A house or apartment in the capital of Florida has 3 main cost types: community fee, local taxes, and urbanization spills.
Owning a home or apartment in Miami involves several real estate expenses that should be considered when buying the home or making an investment. The costs are structured around three main concepts: quota of the Condominium Association’, local taxes and spills of the urbanization.
First of all, it is important to know that the apartments or condominiums (gated community) are regulated by the ‘Condominium Association’, a community of neighbors that has its own rules and regulations. In buildings of more than ten apartments there is also the figure of the Condominium Manager’, person in charge of economic control through the supervision of the monthly payments of the owners and the maintenance of the building in perfect condition. This figure is the equivalent in Spain to the president of the community and the payments are like the quotas of the community. This monthly payment depends on the condominium and the common areas that the building has, being able to reach 1.300 dollars.
All buildings also have compulsory insurance by law, which is also included in this fee of the condominium. This factor is key in the valuation of the purchase, especially if you decide to buy a condominium located in a hurricane and flood zone because, surely, the cost of insurance will be higher.
Another expense assumed by the ownership of a property in Miami is the Property Tax. This tax, which varies depending on the area, includes expenses such as garbage collection, public schools, and a local tax similar to the Spanish IBI. The value of the ‘ Property Tax’ can be estimated before the purchase since it represents around 2% of the price of the property. Another cost associated with the purchase is the inspection of the house or apartment before the signing of the operation.