A Second Home in Miami, Should I Buy a Condo or a Home?

A Condo vs a Home as a Second Property in Miami

Whether a Miami home or a Miami condo serves better as a second home is very much a personal one and of course neighborhood dependent. Although there is no universal answer to this question, buyers might find the below questions extremely helpful in deciding which type of property best fits their needs. Besides the best fit for your lifestyle we also feel compelled to provide you with background information on the Miami market and what could potentially be the best investment.

A Second Home in Miami, Should I Buy a Condo or a Home?

A Second Home in Miami – A Home Vs a Condo

  • What Neighborhood do you want to live in?
    • Some areas offer pre-dominantly single-family homes while others offer more condos. 
  • How big a property do you need?
    • As a general rule of thumb, single family homes are larger than condos although some brand new condos (Park Grove and 87 Park for example) offer large residences
  • How willing are you to manage a property?
    • Condos of course require less involvement than houses
  • What is the budget?
    • The budget will tell us which areas will offer you most value for money
  • How many times a year will you visit the home?
    • Condos are safer than homes and of course easier to upkeep
  • What yearly budget are you allowing for property maintenance?
    • Although a home is more labor intensive, a condo has higher maintenance fees which are mandatory fees
  • Would you want to rent it out when you are not there?
    • A house can be rented out whenever you want, while renting out a condo is subject to the condo’s rental guidelines (Generally speaking once or twice a year)
  • How important are amenities and convenience?
    • Condos are more convenient while offering more amenities.
  • Highly concerned over security?

A Second Home in Miami, Should I Buy a Condo or a Home?

Best Type of Second Property in Miami from an investment point of view

The condo market is more of an investment market, one that relies heavily on outside money and is less of a necessity and more of a discretionary purchase. These markets suffer most from macroeconomic changes as these assets are easiest to offload without affecting someone’s life. Add to this the fact that many investors are foreigners and therefore currency fluctuations come into play. Finally, the condo market has seen a large amount of construction over the last years until they reached the point at which the market could not absorb this supply anymore. Once these new construction condos started reselling it became apparent that at this inflated price point the demand was very low. The single-family home market behaves in a completely different way than the condo market. Single-family homes represent the primary markets and this is a necessary purchase. Therefore this market is more stable and it is harder to overbuild in this section of the market. In short the Miami condo market is more dynamic and the market experienced some extreme cycles in the last decades. If you are an investor you can win big with this but of course there are more risks involved. The single-family home market on the other hand is more stable!

The above video was shot explaining the difference between the condo and the single-family home market during Covid-19. Nonetheless the logic behind this discussion will also apply for markets that are not in the middle of a pandemic.

Browse Condos for sale in these neighborhoods:

Browse Homes for sale in these neighborhoods:

A Condo vs a Home in Miami 

Call me today to discuss your personal situation, your budget, your preferred location and the purpose of your second home. Ill be more than pleased to help you find the perfect property for you.

David Siddons | david@siddonsgroup.com | +1.305.508.0899

WHY WORK WITH DAVID? THINGS YOU SHOULD KNOW...

For all our analytics we are agents driving some very unique and advanced tech. We Provide a granular and custom experience that empower our clients with the insight and tools to understand the most complex behaviors of any local markets.

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    Over 100 reports produced to date

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    Over 1800 published articles and counting

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    Over $2 billion in real estate sales

    Reviews
David Siddons
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Akbota YerseitAkbota Yerseit
13:29 03 Jun 22
Excellent leaders!
Cathryne HaladnerCathryne Haladner
12:12 18 Sep 21
We have only superlatives to describe how wonderful Cris Buzolin was throughout the process of selling our townhouse in Coral Gables. We were away in the UK while the transaction was taking place and Cris handled everything-from clearing out our house, selling contents when she could, arranging the moving and storage and dealing with some very difficult problems which arose. Always patient and very willing to help in every way, Cris is a consummate professional who really cares about her clients and worked extremely hard to get the price we had asked for and make things for us as easy as she could. Nothing was too much for her to handle.Cris and Marianela (who provided additional very helpful assistance to us during the transaction) are part of the team that David Siddons has assembled.When we decided to sell our property, we contacted David and he established the framework for the transaction and ensured that everything proceeded smoothly and in accordance with our wishes. In sum, David Siddons and his team are extremely competent and professional and we are totally satisfied with the service they provided. To repeat, Cris Buzolin in particular, went way beyond what one would expect from a real estate agent. The David Siddons Group has our highest recommendation!
Jose Eduardo FilhoJose Eduardo Filho
17:17 13 Jul 21
I thank the whole team and especially Cris Buzolin who, in a very professional and competent way, helped me to sell my property safely and in the best market condition.
Idan Singh (Idan)Idan Singh (Idan)
19:53 07 Jun 21
Great Service for British Expats looking to move to the States.
Simone GarrettSimone Garrett
17:20 26 Feb 21
Fantastic group of people to work with!! David and Adriana were responsive and professional throughout the entire process. We weren't familiar with South Florida so David took us under his wing and did a fabulous job giving us a tour of select neighborhoods in South Florida and shared a great deal of information about each. We fell in love with the Botaniko community in Weston and closed the deal with Adriana. If you are buying/selling this is the team you want to work with!! Thank you guys for helping us find our dream home.
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