Buying a condo in Miami? The questions you need to ask first.

Life is pretty tough for everyone right now, so if you’re looking at buying in the current climate it’s essential to make sure you’re getting the right place for your money. Most of the newer high-rise condos in Miami offer great facilities: pool, gym, swanky lounges and much more. Plus you’re pretty much guaranteed that you can move straight in without having to  spend money fixing any of the fixtures and fittings.  But before you commit there are a few things you should find out first:

1. Can you show me the minutes of the latest home owners association? You may have fallen in love with the building, but if the residents are at each others’ throats it’s best to find out first. Your dream apartment could turn into a nightmare with the wrong neighbors or a misguided condo commando.
2. Can I see the condo bylaws? Don’t even think about making an offer before seeing this.  If you can, get a real estate lawyer to look them over too.  You don’t want to sign the contract and then find out that Fluffy, your beloved Doberman, won’t be able to move in with you as there’s a no pet clause.
3. What is the relationship with the building’s developer? Sometimes developers retain the rights to certain amenities or parts of the building and then rent them back to the condo association. They could then raise rents and the costs will be passed onto your monthly fees.
4. Are there any lawsuits filed against the condo association? Once you become an owner you could be responsible for covering the costs of any litigation.
5. How many units are owner-occupied? The higher the percentage, the more likely to building is to be kept in good condition.
6. How many units have been sold? Some mortgages may require a certain percentage of occupancy to guarantee their loan, or they might charge you a premium to gain financing. If it’s low, you may have more room to negotiate a good price.  There is the risk that if it’s still low when you come to sell it could hurt your resale value.
7. Are there any maintenance plans for the next year? If so, see if the condo association has enough money in their fund to cover it. Otherwise, yes you guessed it, you will be responsible for a portion as an owner.
8. What does the condo association insurance plan cover? Look through it and see what the plan covers and what you are responsible for.

Happy house hunting!