Depending on whom you ask buying Miami Beach condos is now a safer bet than it was last year. Clearly things aren’t yet on a complete upswing but there’s a little more guarantee in terms of knowing that the steep month to month declines in values of 2009 are over. So what exactly should you look out if you plan on moving into a condo?
A very important factor when checking out Miami Beach condos or any condo are the homeowners and the association. In other words, take a good look at how many homeowners within a building are actually current on their fees. If there are too many people who aren’t or are paying beyond the due date that could spell trouble for the building down the road.
Financing is obviously a major factor in buying any type of Miami Beach real estate. When it comes to condominiums, you also want to closely examine an association’s reserves as that can determine how easily you’ll be able to obtain said financing.
Nowadays with Miami Beach condos, a high degree of diligence is required as opposed to buying a home. Make sure that you’ve given yourself plenty of time to thoroughly do your research before buying a unit in a building that could face problems in the future.