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I was wondering how do you guys compare living in Broward County compared to Miami.
From my experience as a traveller from Europe who is looking to move here, I personally lean more towards Broward county because I got impression that it's less busy than Miami, the property prices are more affordable, and you get little bit more laid back atmosphere and local vibe.
If you ever need to go to Miami, it's 45 minute drive from time to time, we definitely don't need to be in the center of everything all the time
For example one of my friends lives in Hollywood, in a neighborhood that is 5 minutes drive from the Hollywood Beach (15 minutes with bicycle), takes him 15-20 minutes to Fort Lauderdale and 35 minutes to Miami Beach.
That's just my experience as a tourist who had a chance to be in the area few times.
What are pros and what are cons in your opinion?
One more question, as I am really not familiar with a process of purchasing and owning a condo in Florida, I wanted to ask you what are the all expenses that you usually pay when you own a condo.
- Can you buy a condo on your own through ads or you need to go through the real estate agency?
- Is 3% the commission or there are other costs when hiring a realtor?
- What are the yearly taxes and insurances that you have to pay?
- Do all condos have to pay HOA, and what does this fee normally cover?
- Any other expenses that I should be familiar with?
Last edited by Americki San; 12-12-2022 at 04:13 AM..
Reason: I added additional question
All condo associations charge owners monthly fees to cover expenses such as maintenance, insurance, etc. Sometimes, special assessments are needed to pay for needed capital projects.
Any prospective condo buyer needs to understand that Florida condo fees and assessments are under immense pressure currently and in a state of uncertainty. Charges levied on owners may be significantly higher in coming years, especially for owner buildings where needed maintenance has been deferred.
Buying a condo unit before an association has completed its first, mandated "milestone inspection" poses a significant financial risk.
<<On May 26, 2022, Florida Governor Ron DeSantis signed Senate Bill SB 4-D: Building Safety. This statute states that all condominium or cooperative buildings that are 25 or 30 years of age, with three or more floors in height must conduct structural integrity assessments known as Milestone Inspections. All Phase One Milestone Inspections must be filed with the local building departments by the end of 2024.
A “Milestone Inspection” is the structural inspection of a building performed by a licensed architect or engineer. The purpose of a Milestone Inspection is to ensure a building’s safety through an assessment of its structural components and general structural condition. The cost of the milestone inspections let alone of any needed repairs likely are not fully reflected in many condo fees.
Condo associations likely will have to build maintenance reserves for future expenses in addition to funding currently needed repairs.
<<The new legislation requires associations to conduct a comprehensive reserve study every decade and then maintain sufficient reserves so the association can afford major repairs based on anticipated life expectancy. Previously, condo associations were permitted to waive the statutory reserve funding and/or only partially fund its reserves if approved by association vote.
Associations will also be required to conduct milestone inspections to identify latent conditions that affect the structural integrity of the building. The milestone reports are required to be provided to all unit owners, and the association must commence repairs within a year if the inspection reveals that structural repairs are needed. These changes are long overdue for coastal high-rise condominium associations, which are among the most difficult and costly buildings to insure.>>
Americki San, I think you’ve accurately described the main pros and cons of Miami vs. Ft. Lauderdale. It’s really like describing the difference between Miami-Dade vs. Broward County. Miami is far more cosmopolitan while Ft. Lauderdale overall has a far more suburban feel with so many cities surrounding its western border. And you’re correct, generally your real estate budget will go further in Ft. Lauderdale.
As for your questions, you can buy real estate without a realtor, but unless you hire a real estate attorney to review documents, you’re entering into a transaction without representation. A good realtor is well worth the commission, but if you do go that route, make sure you check ratings and find a good one. A poor realtor is useless (and I can say the same thing about real estate attorneys).
Each time I’ve used a realtor to buy and/or sell a home, the only charge has been the commission.
The following link will help you estimate how much property tax you’ll pay on a property in Broward County. I’m sure you can find a similar link for Miami-Dade. For condos, insurance is included in your monthly HOA fee.
I’m not aware of any condos that do not have to pay a monthly HOA fee, because you have shared walls, roofs, parking lots or structures, and community amenities. That fee is going to vary by condo complex.
WR Native has provided a good overview as to what types of surprise costs condo owners should expect to face in the future. In light of the condo collapse in Surfside, in Miami-Dade County, there are now new, stronger regulations regarding required review and repair of structures. This means assessments to condo owners.
How high can these go? Definitely in the thousands of dollars. That was one of the problems at Surfside. Sadly, the structure wasn’t built well to begin with, and the residents kept wanting to kick the issue down the road, rather than pay. Condo boards are run by homeowners. Imagine you get a notice saying you owe an additional $20,000 per owner to re-fortify the foundation? Under the old laws, residents could fight it and request review upon review and this could take years to decide (while the damage and cost continues to get worse). Now, there’s less of a chance of that (if the law works the way it’s supposed to). So if you are a condo owner, have reserves set aside for unexpected assessments.
All condo associations charge owners monthly fees to cover expenses such as maintenance, insurance, etc. Sometimes, special assessments are needed to pay for needed capital projects.
Any prospective condo buyer needs to understand that Florida condo fees and assessments are under immense pressure currently and in a state of uncertainty. Charges levied on owners may be significantly higher in coming years, especially for owner buildings where needed maintenance has been deferred.
As for your questions, you can buy real estate without a realtor, but unless you hire a real estate attorney to review documents, you’re entering into a transaction without representation. A good realtor is well worth the commission, but if you do go that route, make sure you check ratings and find a good one. A poor realtor is useless (and I can say the same thing about real estate attorneys).
