🔑 10 Things I’d Check Before Buying a Florida Condo in 2026 💰

The Surfside condominium collapse on June 24, 2021, in which 98 people died, led Florida to substantially change how condominium buildings are inspected, maintained, and financially prepared for major repairs. The legislation was intended to address concerns about aging buildings, deferred maintenance, inadequate inspections, and insufficient reserves.

In Florida in 2026, the financial health of the condominium association is one of the most important things I would review before buying. The key is not simply “How much are the reserves?” but whether the reserves are adequate for the building’s upcoming obligations and whether the current owners are likely to face higher assessments or special assessments.

1. Review the Structural Integrity Reserve Study (SIRS)

For residential condominium buildings 3 or more habitable stories, Florida requires a Structural Integrity Reserve Study covering major components such as the roof, structure, fire protection, plumbing, electrical systems, waterproofing/exterior painting, windows and exterior doors.

As a buyer, look for:

• Current reserve balance
• Recommended reserve funding
• Estimated remaining useful life of major components
• Estimated replacement costs
• Any deferred maintenance
• Whether the association is following the SIRS funding plan

A large reserve balance by itself doesn’t necessarily mean the association is financially strong.

2. Look carefully at the association’s financial statements

Ask for the most recent:

• Annual financial statements
• Current budget
• Balance sheet
• Income and expense statement
• Reserve account balances
• Most recent audit/review/financial report, as applicable
• Current year-to-date financials

Florida law requires condominium associations to prepare financial reports according to statutory requirements, with reserve information included in the association’s financial reporting.

What I would compare:
Annual expenses + reserve contributions + current reserves + upcoming capital expenditures.

3. Pay particular attention to special assessments

This is probably one of the biggest financial risks when buying a Florida condo.

Find out:

• Are there any approved special assessments?
• Are any being discussed but not yet approved?
• Are there outstanding assessments from previous years?
• Are there major repairs that haven’t been fully funded?
• Is the association considering a loan to finance repairs?
• Has the association recently increased monthly/quarterly HOA fees?

A condo with a relatively low monthly HOA fee can actually be more expensive if the association has insufficient reserves and needs large special assessments.

4. Review the milestone inspection

For buildings subject to Florida’s milestone-inspection requirements, determine:

Has the inspection been completed? What did it find?

Florida generally requires the inspection for residential condominium/cooperative buildings 3 or more habitable stories, beginning at 30 years and every 10 years thereafter, with certain buildings subject to an earlier 25-year requirement based on local circumstances.

Don’t just ask whether the inspection was completed. Read the findings and recommendations.

5. Compare the SIRS with the actual reserves

This is one of the most useful financial exercises.

For example:

SIRS indicates $2.0 million will be needed for major components over the coming years

Current reserves: $1.2 million

→ You need to understand how the association plans to fund the difference.

The association may use regular assessments, reserves, special assessments, loans or other permitted funding mechanisms. DBPR specifically notes that insufficient reserve funding can lead to increased assessments, special assessments, or financing.

6. Look at the age of the building

The age of the condominium matters because major components eventually reach replacement age.

For an older building, investigate particularly:

Roof → structure → balconies → waterproofing → windows/doors → plumbing → electrical → elevators → HVAC/common systems.

For a newer condo, the financial risk may be different, but you should still review the developer’s budget, turnover documents and reserve planning.

7. Check whether the HOA fee is realistic

Don’t automatically consider a low HOA fee a positive.

Compare:

HOA fee → operating expenses → insurance → reserves → maintenance requirements → upcoming capital projects.

A low fee combined with inadequate reserves can mean future increases.

8. Review insurance costs

Florida condominium insurance can have a significant effect on the association’s budget.

Ask for information about:

• Master insurance policy
• Premium
• Deductible
• Flood insurance, if applicable
• Recent insurance increases
• Claims history
• Whether the current budget adequately accounts for insurance costs

9. Check the association’s delinquency rate

This is an often-overlooked issue.

Find out how much money owners currently owe the association.

For example:

100 units × $500/month = $50,000/month expected

If a significant number of owners are delinquent, the association may have difficulty paying its expenses and funding reserves.

10. Review the meeting minutes

I would read at least the most recent 12–24 months of board and membership meeting minutes, looking for discussions about:

• Structural problems
• Roof replacement
• Plumbing
• Elevators
• Insurance
• Litigation
• Special assessments
• HOA increases
• Engineering reports
• Deferred maintenance
• Financing/loans
• Owner complaints about building conditions

Sometimes the minutes reveal financial issues before they become obvious in the budget.