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

Buying a condo in Miami is not the same as buying a house — or the same as buying a condo anywhere else. Between HOA carrying costs, Florida's condo-safety laws, and a large share of buildings that don't qualify for conventional financing, the diligence matters as much as the deal. Here's the whole path.

1. Set a realistic budget

Your all-in cost is more than the price. Plan for:

• Down payment — as little as ~10% on a warrantable condo, but often 20–35%+ on the many Miami buildings that are non-warrantable (see below).
• Closing costs — commonly ~2–5% of price in Florida (more with financing). See our closing costs guide.
• Monthly carrying cost — mortgage + HOA dues (often the biggest surprise) + property taxes + insurance. Read how HOA fees work.

2. Get pre-approved — and vet the building, not just you

A condo loan approves two things: you, and the project. A perfect borrower can still be denied because the building fails Fannie Mae/Freddie Mac rules. Ask your lender early whether target buildings are warrantable. See warrantable vs non-warrantable.

3. Search with the right filters

Miami condos vary wildly — some allow Airbnb, some ban rentals for a year; some have pending special assessments, some are pristine. Use tools that surface that: our building rankings, Airbnb-friendly condos, and buildings by financial health.

4. Make an offer

Florida condo deals typically run on the FR/BAR or a developer contract. Key contingencies to keep: financing, inspection, and the statutory condo-document review right. Don't waive protections to win a bidding war without understanding them.

5. Review the condo documents (this is where you protect yourself)

Once under contract you have a legal right to the association's governing documents and financials — and a short window to cancel. This is your chance to find special assessments, litigation, low reserves, and rental rules. Read your condo-doc review rights.

6. Diligence the building's finances and safety

Since the 2021 Surfside collapse, Florida requires milestone inspections and structural reserve studies (SIRS) for older/taller buildings. A cheap unit can hide a five-figure assessment. Read special assessments & the condo-safety law.

7. Close

At closing you'll pay your closing costs, sign the mortgage (if any), and — in Miami-Dade — typically pay for the owner's title insurance yourself (a local custom). Then the deed records and it's yours.

Questions to ask before you commit

• Is the building warrantable, and will my lender finance it?
• Has the milestone inspection and SIRS been done — any findings or pending assessment?
• What do HOA dues cover, and are reserves funded?
• What are the rental rules (minimum lease, short-term/Airbnb)?
• What's the seller's motivation, and how does the price compare on $/sqft?

The bottom line

Miami rewards buyers who diligence the building as hard as the unit. Start with a lender who knows condos, use data to shortlist, and never skip the condo-doc review. When you're ready, set a search alert so new listings that fit come to you.

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This guide is general education, not legal, tax, or financial advice. Rules and figures change and vary by building and situation — confirm the specifics with a licensed Florida real-estate agent, attorney, lender, and CPA before you act. Listing data is deemed reliable but not guaranteed.