If I were attempting to buy a condo in Florida, given today's uncertainties and looming threats, I would definitely want to hire, by written contract, a "buyer's agent" knowledgeable and experienced in the local condo market and Florida condo laws. An agent who is not a buyer's agent may have no legal obligation to disclose concerns unless they are considered "patent defects," which don't only apply to construction defects. E.g., if a board has warned owners of impending large increases in association fees and assessments, and this is not disclosed, my understanding is that is a patent defect (I could be wrong as I'm not an attorney, let alone a FL attorney).
Before signing a contract for a buyer's agent, it's obviously wise to first hire an attorney who is a real estate specialist and well versed in buyer agent contracts. I've received excellent real estate attorney referrals in the past by asking for referrals at local title agencies, especially for the name of the attorney who locally represents the title agency. A real estate attorney very knowledgeable in condo law would be most desirable. IF you find a condo definitely out of your price range, perhaps ask for the name of the association's attorney; that might be a good choice. Unfortunately, attorneys are very expensive, and reviewing condo documents and financials can be a time-consuming task. Any intelligent buyer will want copies of by-laws, regulations, engineering reports and reserve analyses, financial statements. I'm not certain if FL requires audited financial statements for condo associations. The presence of audited financials is a significant positive.
I've owned a condo, and known many condo owners, and condo ownership is a perpetual pitfall. Board members often are conflicted, inexperienced, and/or motivated to make bad decisions in order to keep monthly fees low (especially in my experience by taking shortcuts on insurance policies, even with directors' insurance which protects both directors and condo owners). Some independent property managers also are conflicted. I've served on a condo board (not in FL), and it was a disgusting experience. Other condo board members agree with me that once you serve on a condo board, you never again feel the same way about your condo or condos in general.
Another good first step may be finding a good insurance agent, especially one who provides insurance for condo associations. This agent also may be able to recommend good real estate agents and attorneys. I wouldn't want to own a condo anywhere without having a sufficient condo loss assessment policy. In Florida, I would want specific riders providing loss assessment coverage against certainly hurricane/wind damage loss assessments, but also about risks resulting unknown structural damage. Good, comprehensive loss assessment coverage can be difficult to find (e.g., although I don't live in a high risk earthquake area, it's difficult to find loss assessment coverage with an earthquake rider), and more expensive. Consider that in Florida, individual homeowners have great difficulty finding excellent insurance policies, and they are not cheap. As the risk of loss assessment coverage to an insurance depends upon the quality of an association's management and underlying coverage, perhaps seek condo insurance and loss assessment coverage from the association's insurer. If they won't issue a loss assessment policy, this would be a warning sign IMO, perhaps indicating that the insurer knows the association's insurance policy is inadequate in one or more ways.
My readings and discussions with friends who own condos in FL suggest that monthly fees have increased double digits in recent years, not only due to inflation but much more expensive association insurance premiums. Loss assessments in coming years could be in the tens of thousands/unit depending upon the age, quality, and location of condo buildings. Just replacing an elevator can cost close to a million dollars, depending upon the height of the building.
As mentioned, buying a FL condo will be much safer once "milestone" studies have been completed and factored into association finances. This process may take years.
I once planned to buy a condo in Florida, but those plans have dimmed given the events of recent years most especially for high-rise buildings in problematic areas, such as close to coasts.
Renting for one year would give you time to study and understand the risks in a given area. If you rent a condo, you could attend board meetings, and familiarize yourself with a property. Of course, many condo associations ban rentals, but sometimes there are limited exceptions.
Broward is still a very busy metro area. I mean it's all relative. It's like night and day compared to Naples, Palm Beach, or Sarasota which has a lot different feel and also very popular with Europeans.
One more question, as I am really not familiar with a process of purchasing and owning a condo in Florida, I wanted to ask you what are the all expenses that you usually pay when you own a condo.
- Can you buy a condo on your own through ads or you need to go through the real estate agency?
- Is 3% the commission or there are other costs when hiring a realtor?
- What are the yearly taxes and insurances that you have to pay?
- Do all condos have to pay HOA, and what does this fee normally cover?
- Any other expenses that I should be familiar with?
Any real estate commission is paid by the seller, not you as the buyer. Use a realtor you like, someone that has been doing it for 5-10+ years. Don't hire someone because they are a bartender that sold you a drink once or some crazy old lady that is your friends aunt. Interview a couple agents.
Taxes - figure 2% of assessed value which is usually 80-85% of what you paid. So 200K condo/assessed at 170K and taxes are 2% of that $3400 a year (each town could have special assessments).
HOA fees, all condos have them. CHECK THEIR RESERVES BEFORE YOU BUY! Old buildings might not have enough money saved for a big renovation/restoration project. If they don't they bill the owners (you!).
My advice: RENT in the building you want to buy in. You will see if you like it, you will hear all the owners complaints and get a better feel for the place before you buy it.
Broward is still a very busy metro area. I mean it's all relative. It's like night and day compared to Naples, Palm Beach, or Sarasota which has a lot different feel and also very popular with Europeans.
Yes, you are correct — Broward County is a very busy, congested metropolitan area, and it has been since the 1980s. Those who assert that Broward County is not as busy or congested as Dade County are living in 1978. Thousands of people, mostly from the Los Angeles and New York City areas, have relocated to Broward County since mid-2020, and the local population is still surging in late 2022.
Also, in my experience, there are nearly as many Spanish-speaking people in Broward County these days as there are in Dade County. The western suburbs, especially Coral Springs and Weston, are (and always have been) very Spanish.
Recommendation: if you have a property you're very interested in, ask to see the HOA/Condo Association's meeting minutes for the last year or two.
This may tell you even things have been discussed such as upcoming reviews, potential increases, etc.
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Correction to post 2
