Costs beyond the price: closing costs, property tax and HOA in Miami
Short answer: Beyond the price, budget for the developer fee at closing (often 1.5% to 2%), title and recording costs, and then the monthly HOA fee, annual property tax of around 2% of value, insurance and, if you rent, property management. Exact figures vary by project.
"The apartment costs X" is only part of the story. To avoid surprises, a buyer needs to budget for a few costs beyond the unit price. Here's what goes into the math, exact figures vary by project, and we always request the official fact sheet for each one.
What costs come up at closing?
Two groups of costs come up at closing, on top of the balance of the price:
- Developer fee: a fee paid to the developer at closing, often around 1.5% to 2% (varies by project).
- Title and closing costs: title insurance, recording fees and documentation.
What are the recurring costs?
After delivery, these costs repeat every month or every year:
- HOA / maintenance: monthly, varies a lot with the building's amenities. Always ask for the estimate per square foot.
- Property tax: annual, around 2% of value (varies).
- Insurance: for the unit and, in some cases, common areas.
- Rental management: if you rent it out, there's the cost of whoever manages it.
Why does this matter for international buyers?
Many buyers focus only on the unit price and then get surprised by the HOA. Planning these costs from the start is what separates a smooth purchase from a surprise. Lory Minici puts all the numbers on the table before you decide.
How do these costs add up?
The table brings together the typical costs and when they come up:
| Item | When | Reference amount |
|---|---|---|
| Developer fee | At closing | Often 1.5% to 2% of the price |
| Closing costs (title, recording) | At closing | Vary by project and price |
| HOA fee | Monthly | Varies with amenities; ask for the per-square-foot figure |
| Property tax | Yearly | Around 2% of assessed value |
| Unit insurance | Yearly | Varies by building and coverage |
| Rental management | If you rent | Percentage of income, per contract |
To compare entry prices, see how much a condo costs in Miami and the neighborhoods with new developments.
Frequently asked questions
Who pays the developer fee?
In new developments, usually the buyer, at closing. The percentage is in the contract.
Is property tax charged during construction?
Not on the finished unit. It starts once the property is completed and assessed by the county.
Do foreign buyers get a property tax break?
The homestead exemption, which lowers the tax, applies only to the primary residence of Florida residents. It does not apply to investment or vacation homes.
Sources: Miami-Dade Property Appraiser, 718.503; checked October 2026.
Want to see the estimated total cost of a specific project?
Lory Minici gathers the official numbers for each project and explains everything.
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