Advantages and Downsides to Condo Living in Miami

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.

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.

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.