10 Tips for Buying Your First Condo

Condominiums are increasingly becoming popular among first-time homebuyers because they’re generally easier to maintain, more affordable, amenity-rich, and frequently situated in desirable neighborhoods.

However, buying a condominium is different from purchasing a conventional detached single-family property. Therefore, you must consider these factors and use them as a guide throughout the journey.


Frequently the entry point for first-time homeowners, condominiums such as Eighty Seven Park Miami makes a great investment because you can anticipate great resale value when you wish to sell. In this instance, it’s imperative you consider the location to make sure it has a high resale value.

The neighborhood makes the condominium. Just ensure the condominium has numerous amenities such as Eighty Seven Park, which seeks to make the life of its residents more convenient.

Monthly charges

Before you begin your condominium search, it’s important you identify your financial capacity. It’s not merely the mortgage payments you should consider. You need to factor the monthly maintenance charges as well.

Remember, the fee can vary across buildings. Therefore, we recommend you compare buildings with comparable amenities and number of renters. Beware that older buildings usually generate a higher maintenance fee than new ones such as Eighty Seven Park pre-construction.

Select a qualified agent

Choosing your agent is a huge deal. Don’t merely choose the first agent you come across. After all, the agent plays an important role in the buying process. Selecting an inexperienced agent will lead to a disaster.

Save yourself unnecessary headaches in the future and make sure the agent you choose has provable experience with condominiums.

Start saving early

Financing condominiums can be very different from funding conventional homes. Obtaining a pre-approval letter is a great initial step. Whether you opt for an FHA or conventional loan, you must ensure you consult an expert as soon as possible.

Bear in mind that numerous factors will influence your capacity to obtain a loan, for instance, the area you’re in. Depending on these aspects, a condominium mortgage might be riskier for a lending institution, so you might incur higher rates or need a bigger down payment. Don’t wait until you’re ready to shift to begin thinking about whether you can feasibly afford a condominium.

Understand the rules

Before you purchase our Eighty Seven Park condominiums for sale, you must understand the community rules. You might discover that simple lifestyle options will play a role in your purchasing decision. Pay keen attention to the policies surrounding smoking, pets, and noise.

If you enjoy hosting huge parties, you might end up arguing with the neighbors constantly. As such, you should seek out condominiums with policies that align with your lifestyle.

Find out about the Neighbors

Condominiums typically put you in close proximity to neighbors than houses do. Not paying attention to the kind of neighbors you’ll share space with could be a big mistake. It won’t matter how great new condominium appears if you can’t tolerate the neighbors.

Talk to the neighbors to establish what they think of one another. You’ll establish the neighbor who plays loud music or hosts parties, for instance. You could also establish what they like and dislike about the neighborhood.

Conduct research on the Association

A great tip for purchasing a condominium is to understand the neighborhood’s financial strength. The association is responsible for keeping things together in the community. It should make sure the building is in good repair and the grounds maintained.

These associations usually have considerable power and you’ll need to listen to their concerns and obey the mandates and rules. This doesn’t imply that all associations are unpleasant to deal with. Nevertheless, you must research before buying.

Confirm the Reserve

Every association has a pool of cash gathered from members. The money is supposed to cater to repair costs. However, every association manages reserves differently and not all have good management. You want to purchase a condominium in an association with sufficient funds to handle any future issues.

You should also establish your share of repair expenses in case a problem arises. You wouldn’t want to find out later that the neighborhood’s financing is mismanaged. This could, in fact, reduce the property’s value.

Have your Emergency Fund

Condominium ownership is frequently less costly than homeownership since members share costs. Remember however that this isn’t like apartment renting. You’ll still require money to cover the share of expenses and you’ll need to cover many things on your own.

This means you need an emergency fund. Strive to have more money so you can withstand surprises after you purchase your condominium.

Consider the neighborhood

While you might have become attached to a certain development, it’s important to consider the surrounding community in which it’s situated. Numerous buyers focus on the property’s nuances that they overlook the surroundings. You should consider aspects such as the local schools and crime rate.

A condominium can be an excellent substitute for a conventional home for both experienced and first-time homebuyers. Nevertheless, purchasing a condominium entails a distinct process that even veteran homeowners might not understand. If you’re thinking of investing in Eighty Seven Park condos for sale, use this guide.

