Deciding Between a Single-Family Home in Miami Beach or a Miami Beach Condo?
There are a few things to keep in mind as you venture into this next step of your life.
If you’re thinking of buying a home or a condo in Miami Beach, considering all sides is imperative. What are the limitations around square footage for both options? Can you line up beloved plants along the windowsill? Is there room for parking along the side streets of the neighborhood, inside a garage, or is valet available? Do you prioritize the condo with the breathtaking view of the Miami’s cityscape and beaches, or do you purchase the beautiful home walking distance to the beach with an expansive backyard and private pool?
If you have kids, consider walkability, accessibility, your preferred school system, and the locations of the nearest hospitals. What neighborhood fits your lifestyle and budget? Be as detailed as you want about your ideal floorplan. Do you want high ceilings, picture windows, new construction or historic MiMo architecture? Would you be willing to compromise on your yard and garden if you found a condominium with more spacious rooms or an extra bathroom? Creating a list of desires can help you prioritize and better organize your options when you’re searching with your Miami Beach Realtor.
Aside from the lifestyle you want, what are the financial goals you would like to meet with this investment? Ask your Miami Beach Realtor about the trends within the neighborhoods you’re interested. They will help understand if you’ll be paying a fair price within market value. Negotiating with the help of your Realtor’s research is highly recommended. What is the history of the home, the building, and the neighborhood? What are the future growth plans for the neighborhood? Are their major Miami Beach public or private investments in the works?
Single-Family Homes in Miami Beach
The benefits of owning a single-family home in Miami Beach can be a great fit for many families of different shapes and sizes. The freedom to garden, BBQ, park your car, and host parties are a few deal breakers for single-family homeowners when opting out of a condo. Don’t forget about pets! Many condo buildings only allow two pets and have many restrictions around breeds. Homes can be much more accommodating for families and pets than condominiums. At times, given the space available, single-family homes are wonderful for those who prefer privacy – no shared walls! If you’d like to remodel or modify the floor plan of your home to create space for the office that you truly envision, you have complete control over your home.
Just remember there are downsides to consider. You are responsible for all parts of the Miami Beach property, interior, exterior, and landscaping. As the home owner, you pay and manage 100% of the expenses like insurance, water, repairs and maintenance. It’s important to be responsible and proactive about your home maintenance to prevent a host of problems. Also note, some single-family neighborhoods have associations with amenities like a swimming pool and gym. But those come with an additional cost. Although, you might decide that the neighborhoods with associations may not be necessary because the city of Miami Beach is full of amenities for residents! The city offers plentiful parks, community centers, and amazing events.
Miami Beach Condos
Condo living in Miami Beach adds some additional security and less responsibility around the exterior and landscaping of the home. There are monthly association fees, which cover many common expenses, like building insurance, water/sewer, and more, but residents often enjoy amenities like a pool, gym, 24/7 security and elevators. Some condominiums have recently added unique amenities like dog parks, spas, sundecks, children’s play areas, wine cellars and networking events. Condominium living offers many conveniences that residents find essential to their lifestyle. There is also the added benefit of high-rise condominiums: the beautiful Miami landscape views of the ocean, the city, and the “can’t be beat” front row seats to the sunrise and sunset.
There are always important questions to ask with both options, and with condominiums it’s especially important to be thorough. Condominiums have a Condo Association, which some may refer to with layman’s terms as a Home Owner’s Association (HOA). This group is there to help manage the shared space and agreed upon rules and regulations. What is the HOA application process like and will you enjoy your neighbors? Are you able to use the party rooms to host large parties? How is the condo association managed? When was the last time the building had an assessment what did it cover? When is the next 10-year re-certification and what is expected at that time? A Miami Beach Homeowner’s Association, HOA, is a board of condo owners that vote on ways to manage the building and plan for the future. If you are up for the responsibility, run for a board position when one becomes available. It is recommended that you attend HOA meetings to give input and research the regularly released financials. Inquiring on what the building’s HOA has voted on, including things like pet policies, subleasing, and rentals will be important depending on your plans for the property.
Remember, ultimately, whether you end up choosing a Single-Family Home in Miami Beach or a Miami Beach condominium, there is no right answer. The right answer is your personal preferences, priorities, and what best suits your Miami Beach living style. Meet with one of our local expert Miami Beach Realtors to help navigate this next step in your life. Reach out today at Realestate@urbanresource.com
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