Before buying a Florida condominium, ask for the association's most recent structural integrity reserve study (SIRS), any milestone inspection report, the current budget and reserve balance, minutes from the last year of board meetings, and a history of special assessments. Together they show whether the building is saving enough for its big repairs and whether surprises are likely.
- A reserve study lists major components, their expected life and cost, and the yearly funding the association plans to set aside.
- Milestone inspections apply to older buildings and look at structural condition; newer towers are not due for one for decades.
- Board minutes often reveal pending repairs, insurance changes or disputes long before they show up in fees.
- Insurance and flood zone costs belong in your monthly budget alongside the HOA fee.
Start with the reserve study
Florida law passed after the 2021 Surfside collapse requires many condominium associations to commission a structural integrity reserve study, a long-range plan covering items such as the roof, waterproofing, windows, plumbing, electrical and fire protection. Rules have been amended since they were first adopted, so ask for the current documents rather than relying on a summary.
Read three things: the list of components and when each is due, the total replacement cost, and the yearly assessment recommended to fund it. A building that is funding on schedule is far less likely to levy a special assessment.
- What is the recommended yearly reserve contribution, and is the association actually collecting it?
- Which large items fall due in the next ten years?
- What is the projected minimum balance, and in which year does it occur?
Milestone inspections
Milestone inspections look at a building's structure once it reaches a set age. A newer tower will not be due for years, but an older one may already have a report, and any repairs it recommended affect future costs. Ask whether one has been done and where the work stands.
Budget, fees and special assessments
Request the current operating budget and the last two years of actuals. Compare reserve funding to the study. Ask whether any special assessment has been levied, voted or discussed, and whether it is paid off or passes to the next owner.
Insurance and flood
The association carries a master policy, and you carry your own coverage for the interior and your belongings. Premiums have moved a lot in recent years. Ask what the master policy covers, when it renews, and whether the building sits in a mapped flood zone, since lenders may require separate flood coverage.
How Mindy helps
Mindy pulls the association documents, reads them with you, and compares the building against similar ones nearby so the numbers have context. She is not an attorney or an engineer, and for a building with open questions she will recommend a professional review before you commit.
This article is general information, not legal, tax or financial advice. Rules change, so confirm current requirements with the appropriate professional.