Miami Condo Investments
Miami Condo Investments Buyer’s Guide.
Are you thinking of buying a condo in Miami Florida? There are many condos in Miami to choose from, some are resale and others are pre-construction. Which one is right for you? It depends on your goals, lifestyle, timeframes, and budget. We specialize in helping buyers, investors both locally and internationally who are interested in Miami condo investments. Below is a basic walkthrough of the buying process for pre-construction condos in Miami. When you are ready for a custom tailored buying experience, contact us. We are the Miami Condo Kings!
PRE-CONSTRUCTION CONDO RESERVATION
In this phase, the condo developer is offering the units at the lowest price of all future stages. These prices are typically below the market price and give the developer the chance to test the real demand for the project, helping the financing process that they face with their current lenders. The buyer will reserve the chosen unit with a deposit of 20% of the unit value, with a reservation agreement. This money is fully refundable.
Once the developer reaches the point of the required number of reservation agreements, they create the hard-contracts with the condominium documents specifying in detail all the legal and technical specifications of the development. This stage is usually reached between 1 and 3 months after the reservation agreement. If the buyer wishes to go ahead, the deposit given to the developer is now non-refundable for their Miami condo investments.
When the construction of the project begins or the construction “breaks ground”; a second 15 to 20% is required to complete the initial deposit. The construction may take between 6 months to 2 years. Once the developer finishes the buyers floor an additional 20 % will be required and also, when the building is “topped-off” or the top floor is completed.
Once the condo development interiors are completed (six months or two years later), you will complete the transaction by closing on your Miami condo investments. At this point, the remaining money to complete the purchase will be required, and the mortgage or the cash payoff will have to be available, along with the closing costs and all the typical expenses related to a Florida real estate transaction.
If you have questions about making Miami Condo Investments, check out Frequently Asked Questions page
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