What is an HOA? HOA’s in Miami? What are the benefits? Do they take your money
The benefits of an HOA
- Lawn is done
- Valet service
- Water and trash
- Pool and gym
- Building is Clean
What I dont like about HOA’s
- The monthly fee can go up at any time.
- Charged a monthly assessment.
Example of an assessment in Miami:
The building board members want to fix all the balconies and make all windows hurricane-proof. The building will come up with a budget, and each owner will have to pay a monthly fee. It could be $50 or $2000. Depends on the building. You pay that fee on top of your HOA fee.
Example of an assessment in Miami :
I sold a unit in Miami Gardens for 159K. The seller had a $1000 assessment because the roof needed to be fixed immediately. The evaluation was for only 6 months, but this complex was in a low-income community. These people are on fixed incomes. How are they going to afford the $1000?
What you need to know before you buy a condo in Miami
Before buying a condo, you need a real estate agent who knows about Miami condos and the rules and regulations. That agent must ask the seller, front desk, and the condo association questions. Some new agents think I’ll move my client to Brickell, Miami, where all the buildings are new. BAD MOVE some of those buildings have ongoing lawsuits.
A property disclosure is necessary. There are some healthy condo buildings in Miami, but just make sure you write down notes. Your agent will be asking a lot of questions.
NOTE: If the property does not have good bones it usually will NOT have reserves and that means you will have to put 20% down.