PLEASE CAREFULLY READ THE FOLLOWING TERMS BEFORE USING THIS WEBSITE. Continued use of the website signifies your acceptance of, and agreement to be bound by, each and every one of the following terms and conditions: This project is being developed by 8701 Collins Development, LLC, a Delaware limited liability company (“Developer"), which has a limited right to use the trademarked names and logos of Terra and Bizzi & Partners Development. Any and all statements, disclosures and/or representations shall be deemed made by Developer and not by Terra and Bizzi Partners & Development and you agree to look solely to Developer (and not to Terra and Bizzi & Partners Development and/or each of their affiliates) with respect to any and all matters relating to the sales and marketing and/or development of the project. This website is provided by Developer for informational purposes and personal use only. Commercial use is strictly prohibited. Access to, and use of, this website is subject to compliance with these terms and all applicable laws. Developer may revise these terms at any time by updating this posting. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This website is not intended to be an offer to sell, or solicitation to buy, a unit. In no event shall any solicitation, offer or sale be made in, or to residents of, any state or country in which such activity would be unlawful. NOTHING CONTAINED IN THIS WEBSITE IS INTENDED OR SHALL BE DEEMED TO BE AN OFFER TO SELL REAL ESTATE OR REAL ESTATE SECURITIES TO RESIDENTS OF THE STATE OF NEW YORK. IN FURTHERANCE OF THE FOREGOING, DEVELOPER HEREBY DISCLOSES THE FOLLOWING: (A) NEITHER DEVELOPER, NOR ITS PRINCIPAL(S) TAKING PART IN THE PUBLIC OFFERING OR SALE ARE INCORPORATED IN, LOCATED IN, OR RESIDENT IN THE STATE OF NEW YORK, (B) THE OFFERING IS NEITHER MADE IN THE STATE OF NEW YORK NOR MADE TO THE RESIDENTS OF THE STATE OF NEW YORK, (C) THE OFFERING IS NOT DIRECTED TO ANY PERSON OR ENTITY IN THE STATE OF NEW YORK BY, OR ON BEHALF OF, DEVELOPER OR ANYONE ACTING WITH DEVELOPER’S KNOWLEDGE; AND (D) NO OFFERING OR PURCHASE OR SALE OF THE SECURITY OR ANY UNIT SHALL TAKE PLACE AS A RESULT OF THIS OFFERING IN NEW YORK OR WITH A RESIDENT OF THE STATE OF NEW YORK, UNTIL ALL REGISTRATION AND FILING REQUIREMENTS UNDER THE MARTIN ACT AND THE NEW YORK ATTORNEY GENERAL’S REGULATIONS ARE COMPLIED WITH; A WRITTEN EXEMPTION IS OBTAINED PURSUANT TO AN APPLICATION IS GRANTED PURSUANT TO AND IN ACCORDANCE WITH COOPERATIVE POLICY STATEMENTS #1 OR #7; OR A “NO-ACTION” REQUEST IS GRANTED. No real estate broker or salesperson is authorized to make any representations or other statements regarding any Developer project, and no agreements with, deposits paid to or other arrangements made with any real estate broker are or shall be binding on the Developer. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice. All such materials are not to scale and are shown solely for illustrative purposes. Renderings depict proposed views, which are not identical from each unit. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artist's conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a unit of from other portions of the property may in the future be limited or eliminated by future development or forces of nature and the Developer in no manner guarantees the continuing existence of any view. Photographs contained on this website may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyle to be achieved rather than any that may exist or that may be proposed, and are merely intended as illustration of the activities and concepts depicted therein. Interior photos shown may depict options and upgrades and are not representative of standard features and may not be available for all model types. All fixtures, furniture and items of finish and decoration of units described herein are for display only and may not to be included with the unit, unless expressly provided in the purchase agreement. All prices, plans, specifications, features, amenities and other descriptions depicted herein are based upon preliminary development plans, and are subject to change without notice. No guarantees or representations whatsoever are made that any plans, features, amenities or facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. The sketches, renderings, graphics materials, plans, specifications, terms, conditions and statements contained in this website are proposed only, and the Developer reserves the right to modify, revise or withdraw any or all of the same in its sole discretion and without prior notice. All improvements, designs and construction are subject to first obtaining the appropriate federal, state and local permits and approvals for same. These drawings and depictions are conceptual only and re for the convenience of reference. They should not be relied upon as representations, express or implied, of the final detail of the units. The Developer expressly reserves the right to make modifications, revisions and changes it deeded desirable in its sole and absolute discretion. Stated square footages and dimensions are measured to the exterior boundaries of the exterior walls and the centerline of interior demising walls and in fact vary from the square footage and dimensions that would be determined by using the description and definition of the “Unit” set forth in the Declaration (which generally only includes the interior airspace between the perimeter walls and excludes all interior structural components and other common elements). This method is generally used in sales materials and is provided to allow a prospective buyer to compare the Units with units in other condominium projects that utilize the same method. Measurements of rooms set forth on this floor plan are generally taken at the farthest points of each given room (as if the room were a perfect rectangle), without regard for any cutouts or variations. Accordingly, the area of the actual room will typically be smaller than the product obtained by multiplying the stated length and width. All dimensions are estimates which will vary with actual construction, and all floor plans, specifications and other development plans are subject to change and will not necessarily accurately reflect the final plans and specifications for the development. Prices do not include optional features or premiums for upgraded units. Price changes may occur that are not yet reflected on this website. Buyers should check with the sales center for the most current pricing. The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement. Any dispute arising by virtue of access to or use of this website shall be governed by the laws of the State of Florida without giving effect to any rules of conflicts of law, and shall be subject to the exclusive jurisdiction of the courts of Miami Dade County, Florida, USA. Developer is not responsible for inaccuracies, typographical errors, omissions, product information or advertising contained within this website. Developer reserves the right, at its discretion, to change, modify, add or remove all, or portions of, the website, inclusive of the Disclaimers page, at any time. Continued use of this website indicates acceptance of such rules, changes or modifications. The failure of Terra to exercise or enforce any right or provision of the terms shall not constitute a waiver of such right or provision. If any provision of the terms is found to be invalid by a court of competent jurisdiction, the users of this website (by use) nevertheless agree that the other provisions of the terms shall remain in full force and effect. Any questions regarding these terms should be directed to: info@eightysevenpark.com.