In South Florida, we deal all too often with those looking to retire and sell the larger home and move into a condominium. There are many advantages to a condominium from the independence is allows, due to the maintenance being taken care of, to the convenience of the amenities a condominium offers. In Miami Beach, so many of the luxury condominiums are like five star hotels with spas, state of the art fitness centers, lap pools, cabanas, room service, convenience stores, and much much more. The Continuum for example in the South of Fifth Neighborhood has its own health club that has trainers, classes, and much more. Below are some questions to consider when you are looking to downgrade to a condominium, and by downgrade, we certainly do not mean compromise. In fact, the condominiums in Miami Beach are incomparable, and you do not have to compromise luxury for space.
1. Where do you see yourself in ten years? If you are planning on having more children or taking on responsibilities of grandchildren, you may want to hold onto the home longer.
2. What is your current home worth? If your home is located in Miami Beach, chances are the home is worth a great deal, and now could not be a better time to buy considering the demand is high and prices are increasing daily.
3. What are your needs? Are you looking to travel more or are you looking to leave the maintenance of a home behind? Condominium maintenance are included in monthly fees and are perfect for those looking to travel.
4. Would you look to rent your condominium out? Make sure if you are looking to travel that your condominium allows rentals, whether they are short or long term rentals.