How to Buy a Condo in Miami: A Step-by-Step Guide

Buying a condo in Miami comes down to seven steps, and most of the risk sits in two of them: whether a lender will finance the building, and what the condo documents reveal before your cancellation window closes. A strong borrower can still be turned down because the building fails a lender's rules. A good price can still hide a large special assessment. This guide walks through the order we would follow, with figures from our own records where they help.

1. Budget for the full monthly cost, not just the price

Your cash and your monthly payment both run higher than the sticker suggests.

• Down payment: it depends on the building more than on you. More on that in step 2.
• Closing costs: see our closing costs guide for the line items.
• HOA dues: this is the line that surprises most buyers. As of October 13, 2026, the median listed HOA fee was about $1,316 a month in Brickell, $1,256 in Edgewater, $1,213 in Midtown, $1,184 in Downtown and $990 in South Beach. Read how HOA fees work before you compare buildings.
• Taxes and insurance: property tax plus your own HO-6 policy. The master policy for the building is inside the HOA dues.

2. Check that the building can be financed

A condo loan approves two things: you and the project. Buildings where one owner holds too many units, that run hotel-style short-term rentals, that face litigation or that have weak reserves or deferred structural repairs often fail Fannie Mae and Freddie Mac rules. These "non-warrantable" buildings need portfolio loans, usually with bigger down payments. See warrantable vs non-warrantable.

You can see how lenders actually treat a building in the county record. Our Financeability Index reads recorded mortgages for 659 Miami buildings, and 296 of them rate as financeable. The spread is wide. At Four Midtown, 58 percent of recent sales were financed and a regulated lender accepted a down payment as low as 5 percent. At The Elser, only 20 percent of sales were financed and the median recorded down payment was 35 percent. Ask your lender about your target buildings before you write an offer.

3. Shortlist with the right filters

Rental rules, assessments and building health vary more than unit finishes do. Some buildings allow nightly rentals, others require a year-long lease. Start with building rankings, condos that allow short-term rentals and buildings with no special assessment on record, then compare closed prices per square foot, not asking prices.

4. Make an offer that keeps your protections

Resale deals in Florida usually run on the FR/BAR residential contract with its condominium rider, and new construction on the developer's own contract. Keep the financing and inspection contingencies, and do not waive the condo-document review. That review is your exit if the association's finances look wrong.

5. Read the condo documents inside the deadline

Florida gives condo buyers a cancellation window that starts when they receive the required condo documents. For a resale contract signed on or after July 1, 2025, it is 7 business days. For a purchase from a developer, it is 15 days under section 718.503 of the Florida Statutes. Look for budgets, reserves, pending or planned assessments, litigation and rental rules. Our guide to your document review rights covers what you are entitled to receive.

6. Check the building's safety and reserves

Florida requires a milestone structural inspection for condo buildings of three or more habitable stories, 30 years after the certificate of occupancy (25 if the local building official requires it), then every 10 years. The same buildings need a structural integrity reserve study at least every 10 years, according to the state's condo regulator, the DBPR. Ask whether both are done, what they found, and whether the reserves are being funded. Read special assessments and the condo-safety law.

7. Close

At closing you pay your share of the costs and sign the loan documents, and then the deed is recorded. In Miami-Dade the buyer usually pays for the owner's title insurance policy, unlike in most Florida counties. That is a local custom, not a law, and the contract can say otherwise.

Questions to ask before you commit

• Will my lender finance this building, and on what down payment?
• Has the milestone inspection been done, and does the reserve study show funded reserves or a coming assessment?
• What do the HOA dues cover, and have they jumped recently?
• What are the leasing rules: minimum lease term, short-term rentals?
• What have comparable units in this building closed for per square foot over the past year?

This guide is general education, not legal, tax or financial advice. Rules change and vary by building. Confirm the specifics with a Florida real estate attorney, lender and tax adviser before you act.