Fort Lauderdale and Miami Pre-Construction Buying Process
- by Real Storia
- on 04/03/2017
- at 3:27 AM
Are you thinking of purchasing a pre-construction condo? Maybe you’ve discovered a new construction condo in Florida and became enamored with its location, layout or amenities. Perhaps you haven’t yet selected an exact property, but you’ve figured out that a new condo in a brand new building is more suitable for you than a previously-lived in unit. Whatever your incentives are for purchasing a pre-construction condo, consider the following 5 things about how the process works in Miami:
1. Understand What You’re Purchasing
When pondering the purchase of a pre-construction condo, there’s some important factors a buyer must take into consideration, like the area the building resides in, the size of the unit, the building’s amenities, and of course, the price. That said, there are other features a buyer should be mindful of about a pre-constructed condo.
A. Maintenance Fees - Condo owners must pay a fee to cover the maintenance of the building and its common areas. This expense generally covers the garbage collection, as well as the water bill. When inquiring about a pre-construction condo, be sure to ask what the maintenance fees include, as some developments include the cost of cable TV and high speed Internet. This will help you determine which bills to pay for. Since this fee covers the expenses of the building, some elegant condos that have more amenities generally come with higher maintenance fees.
For the most part, monthly maintenance fees are calculated in dollars per square foot. For instance, should a building’s monthly maintenance fee be $0.60 per square foot, then someone who owns a 1,000 square foot condo will pay a monthly expense of $600 per month.
B. Parking Spots - If you drive one or more vehicles, you’ll need to ask about the parking arrangements in the pre-constructed building you have your eye on. Several condos designate a number of parking spaces per unit, with supplemental cars requiring a valet service. Most buildings sell or rent extra parking spaces. Prices differ per building, but usually go from $10,000 to $30,000 per spot. Keep in mind that many buildings don’t assign parking spaces to buildings at all, making spots a free-for-all. Other buildings use a robotic system of parking, where a machine parks the car on your behalf.
C. Pet Policy - Your pre-constructed building might not allow pets, so if you own a dog or cat, learning about such restrictions can help you decide which pre-construction condo not to invest in. Keep in mind that, while some buildings do allow pets, there might be a limit of how many can inhabit a unit.
D. Rental Policy - If you are purchasing a pre-construction condo as a second home or an investment that you seasonally sublet, you must be aware of the building’s rental policies. Several condos have restrictions on rentals, permitting owners to only rent out units for a minimum of 6 months, capping the amount of times you can rent out your unit per year.
2. Furniture-Ready vs. Decorator-Ready
Is the unit completely finished? This is a key question a buyer should inquire about when looking into a new pre-construction condo in Florida. This question lets a buyer know what is or isn’t included, so they can install certain fixtures on their own, and budget for such renovations accordingly.
Several condos come furnished (a.k.a. “designer-ready”). In Miami and Fort Lauderdale, this refers to the unit coming with the rooms finished except for the unit’s interior paint, flooring, and cabinetry in closets. These things will need to be added at the buyer’s expense. The primer on walls, the concrete on floors, and empty closets will be finished, mind you. Many decorator-ready pre-construction condos in Florida provide package options to buyers who aren’t interested in this feature, and would rather have the developer complete the unit thoroughly. Even though such packages come at higher costs, it also eliminates burden and work for a buyer.
Alternatively, there are condos that come furnished, which include having the interior paint on the walls, the flooring already grounded, and cabinets installed in their respective rooms.
There is no right option, it really comes down to personal preference. One buyer may opt to design their own unit with their choice of flooring and paint, while another may want to purchase a move-in ready condo.
3. Selecting the Pre-Construction Condo in Florida Right for You
What makes pre-construction condos different is the fact that buyers don’t actually see the finished unit prior to investing in it. This can be alarming for some people - when was the last time you bought something you couldn’t see in advance? There comes a sense of uncertainty with such a decision - will the unit end up looking at the conceptual drawings and models, or will it look better (or worse)? This can ultimately be gauged by a developer’s portfolio, history and track record.
|Broward New Preconstruction|
|Deerfield Beach||Fort Lauderdale||Lauderdale by the Sea|