condos are slightly different from traditional homes
. Aside from being situated in a single building, the process of buying one also poses a unique set of considerations. Fortunately, these considerations are easy to understand and remember. Even when you are buying the condo alone, you'll find it particularly easy to keep these factors in mind.
The main and probably the prominent difference between Miami condos and traditional homes is the type of ownership. While in a single-family residence you own the entire property including the lot, in condo ownership, you own the interior of the property but the common areas are shared between the residents. The common areas will include the grounds, hallways, stairways, elevators, amenities and other features of the building.
There are also restrictions in owning Miami condos. These are the most important things to always remember before buying a condo unit: The Covenants, Conditions and Restrictions will state the limitations of what you can do with your property. You can liken the CC&Rs to the terms and regulations of apartments. Common restrictions will likely be pertaining to guests and pets. Be sure to read it carefully before signing anything. You might stumble into problems in the future if you fail to understand everything that is stated in your CC&Rs.
You can still negotiate, however. Before you make an offer to the condo, and after reviewing the CC&Rs, pose any restrictions that you cant abide with. You need to include a proper reason for them in order to provide you a strong basis for negotiation.
Also, another crucial factor to keep in mind is the HOA. Once you own the condo, you automatically become the member of the buildings HOA or homeowners association. Before you buy the unit, it is important to check the HOA. Many associations are notorious for their money-handling discrepancies. Ensure the competence of the buildings HOA by asking for a copy of their minutes, activities and financial records.
There are several things you need to know about the HOA of the Miami condos you're considering on buying. First, make sure they have an ample reserve fund, which is normally used for emergency repairs. Also, watch out for any legal issues. If the HOA has been tied with litigations in the past, perform further background checks for the complaints. If you spot a red flag, consider your other options before making an offer.
Mark Michael Ferrer
Miami Real Estateby: mark michael ferrer
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