subject: Things You Must Not Miss When Buying Miami Condos [print this page] Building history Building history
While there are several new condominium buildings in the city, especially downtown, there are also older Miami condos. If youve chosen a unit from such a building, you must be sure to check out its history. The first place to look for is, of course, the internet. Do some research on its past and find out whether it was involved in some sort of scandal recently. Any sign of red flag should make you wince and think twice before completing the purchase.
Other good sources of research material for the Miami condos history are the residents. When you are touring the unit you want to purchase, dont forget to ask around. Find out if they have anything that should tick your warning meter. These people have been living in the building and are excellent sources of information.
Association history
Every condo building has its own homeowner association. Any wise buyer will include background checks on the buildings association during the research phase. Again, the internet is one of the best places to dig for some possible dirt on the association. HOAs are oftentimes vulnerable to scandal especially since they handle thousands of dollars in maintenance funds. Mishandling of the buildings treasury will always result in an uproar from the residents. Before you finish your deal, make sure that you are fully aware of the associations history, most importantly its financial past.
Insurance
While the association will automatically cover the building and the unit through its own insurance, you, as the future homeowner, must also think about getting one for your belongings. Accidents happen and you must realize that co-ops are also quite similar to condos. This means that you are at the mercy of your neighbors dangerous kitchen antics and once a fire breaks out, you must be able to recoup the damages done to your belongings. Fortunately, Florida mandates every owner to get condo owner insurance to cover the entire unit as well as the things therein.
Extra Cash
Savvy Miami condo buyers are always ready for unexpected closing costs. But if youre savvier, make sure you have extra stashed away for the moving expenses. If youre planning to bring in some major appliances and furniture pieces, anticipate mover fees.
