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MUSKULINE

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Bulat Shcherbakov
Bulat Shcherbakov

Buy Condo Miami



Additionally, when you couple the breeziness of an Airbnb-style vacation rental with a year-round city like Miami, travelers get a phenomenal vacation. After all, it's no secret that Miami has one of the best beach, nightlife, food, culture and shopping scenes in the world, and that's not going to change. This, quite obviously, makes buying a condo for daily renting in the city or Miami Beach a lucrative and smart investment opportunity.




buy condo miami



This is one of the most basic questions you'll want answered before you start thinking about making a purchase for your short-term rental investment. Most people invest in short-term rental condos for three reasons:


Why buy a condo vs house as a daily rental or short term rental investment? It's quite simple, condos come with a host of amenities (resort-style pools, gyms, and concierges are pretty standard in Miami) giving them a natural edge over other listings. Better still, you don't have to personally worry about their maintenance. Also, at times paying your condo association fees works out to be cheaper than maintaining and running an entire house. (Read more about buying a house vs condo here.)


The City of Miami Beach has some rules in place when it comes to renting out to Airbnb or any other short-term vacation rental. Most beachfront and bayfront properties, as well as condos South of Fifth and in South Beach's Art Deco allow some form of daily or short-term rentals. You can check to make sure that your condo of interest is in one of the permitted zones of this Miami Beach short-term rental limitations map.


You can also check this Miami Beach zoning map to see if your property is approved for "lodging" or you need to apply for a change of use certificate. And, since only owners can play host in Miami Beach, this puts sub-letting out of the picture. Finally, you'll have to check with the condo board of the building you are looking at to see if they allow short-term rentals in the building. You can also check our list of Miami and Miami Beach condos that allow short-term rentals here.


The rest of Miami has far fewer restrictions compared to Miami Beach. A quick check on this zoning map under the Theme section 'Miami 21 (current zoning)' or a call to Miami's zoning department at (305) 416-1499 will help you find out whether the condo building you're eyeing can be rented for the short term. Next, you just need to make sure you comply with the city's requirements before you start renting.


Contrary to what most people would expect, this financial district - and not the beach - featured twice on the list of Miami's most wish-listed Airbnb properties in 2019. Home to a majority of banks, offices and consulates in the city, the bayfront area naturally receives the highest number of business travelers. However, Brickell also boasts of some of the best connectivity to public transit options in Miami, plus a host of world-class restaurants and the grand shopping destination of Brickell City Centre within walking distance, it's no wonder condos and penthouses in Brickell are highly favored by Airbnb guests.


Famous for its colorful street-side murals and outdoor cafés, this artsy neighborhood boasts of an enviable walk score of 93. Having emerged as the center for art, fashion, nightlife and globally-inspired dining, the district is known to attract the curious lot. With a lack of hotels in the area, modern-chic loft-style condos are the accommodation of choice for most Airbnb travelers. You can check out the complete list of loft-style condos in Wynwood and the rest of Miami here.


No Miami travel plan can be complete without hitting Miami Beach. South Beach is the hottest tourist destination in Miami, but only ranks a bit lower due to its strict stance on short-term rentals and a significant number of "red zones" completely banning daily rentals. However, this also opens up a great window of opportunity for the condos located in permitted zones by limiting competitions. Penthouses and accommodations with water views are known to receive the highest demand in South Beach.


Investing in a condo-hotel for an Airbnb-style vacation rental business in Miami definitely makes life easier. One of the biggest reasons for this is that a condo-hotel already has all the necessary permits in place and is different from 'lodging' use or 'residential' use, which is where most owner-hosts have been running into issues with the authorities. This also means that condo-hotel owners in Miami Beach can rent out to daily rental websites like Airbnb freely, provided their governing documents allow the same.


