Whether it is for personal or business use, buying a condo in downtown Miami is almost never a bad real estate investment. There are still a few points that newcomers may want to be aware of in advance though, as mistakes in real estate are always costly. Let’s get straight into the three-point guide to avoiding those mistakes.

Choice of Neighborhood

The neighborhood you choose should reflect the residents’ lifestyle, needs, preferences and habits. In case it is a commercial investment, the neighborhood must appeal to the kind of customers/tenants that you are trying to attract. 

For personal investments, the location has to be convenient for you and your family (if applicable). Use the Condo Blackbook to find all necessary information about neighborhoods and condos in downtown Miami. Whether you are buying property for business or for personal use, gaining prior knowledge about the localities will make a huge difference.

Storm Protection

Florida is prone to severe hurricane damage, but fortunately, downtown Miami does not have to bear the worst of it. Nevertheless, you should never buy a condo or any other type of property in Florida that cannot be reinforced to deal with hurricanes. In fact, it is preferable if the property already has been reinforced against storms to some degree. Check to see if the property has or at least can be easily equipped with some of the following measures:

• Hurricane shutters and impact windowpanes
• Extra set of windows on the outside (i.e., storm windows)
• Reinforced windows
• Reinforced external walls

Facilities

From the perspective of a residential buyer, they should make sure that the basic or luxurious amenities they expect are indeed present. The quality, availability and quantity of those facilities should be sufficient to do justice to the investment you are making.

At least a single parking space, high ceilings and a shared pool are the bare minimums, even if the condo is mid-tier. It varies depending on the budget of course, but high ceilings, multiple parking spaces and private pools are to be expected from luxurious condos in Miami. Any condominium complex that houses several luxury condos may also provide its residents with access to:

• Fully equipped multigyms inside a fitness center
• One or more clubhouses with indoor entertainment (pool, ping pong, lounge etc.)
• A basketball court/tennis court, a playground, and perhaps even a golf course
• A local healthcare unit

If you are buying property in Miami for commercial reasons, you may actually have to invest further in making some of these facilities available to your potential buyers and tenants. Do your market research, and make sure you do not end up overinvesting in a condominium complex. The locality must be suited for the type of tenants and buyers you are targeting.

On the flipside, your investments should be proportionately suited for the type of locality where the property is located. Amenities are a secondary factor which should only be considered in the decision-making process if the location is ideal for the target customers first.