First-time home buyer guide · Miami
Buying your first home in Miami, without the guesswork.
For first-time home buyers in Miami-Dade, Broward and Palm Beach. Buying here has its own rules: condo buildings that need approval, insurance that changes the math, and property taxes that reset when you buy. Here is how to buy a house or condo in Miami, step by step.
By Abdallah H. Fragomeno & Nikki Paneque, REALTORS® at Chez RealtyEnglish · Español
- 01
Get pre-approved for a mortgage before you look.
A pre-approval tells you your real price range and makes your offer credible to a seller. Talk to more than one lender and compare. You choose your lender.
- 02
Know the costs beyond the price, including closing costs.
The price is only the start. Plan for:
- Closing costs, paid when you close.
- Homeowners insurance, including wind coverage, and flood insurance where it is required.
- Property taxes based on your purchase price, not the seller’s current bill. Florida resets them after a sale.
- For condos: monthly HOA dues and any special assessments.
- The home inspection and the appraisal.
- 03
Buying a condo in Miami? The building needs approval too.
With a condo, the building has to qualify too. Since Surfside, Florida requires milestone inspections and reserve studies (SIRS), and some buildings now carry large assessments or no longer qualify for financing. Ask before you fall in love with a unit.
Text us the building → - 04
Make an offer with both numbers.
Every home has two prices: the asking price, and the one it should close at. Before you offer, we show you both, from recent closed sales, and where you have room to negotiate.
See a sample → - 05
Inspection, appraisal and closing in Florida.
After your offer is accepted, the contract gives you an inspection period, often 10 to 15 days. Your lender orders an appraisal. With financing, closing usually takes 30 to 45 days. We keep every deadline in front of you.
- 06
After you move in: file for the Florida homestead exemption.
If the home is your primary residence on January 1, file for Florida’s homestead exemption with the Miami-Dade Property Appraiser by March 1 of that year. It lowers your taxable value by up to $50,000 and limits how much your assessed value can rise each year.
First-time home buyer questions
Questions first‑time buyers ask.
How do I buy my first home in Miami?
Get pre-approved by a lender, know the full costs (closing costs, insurance, taxes and HOA dues), choose between a house and a condo, make an offer based on recent closed sales, then complete the inspection, appraisal and closing. A local REALTOR® guides you through each step.
What closing costs does a buyer pay in Florida?
Buyers usually pay lender fees, title insurance (depending on the county and the contract), prepaid property taxes and insurance, recording fees, and the inspection and appraisal. Your lender gives you a written Loan Estimate with the exact figures.
Can I get a mortgage on any condo in Miami?
No. The building has to qualify too. Since Surfside, Florida requires milestone inspections and reserve studies (SIRS), and some buildings now have large special assessments or do not meet lender requirements. Check the building before you make an offer.
Are there first-time home buyer programs in Miami?
Yes. Florida Housing and Miami-Dade County offer programs for eligible first-time buyers, usually with income and price limits. Ask your lender which ones you may qualify for. We help with the home; your lender handles the loan.
Do I pay my buyer’s agent?
Since August 2024, buyers sign a written agreement with their agent before touring homes. It states how the agent is paid, and the fee is negotiable. A seller may agree to cover some or all of it as part of the offer.
When do I file for the homestead exemption in Miami-Dade?
If the home is your primary residence on January 1, file with the Miami-Dade Property Appraiser by March 1 of that year. It lowers your taxable value by up to $50,000 and limits how much your assessed value can rise each year.
Do you work with buyers in Spanish?
Yes. Abdallah and Nikki both speak English and Spanish.
Prefer to text?
Ask us anything.
Abdallah spent more than 20 years in mortgage lending; Nikki spent 18 years in insurance. We explain the numbers before you sign, and we answer the questions first-time buyers are afraid to ask.
Mon–Sat 8 AM–8 PM · Sunday by appointment
Texting is optional. Msg & data rates may apply. Reply STOP to opt out, HELP for help. Privacy policy.