When buying a condo in Miami Beach, Brickell, Midtown or Downtown Miami it is now more important than ever to delve a little deeper into what’s really going on in the building. In today’s marketplace you cannot assume that all is well inside that big huge glass structure. Although there are definitely some incredible deals out there, you need to know what you are buying into; because if you are buying a condo in the Miami and Miami Beach area, you are buying into something much larger than just your one unit. Often buyers assume that because our city is a tourist destination that there are very loose rental restrictions, more often than this is not the case. So in addition to just the basic details there are definitely smaller details that can affect you long after your purchase.
Think about important questions that will matter to you down the long road of this ownership such as:
(I took these directly from the Frequently Asked Questions and Answers Sheet provided by our Realtor Association.)
1. What are my voting rights in the condominium association?
2. What restrictions exist in the condominium documents on the leasing of my unit?
3. How much are my assessments to the condominium association for my unit type and when are they due?
4. Do I have to be a member in any other association? If so, what is the name of the association and what are my voting rights in this association? Also, how much are my assessments?
5. Am I required to pay rent or land use fees for recreational or other commonly used facilities? If so, how much am I obligated to pay annually?
6. Is the condominium association or other mandatory membership association involved in any court cases in which it may face liability in excess of $100,000? If so, identify each such case.
Other questions that I always think about:
1. Is parking deeded or assigned?
2. Depending on the age of the building; is the building up for any special certification projects like a 40 year certification required by the city and if so how much are the assessments expected to be for this project?
3. How long has the current board of directors served and how well do they work together?
and last but not least my all time favorite….
4. How many certified nuts live in the building (just kidding but hey, next time I buy I am going to ask this.)
I am sure there are more questions to be thought of but the most important thing is to think beyond the initial excitement of the purchase and think of long term questions that may affect your daily living in the property.
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