It’s no secret that housing in Miami is very expensive. Maybe not as expensive as some other large cities in the US, but still enough to be inaccessible. Thankfully, for those who want to live in Miami despite this, there is a better alternative: condos. Condos are significantly cheaper than houses, which makes them the perfect choice for someone who wants to own a home. However, while they’re much more accessible than houses, condos do have their own disadvantages as well. As such, it’s vital to know what you’re getting into before you commit one way or the other. So, in order to help you with making the decision, we put together a list of the pros and cons of buying a condo in Miami, and we hope you find it informative.
Pro: significantly cheaper than other real estate
One of the main pros of buying a condo in Miami is the fact that they’re much cheaper than any other type of real estate. Wherever you go, condos will always be cheaper than houses, and this is the same in Miami. As a matter of fact, this is particularly noticeable in Miami, as most of the city’s real estate revolves around rentals. This is due to the fact that Miami has a constant influx of tourists that come and go. As such, traditional real estate is incredibly expensive, but condos are much more affordable and accessible to everyone. However, finding a condo that suits you could be difficult, so we recommend working with a real estate agent. Besides helping you find a condo that suits your needs, a good realtor will be able to guide you through the entire process of buying the condo from start to finish.
Pro: you don’t have to worry about maintenance as much
Another massive benefit of living in a condo is that you don’t have to worry about maintenance too much. Of course, you’ll still have to take care of your condo’s interior, but the exterior and garden are the maintenance staff’s responsibility. Maintenance of a house can get fairly involved and take up a lot of time and money. So, in the eyes of most people, this is a massive advantage to condos. However, you still need to be careful with the interior of your condo, as there are still a lot of issues to keep an eye out for. Also, when moving into Miami, it’s vital to plan your finances on time by getting a moving estimate. Buying a condo can get overwhelming, so it’s easy to forget moving costs. But, if you want to have a successful move, it’s important to plan everything well ahead of time, including finances.
Pro: condo buildings have their own security
While it’s undeniable that some buildings are more secure than others, condo buildings are very safe overall. Typically, condo buildings have hallway cameras and guards, a doorman, and parking security. All of this contributes to peace of mind, both when you’re in and away from your condo. Additionally, there is the added feeling of security from being part of a community. Generally, people living in the same condo building tend to have a sense of community. This is especially apparent in Miami’s condos, as the social areas in Miami’s condo buildings are typically larger. However, if you’re planning to move to Miami from far away, it’s important to prepare properly. We recommend hiring a local moving company to help you out, as they’re the best choice for moving into Miami. After all, local movers will know how to handle Miami’s terrible traffic and deliver your belongings safely and on time.
Con: monthly condo fees
One of the biggest cons of buying a condo in Miami is having to pay monthly fees in addition to property taxes and the mortgage. However, this isn’t all bad, as the fees go towards covering amenities, parking, and building maintenance and security. The exact amenities offered by condo buildings vary, but they typically include a gym and a community space. When it comes to parking space, the fees usually cover one spot. However, some buildings offer two parking spaces, but you will be charged extra. While it’s not that bad overall, you’ll have to account for these monthly fees when budgeting. And when it comes to moving into your condo, experts from getmovedtoday.com warn that you should thoroughly look into your movers before hiring them. After all, you should only trust experienced and reliable experts with your belongings, so make sure that you can actually trust them before committing.
Con: down payments are more strict
While condos are much cheaper than houses overall, you’ll have to worry about the down payment. This is because most condo buildings aren’t FHA or Fannie Mae/Freddie Mac approved. This means that the lowest down payment percentage you can hope for is 20%. Some buildings require down payments of up to 25%. So, make sure to save up for the down payment before you start looking for a condo. That said, however, there are some condo buildings that accept smaller down payments, but they’re quite rare, especially in Miami. As such, it’s important to keep this detail in mind when hunting for a condo in Miami. And when you do find a suitable condo, make sure you’re prepared so you can have a stress-free move. Organizing a move is always a headache, after all, so doing everything you can to make the process less stressful is a good idea.
Pros and cons of buying a condo in Miami – closing thoughts
All in all, condos are a much cheaper choice than houses, especially in large cities like Miami. Thanks to condos, everyone has a significantly better chance of owning a home even in today’s housing market. But there are also disadvantages to buying condos that you should consider before committing one way or the other. So, think about it carefully before making any decisions and decide for yourself whether it’s worth it. We hope this list of the pros and cons of buying a condo in Miami helps you out, and we wish you a good day.
