Are you dreaming about the Florida sun? Would you like to be close to the ocean? Does your new job opportunity require moving to Miami?
Whatever your reason, buying a luxury condo in Miami can be a smart investment. I used my experience to share some insights on things to look for in this city’s market. Make sure to read the tips before purchasing your next property!
What Is the Ideal Location for a Luxury Condo?
That depends on your preference and the lifestyle type you want. For example, you might be looking for a vacation home. If that is true, you can’t find a better destination than Miami Beach. On the other hand, perhaps you want a quiet neighborhood for a family. That indicates you should focus on areas with little traffic, but also neighborhoods with colleges and schools.
Here are some tips when considering the perfect place to buy a luxury condo in Miami:
- What do you need close to your home? – would you like to keep your workplace close or prefer plenty of shopping options? Do you have children and want a place close to their school?
- Do you want peace? – in Miami, you have neighborhoods where something is happening around the clock. There are also peaceful areas, which might be better for families. The choice is up to you.
- Access to grocery and other stores – do you prefer car or public transportation? Do you prefer walking to a grocery store, which is why you need it nearby? What shopping centers, theaters, and other entertainment options are in your neighborhood?
- The view from your condo – if you are buying a luxury property, always consider the view. Miami Beach gives you a chance to see the ocean, but you can also enjoy city lights, parks, or skyline views. It all depends on your preference.
Finally, it is foolish not to consider your budget. You can consider multiple areas when buying a condo, but make sure the properties there fit the money you can invest at this moment.
What Amenities Should Your Condo Have?
Here are some things that I believe are most important for your convenience and enjoyment:
- Parking – if you have a vehicle, you should always have a place to park close to your condo.
- Balcony – a balcony is a perfect place to enjoy the beautiful view of the city.
- Swimming pool – the warm weather is great for taking a swim on your balcony or in the backyard.
- Windows and doors resistant to hurricanes – hurricanes can be a true danger in Miami, which is why you want to place high-quality and solid windows and doors. It helps if the condo already has them so that you don’t have to invest in new items yourself.
The risk of injuries caused by falls can be significantly decreased by handrails. If your condo and the entire building has handrails with proper grip, you can minimize the danger of falls, which is an important safety measure.
What Expenses Can You Expect for Your Miami Condo?
Apart from the initial investment of purchasing a condo, you will probably invest in renovating the property. Perhaps you want a luxury vinyl plank or plan on installing new doors and windows.
Once you calculate the total cost of redecorating, it is vital to consider the recurring expenses in the future.
Those might include:
- Condo association charges – these can be up to a dollar per square foot.
- Health check – older properties might require a recertification process, which often takes months.
- Property taxes – the state law indicates that the taxes are lower for long-term owners. Make sure to hire an expert to help you calculate estimated tax costs.
It takes time and effort to pick the perfect luxury condo in Miami. However, living in Florida is worth the effort. If you ask me, it is one of the most beautiful places in the world. That is why it is a smart investment for both moving into a new property or buying one to rent!
Skylar Ross is a contributor to the Innovative Materials blog. He is a content writer for the construction and home improvement industries with an interest in landscaping,