Your Guide to Shopping for a New Miami CondoJuly 24, 2017
Shopping for a new Miami condo is different than shopping for a condo in any other city or even shopping for a single-family home in Miami. Many of the best condos are considered luxury condos, but even shopping for a lower priced condo means you need a little bit of help.
When you decide new is what you want, you’ll be looking for a pre-construction condo in Miami. This requires the right type of agent and the right help or you could end up with something you don’t really love. Here’s a look at some of the things you should be aware of when you start searching for the right new condo in Miami.
Hire a Buyer’s Agent
You may not think you need a buyer’s agent because the condos are pre-construction. However, without an agent, you could end up with a horrible deal or buying something you won’t love. Buyer’s agents are great for shopping for new condos, especially when you’re seeking a luxury condo in Miami.
The best part is you probably won’t even have to pay the buyer’s agent. They get paid by the seller, so you, as the buyer have nothing to worry about. In addition, the buyer’s agent will ensure you get a fair deal and you see the units in the building you might actually be living in instead of just the best ones.
In addition, buyer’s agents are not tied to just one project. When you work with a sales center for a condo building they won’t show you other options. A buyer’s agent wants to help you find the right new condo regardless of the project.
Make Sure You Understand What You’re Getting
When shopping pre-construction, you may not be able to see everything you will get. The condos are usually in development and you need to be very clear about what you will be getting. Sometimes, things can even change before the build opens for residents.
Ask about the amenities, parking, finishes, fixtures, utilities and everything else that will be included. Make sure it’s all put in writing and make sure you understand what is guaranteed and what could change before you move in. A buyer’s agent will help with this process as they know the right questions to ask.
Research the Developer
Developers usually have projects in many different areas of the country or even the world. You should do your research and find out what type of reputation the developer has. IF they have a good reputation, this will go a long way, but if it’s not so good, you may want to look into a different building. The reputation of the developer may also show you how they will take care of the building over the next decade or even long.
Understand the Timeline
New construction condos come with a timeline. Sometimes, this timeline is pretty reasonable and the construction moves along quickly. Other times, the timeline gets pushed back over and over. Some purchase agreements allow the developer to push the occupancy date and you need to understand the possibilities.
Make sure you understand what to expect before you purchase a pre-construction condo. The last thing you want is to expect to move in one year from now and find out it will be two or even three years before you can move in. Don’t become one of the horror stories. With a buyer’s agent, you will be able to get the right condo without worries of the timeline changing much.
Get a Disclosure Statement
The disclosure statement from the developer will show you what the developer must provide based on the sales agreement. This is binding and will give you an indication of the regulations, rules and the financial situation of the condo corporation before you make the decision to buy. It should include the features and amenities, governing documents for the building and the budget for the first year after registration.
When it comes to buying a new condo in Miami, you really need to have an agent on your side. With the right agent, you will know the sales numbers for condos in the area, which will help you see if you’re overpaying or if the price is right on target with the market. You will also know whether the developer has a good reputation or if they are known for changing things without much notice.
A good buyer’s agent will be able to help you find the right pre-construction condo in Miami for your specific needs. You will be fully represented and the best part is you won’t have to pay for it. Whenever you’re shopping for a new condo in Miami, the best tip you can ever receive is to hire a solid buyer’s agent with plenty of experience with buying and selling condos in Miami.