Secondly, a condo-hotel is designed to be rented out, which means it already has all the frills and furnishings any traveler could ask for. Further, catering to guests, cleaning up and maintenance is easier too, since the hotel staff is already trained to offer the highest standards in hospitality. However, you should keep in mind that owning a condo-hotel unit works out to be a bit more expensive to begin with and also attracts higher HOA fees. Nonetheless, this should not deter future Airbnb hosts since their location, brand image, and higher service standards also proved the opportunity to generate higher revenue income. You can read more about buying a condo-hotel in Miami, its workings, expenses, and a complete list of properties here.


With an increase in demand for daily vacation rentals in Miami, condo projects such as Natiivo are already being developed with the Airbnb investor-host in mind. With a proper hotel license in place from the very beginning, owners will have the flexibility to live there or have the investment work for them by renting out to their heart's content.


Before looking into the City's requirements, you will first need to see if the condo building in question allows daily rentals. This is important not only because condo boards can have their own set of restrictions or even a complete ban on daily renting, but also because the County of Miami-Dade requires written authorization from the condo association in question regarding the operation of a short-term rental. You can see the complete list of Airbnb-approved condo buildings in Miami here or check out the pre-construction condos that are already approved for short-term vacation renting.


The answer to this question is found in a 2004 amendment to the Condominium Act. According to the amendment, if at the time of purchase, your building's governing documents allowed short-term/daily rentals and the condo board votes on any restrictions/changes later on, then only those unit owners who consented to the amendment will have to comply with the new rules.


However, these amended terms will apply to all future owners of the unit. This means that if your seller could Airbnb his/her condo, that does not necessarily mean you can too, and thus it only makes sense to take a closer look at the governing documents of your prospective purchase before signing the dotted line. Be sure you have an experienced real estate attorney review any condo or HOA documents and policies, as well as city and county policies clearly to be sure of the legal validity to rent your condo investment short-term or on a daily basis.


We specialize in short-term and daily rental condo investments. If you are interested in purchasing a condo for short-term rental income, please let us know and we'll be happy to guide you to your right Miami investment property. Call us at (786) 930-4220 to help you in your Miami or Miami Beach condo or property search.


So, you are thinking about buying a condo in Miami, either as an investment, a place to call home or a pie de terre for you and your family to visit whenever you wish. Regardless of the reason, buying a Miami condo should be a pleasurable experience that you can enjoy both financially and for your lifestyle.


The development of a property has several stages, including planning and permitting, the construction and building process, and finally, the completion and move-in period. In a larger project like a high-rise condominium building, these stages are more specific given the scope of the project.


There are several reasons why buyers want to purchase a condo property during the early development period, or pre-construction period. You might be buying a pre-construction condo in Miami for one of these reasons:


Price - Oftentimes, developers offers early-bird pricing and certain incentives during the Pre-Construction period. This means you will likely get a better price for your condo by purchasing it early. Essentially, you want to lock in a beautiful condo at lower prices so you can benefit from rising real estate prices, while not actually having to worry about maintaining the real estate while it is being built.


This is one of the earliest stages to buy into a pre-construction project. As mentioned above, this is during the middle of the planning stages. Typically, the developer has all the floor plans and initial design of the building available. They usually have selected initial or final finishes, appliances, etc, so you will have a very strong idea of how your final unit will look like. The building plans are still in approval stages with the city, and the developer has also submitted for approval to officially register the condominium with the State of Florida.


At this point the developer has received approval on its plans from the city and also has received official approval for its Declaration of Condominium with the State of Florida. This typically happens 3-6 months after the beginning of the Reservation phase. Now the developer can officially go under contract for its pre-construction units. You will receive a developer contract and also the full condominium documents. At this time, the developer will typically require a total of 20% (if you already paid a 10% reservation fee then you will pay the 10% remaining balance).


It is easy to get surprised at closing when you get your closing or settlement statement while purchasing a pre-construction property. Here are the things you will need to look out for at your pre-construction condo closing: 041b061a72


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