The Miami real estate industry has remained to be untouched. Yes, the way the real estate industry works today is still something you used to know decades ago. Whether you sell your property or buy a home for sale in downtown Miami, the process has generally stayed the same as the old model.
However, there are things that you need to consider before finally deciding which apartment for sale in Brickell, Miami you should buy.
Before buying, you need to know the difference between an apartment or condo and a house first and decide which of these options best fit your needs and preferences. In a nutshell, when you buy a house, you will own the building and/or the lot itself. However, if you opt for an apartment or a condo, you buy only the airspace inside a building and you are practically just a part-owner of the entire building. Your neighbors are also just a door away.
Buying a condo or apartment is also more affordable than purchasing a house, making it a great choice for people who are looking to own a permanent space but still can’t afford to buy an entire house.
You need to consider the location of both the building and the Edgwater condos for sale. Is the building situated in an accessible location? What is its proximity to the basic amenities like parking areas, shops, churches, parks, recreational spots, transportation hubs, schools, or offices? Is the apartment or condo unit located near the elevator, stairs, or fire exit?
These are basic questions but they are quite important in choosing which apartment to buy. Pick the one that suits your needs.
Check the updated, existing rules, regulations, and by-laws applicable to the strata title property. You need to understand the state-based and building by-laws well so you can behave lawfully at all times, know your rights, protect yourself against unlawful acts, avoid penalties, and know which are allowed and not allowed.
For instance, if you have pets, check if they are allowed in your apartment or if the neighborhood is a pet-friendly community. Also, if you are planning to do some renovation projects on your unit, check if this action is covered by the by-laws.
When you buy a condo or apartment, you need to expect to pay for strata fees as well. These fees are ongoing fees that you need to pay on a weekly, bi-monthly, or monthly basis as your share of financial responsibility in the maintenance of the amenities inside the building like the lift, garden, pool, gym, and security, among others. Check if the strata fees can fit your budget or if they are reasonable enough.
Before buying an apartment, especially if you are getting a pre-owned or second-hand unit, you need to make sure that everything inside is in good condition. Request and check the strata inspection report to know if there are any problems in the unit like the wiring, structure, and pests infestation.
Another important thing that you need to consider before buying an apartment is the available building amenities e.g. gyms, saunas, security and privacy measures, pools, convenient stores, and basic services like mailboxes, garbage disposal, and lobbies. Decide for yourself which amenities are important for you and ask the Miami real estate agent if he can suggest an apartment that offers such amenities.
Also, try to check if the shared communal areas are well-maintained. Unkempt and poorly maintained communal areas typically indicate that the building administration is either not managing the areas well or the funds are not enough for the maintenance.