Advantages and Downsides to Condo Living in Miami

by MajesticProperties

Trying to decide if buying or renting a condo in Miami is the right choice for here? Here's a look at the pros and cons of condo life in Miami.

Condos for sale in Miami are more popular than single-family homes for many reasons, including the amenities, stunning views, upkeep costs and community living you'll enjoy in a condominium. Condo developments dominate the Miami skyline and pepper the beaches, offering residents unparalleled views of Biscayne Bay, the ocean and downtown. So, is Miami condo life for you? There are many pros and cons of condo living you'll need to think about before you consider investing in this type of Miami real estate.

(Image credit: AndrewH324)

Advantages of Miami Condos

Repairs: Your monthly HOA assessments will cover exterior repairs to your condo unit, including siding and roofing. For a single-family home, roof repair can easily cost thousands of dollars.

Convenience: Virtually all Miami condo developments are located conveniently in the heart of the Downtown District, the Design District, Brickell Avenue, South Beach or the beach. Brickell Avenue is one of the most prestigious areas of Miami and offers close proximity to an exciting nightlife, dining and shopping. South Beach condos, on the other hand, are sought after as the city's upbeat and vibrant nightlife center. Whether you want to be close to work, shopping, entertainment or the water, condo properties are probably what you're looking for.

Affordability: Condominiums typically have a wide price range, which depends on the area of Miami you choose, the age of the building, renovations, proximity to the beach and more. If you're on a budget, many condos for sale in Miami go for under $150,000. High-end luxury condos right on the beach or on Brickell Avenue, however, can easily fetch millions. Still, this range offers you the chance to find an affordable place to live in this vibrant city.

View from the Akoya
View from the Akoya

Security: Condos also offer security and safety you won't get with a single-family home. Most condos in the area have buzzer systems, guard houses, gated entry and more to protect owners.

Community: Because you're living in a community governing by an association, there are rules and regulations in place that address owner disputes, maintain property values and make condo living easier for everyone.

Maintenance: Condo living means you won't spend your weekends cleaning gutters, mowing the lawn and taking care of all of that yard maintenance that's so time-consuming.

Resale: In most areas, condos do not perform well with resales and condos tend to be the first hit when the local housing market declines. Miami real estate is different, however, as condominiums are more desirable than single family homes.

Amenities: Depending on the condo development you choose, you'll enjoy a wide range of amenities. Miami condos lead the country in the range of amenities they offer, including tennis courts, concierge service, valet parking, fitness centers, spas, swimming pools, business centers and more.

Downsides to Condo Living in Miami

Community: Yes, this is both an advantage and disadvantage. If you like living in a community and sharing responsibilities with other owners, you'll probably enjoy living in a condominium. Unfortunately, you'll also share walls which may cause noise issues depending on the development. Luxury condos in Miami, however, often have sound-proofing built-in so this won't be a concern.

Fees: All owners in a condominium must pay HOA fees, which range by association. These dues are typically collected monthly and, unlike a mortgage, never end. These assessments go toward the general upkeep of the community, including siding, roofing, common areas and plumbing. Special assessments, or additional fees, may also be charged if there are large unexpected expenses that the association must pay for.

Rules: When you're living in a condo, expect to go by a long list of HOA rules and regulations or risk fines. These rules cover nearly everything you can do, including owning pets, performing renovations on your condo unit, noise levels and even the type of barbeque you can use on your patio or balcony. Still, it's important to remember these rules apply to everyone and work to improve the community experience for every owner. Many rules are also in place for safety reasons and maintaining home values, two things that should be very important to you.

Continuum on South Beach
Continuum on South Beach

Privacy: You'll never have the same level of privacy in a condominium as you would in a single-family home, although this is a trade-off thousands of people gladly accept each year in Miami, given the Miami real estate market and condo sales.

Space: You'll never have the opportunity to expand your living space when you buy a condominium by adding home additions. Still, condos in Miami range in size a great deal, from under 800 square feet to over 10,000 square feet for luxury penthouses in South Beach. Continuum on South Beach, for example, offers penthouses over 11,000 square feet in size overlooking the water. You can choose a condo size you're comfortable with, whether you're buying alone or with a family of 5.

Would you prefer living in a condo or a single-family home in Miami?

Updated: 09/03/2012, MajesticProperties
 
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