Weighing the Pros and Cons of Owning Miami Condos

Author: Mark Ferrer

Author: Mark Ferrer

Like other real estate properties, Miami condos have their own advantages and disadvantages. Among the number of excellent common areas, services and perks are a significant amount of drawbacks that you shouldnt overlook. It is a common mistake to always see things on the bright side. You have to appreciate balance first before you can truly embrace the life of a condo owner. Here are some of the most typical pros and cons of owning condominiums.

Advantages

The most basic advantage ofMiami condos is in the upkeep. Basically, you dont have to worry much about repairs and maintenance. Even if you are required to purchase a condo insurance to cover your own unit, the buildings management community, mainly the HOA, is responsible in making sure that all the units of the condo building is up to scratch.

Another common benefit of living in Miami condos is the common areas. Aside from owning the condominium itself, you also own a percentage of the common areas. If you are living in an upscale condominium building, expect to be surrounded by luxurious amenities that range from the common spa and fitness centers to state-of-the-art security systems and sprawling pools. The services are also noteworthy. From laundry services to valet, some of the basic services are easily accessible.

Disadvantages

But among those notable benefits are major drawbacks, depending on how you look at them. The most prominent disadvantage of condominiums is the monthly fees. Aside from your mortgage paymentsif you bought the property through a loan, you still have pay for the monthly mortgage costa substantial percentage of your monthly budget will be directed towards the HOA fees. The relative lightness of condo maintenance comes with a price. The cost mainly depends on the property you have and the HOA itself.

In addition, you might also be ready for abrupt increase in your fees if one of more of the residents of the building fails to pay. This is the most common gripe of owning a condo. Even if you are paying your fees regularly, once a resident starts delinquencies, the HOA may be prompted to cover the loss by charging other residents with a higher fee.

These shouldnt discourage you, though, from considering Miami condos. Like other real estate properties, it is common for condos to have their own share of imperfections. What you must remember is to always keep your options open and exercise a huge level of due diligence during the process of buying.

Mark Michael Ferrer

Miami CondosAbout the Author:

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