2) Assess the risk of the property going into foreclosure. Has it been recently purchased by an investor? Or owned for 20 years? (Again, a Realtor can check for a pending lien, but no one can guarantee there won't be a foreclosure).
3) Find a property that fits your lifestyle.
1) First , last and security deposit to the owner (some associations need an extra months deposit)
2) Elevator fee for the day of move in, which is around $500 and usually refundable
3) Move in/out fee around $500 and non refundable unless a furnished unit
4) Application fee is around $100
5) Pet fee about $400 and sometimes refundable
6)Parking stickers or access fobs can be an extra $25-$50
7)Lastly, an extra parking space can be anywhere from $50-$200
If you are a foreigner with no credit or social, they may ask for more security deposit. Your agent should be able to assist you with that information.
If I can be of any help please let me know.
I have a few tips listed on my blog for people moving into apartment buildings in Miami. These offer ways to set a budget and outline fees to be expected:
When you move to Miami whether itâ€™s from out of the country, from out of state or from out of the city you may be surprised by the expense of moving into one of the many apartment buildings that decorate the Downtown Miami and Brickell skyline. As a Miami real estate agent I try to prepare my customers as much as possible in order to ensure smooth transactions. Below I outline the fees associated with renting an apartment in Miami (as well as post-purchase/move-in fees for new condominium owners).
Once you have decided on an amount that you would like to pay per month for your new apartment in Miami, multiply that times at least three, and sometimes four. As up-front payments, most landlords will require your first and last monthsâ€™ rent plus a security deposit equal to one monthâ€™s rent. If your credit is less than desirable, you may be asked for an additional security deposit. However, the number of advance payments and security deposit required for move-in may be negotiated and are dependent on the length of your contract, your credit history, the specific unit ownerâ€™s financial needsâ€¦this list can go on.
Now we move on to the fees charged by the building association to tenants. Most building associations require a security deposit equal to one monthâ€™s rent. Some unit owners either have a security deposit already in place for their unit, or they allow what would have been their security deposit from the tenants to go to the association. This is open for negotiation between a landlord and tenant â€“ or each of their respective real estate brokers.
Application Fees, approximately $100-$200 per resident of unit (apply to both tenant- and owner-occupants), may be discounted for married couples. Building associations require background checks for all residents. Applications collect personal information, employment history and previous rental references. This information is used to perform criminal background & credit history checks. If you have doubts about your credit, do not be put off by the possibility of being rejected. Being honest with your potential landlord and the association about your credit standing will work in your favor. If you have valid reason for blemishes on your credit, chances are it will not have an effect on the association approving your application (depending on the building). Certain tenants are put off by this process, but just keep in mind that everyone in the building has been put through the same process and this ensures the safety and security of every tenant and unit owner.
Move-in/Move-out fees, $200-$500 (apply to both tenant- and owner-occupants). This covers the reservation and exclusive use of the freight elevators for a specified number of hours. If you are moving into a furnished unit, this fee is usually waived â€“ make sure you or your real estate agent makes the association aware.
Refundable move-in security deposit, $300-$1,000 (applies to both tenant- and owner-occupants). The dock master collects a check from the tenant prior to scheduled move-in date. Once the move is completed, the freight elevator and the common areas where your move took place are inspected. Once all is confirmed to be undamaged, the deposit is returned sometimes right away, other times you may need to wait a week or so. Same note from paragraph above regarding furnished units applies here.
Parking Pass and Common Area Key Pass, $25-$100 each. Unless the owner provides, you will need to purchase a parking garage pass/remote control and an elevator FOB (key pass for common areas). You may also need to purchase a parking sticker which costs around $25.
Hopefully this helps you to create a more accurate budget for your new apartment in Miami. If youâ€™re anything like me, the only surprises you like include champagne!
Jenny Pimentel, Broker Associate 617.648.6627 JPimentel@Cervera.com
Cervera Real Estate 1492 S. Miami Avenue, Miami, FL 33130