Buying a Condo in Miami: Essential Guide for 2025
By Alex Mikoulianitch on January 07, 2025
High-rise luxury and beachfront living are a match made in heaven, and Miami condo buyers can take advantage of that combo. But Miami offers much more than just million-dollar penthouses with exclusive waterfront views.
As diverse as Miami’s neighborhoods, the Magic City’s condominiums can be quiet retreats with simple comforts or a launchpad for enjoying Miami’s famous party scene, art museums, and beaches.
The pros of buying a condo here are endless, but there are also many nuances buyers should know about before taking the plunge.
That’s why the team from Prevu has put together a comprehensive guide highlighting everything you should know about purchasing a condo in Miami.
Buying a condo in Miami
- What is a condo in Miami?
- What are the rules of condo ownership in Miami?
- What amenities do Miami condos offer?
- Pre-construction vs. resale condos
- Get a mortgage pre-approval
- Work with a buyer’s agent to save money
What is a condo in Miami?
Condominiums, or condos for short, are a popular option among homebuyers who seek affordability and want to avoid the stress of owning a house. Condos come with a lot less maintenance to worry about than houses in the suburbs or city. And there are tons of cared-for amenities to enjoy.
Condos are usually found in buildings or communities of townhouses where each unit is individually owned. Though responsible for the inside of their units, Miami condo owners also share in the ownership of common areas, such as a terrace, pool, garage, or BBQ area.
Besides being a more affordable option than a single-family home, condos also benefit from having a Homeowner’s Association (HOA). The HOA comprises Miami residents within the building or condo community and decides on the rules and regulations of the building. They also handle maintenance and upkeep.
HOAs free condo owners from mundane upkeep such as trash removal and pool cleaning, but enjoying these perks comes at a price. Condo owners will have to pay an HOA fee every month to cover the costs of maintaining the building or townhouse. The fee amount varies from building to building.
What are the rules of condo ownership in Miami?
Condos are famous for the laid-back lifestyle they can provide their owners. But enjoying multiple floors’ worth of amenities and not worrying about maintenance comes with its own set of rules.
Besides dealing with an HOA fee, condo owners must agree to a set of rules and regulations called the Covenants, Conditions, and Restrictions, or CC&R for short. These rules outline everything unit owners can or cannot do to their units. For instance, some condo boards only allow you to use specific colors when painting the walls or choose certain materials when renovating.
Any Miami buyer interested in a condo should research a building’s CC&Rs because they can define your lifestyle. Pet owners, for example, will have to ensure they search for pet-friendly buildings and clarify what breeds are allowed and whether they are permitted in shared spaces.
Another rule Miami owners should keep an eye on is short-term renting. Miami is a vibrant vacation spot and many savvy buyers might entertain the idea of turning their new condo in South Florida into a source of extra income. But you’d be surprised by the strict rules and state laws many of Miami’s popular neighborhoods impose on short-term renting.
It can help to work with a buyer’s agent if you’re interested in rental options for your property. You will have to look for buildings zoned to areas that allow renting and verify the amount of time they permit for short-term renting. It can get daunting to pore over all those rules, so it might be worth your while to hire a buyer’s agent to help.
What amenities do Miami condos offer?
Arguably the best part of condo ownership in Miami is the amenities.
Living in the heart of Southeastern Florida means prime access to Miami Beach and the electric entertainment scene of Downtown Miami. It’s only natural that condo offerings reflect that same spectrum of luxury and comfort that can only be found in Miami.
Many of Miami’s residential towers invest in premium amenities such as car-wash services and fully-equipped fitness centers. In addition, many are packed with amenities most condo owners would expect, such as a 24-hour concierge, outdoor and indoor pools, and an indoor garage.
Exploring each building’s amenities is one of the most exciting parts of buying a condo, so give yourself free rein. It’s also good practice to define the amenities you want to help narrow your search and not get lost in the seemingly endless options of Miami’s condo world.
New-construction vs. resale condos
One of the most meaningful choices you’ll have to make if you want to buy a condo in Miami is investing in a pre-construction condo or sticking to resale.
Each has pros and cons, and both options vary according to a particular buyer’s needs. If you’re the kind of person that wants to know precisely what they’re buying while touring a tangible property, resale is the way to go.
Resale condos have many specific benefits apart from being completed units. For example, you can see the history of its appreciation on the market and determine whether it’s a worthwhile investment based on set data.
Resale condos also have a more straightforward mortgage application process, as lenders feel safer when dealing with an already-built property.
Pre-construction condos, however, have an equally enticing set of pros. You get first dibs on the sale price of these units, meaning if they appreciate right out of the gate, you will be securing the best price.
Pre-construction also means you’re investing in a brand-new property. Everything about the building will be new, from materials and design to appliances and amenities.
Most pre-construction units are sold on a first-come, first-served basis, allowing you free reign - if you buy early enough - to choose the best floor plan and layout that works for you. Some pre-construction developers even allow customization options regarding kitchen counters and fixtures.
Get a mortgage pre-approval
An essential tool for today’s buyers, a mortgage pre-approval instantly says you are prepared.
It’s critical to show the seller that you are a serious buyer who can handle the offer being made financially. A mortgage pre-approval functions as a guarantee of that ability, showing the seller that you have secured a lender willing to finance your condo purchase.
However, you should explore your mortgage options as thoroughly as possible. Your monthly mortgage payment will be a significant expense and, coupled with HOA fees and property taxes, can strain your budget.
First, decide on what kind of mortgage you need. This can be a 30-year fixed-rate mortgage favored by long-term homeowners or an adjustable-rate mortgage preferred by buyers who plan to upgrade quickly.
Then, shop for various lenders to find the best interest rate available.
Working with a buyer’s agent to save money
Finding ways to save when you buy a Miami condo is crucial to making it more affordable.
Luckily, no matter what kind of condo you choose, you can usually find a way to save if you work with a buyer’s agent offering commission rebates.
Some of the most effective real estate tools on the market, commission rebates enable buyer’s brokers to refund a portion of their commission back to the buyer upon closing. Modern brokerages like Prevu leverage technology and salaried agents to unlock commission rebates for buyers, helping them save.
For example, Prevu currently offers the largest rebate in Florida, giving buyers a chance to receive up to 1% of their home purchase price via commission rebate. So if you were to buy a pre-construction condo in Brickell for $2,000,000, you could potentially receive a rebate totaling up to $20,000.
After shelling out hard-earned savings for expensive closing costs and various fees, you can utilize a commission rebate to offset those expenses. Or, you can use it as a building block for a furniture budget.
