What Is the Downside of Buying a Condo in Florida?

What is the main financial downside of owning a Florida condo?

You owe a share of the condominium’s common expenses, and that obligation is not necessarily a fixed monthly amount. Under Florida Statutes § 718.103, assessments represent funds required for common expenses and are assessed against unit owners from time to time.

For your purchase decision, ask the association what assessments currently apply and whether any additional assessments have been approved. Do not treat the amount shown in a listing as the complete answer to your ongoing obligations.

For a building subject to structural integrity reserve-study requirements, also ask for the study and its recommended funding plan. That document addresses estimated replacement costs and deferred-maintenance expenses for covered components – not just the assessment being collected today.

Will the condo rules fit how you want to live?

Buying a condo also means evaluating the association documents, not just the unit. Florida’s condominium disclosure law provides for buyers to receive governing documents such as the declaration, bylaws and association rules. Read those alongside the budget.

Ask specifically about rental limits, pet rules, parking, renovation approvals and use of shared amenities. These are questions to check in the particular association’s documents, not restrictions that apply identically to every Florida condo. Have your attorney explain any provision that affects your plans.

The practical tradeoff is shared decision-making: ask who approves common-property work and budget changes, how owners participate, and what projects are already planned. Request recent meeting minutes as well as the current budget so your decision includes the community’s direction and not only its monthly charge.

Which buildings require a reserve study?

Under Florida Statutes § 718.112, a residential condominium association must complete a structural integrity reserve study at least every 10 years after the condominium’s creation for each building on the property that is three habitable stories or higher, as determined by the Florida Building Code.

Eric was very helpful especially with the internet technical end of the purchase that I made. He did a thorough inventory of all of the condo items to be included in the purchase. He frequently followed up with my wife and myself to make sure that we were satisfied with our purchase. He has my total endorsement.

– bstapes9, Zillow Review

For qualifying buildings, the study covers listed property components related to structural integrity and safety. It identifies covered items, estimates their remaining useful life and replacement cost or deferred-maintenance expense, and recommends a reserve funding plan or schedule.

Ask the association whether your building qualifies, whether its required study is complete, and how the recommended funding plan relates to current assessments. Have your Florida real estate attorney confirm the applicable initial-study timing and any inspection-coordination provision for that association.

When do milestone inspections apply?

Under Florida Statutes § 553.899, buildings subject to condominium or cooperative residential ownership that are three habitable stories or more are subject to milestone inspections under the statute’s age and scheduling rules. An inspection is generally due by December 31 of the year the building reaches 30 years of age, and every 10 years thereafter. Under § 553.899(3)(b), the local enforcement agency may instead require inspection by December 31 of the year the building reaches 25, and every 10 years thereafter, based on local circumstances including proximity to salt water. Confirm the local requirement with the building department.

Separate statutory transition deadlines apply to some buildings that reached or were approaching that age, including buildings reaching the threshold before December 31, 2024. Ask the association and your attorney to confirm the schedule that applies to the building rather than relying on its age alone.

If phase one identifies substantial structural deterioration, phase two is required. Its scope may include destructive or nondestructive testing as directed by the inspector.

What must the contract disclose if required work is incomplete?

Florida Statutes § 718.503 requires conspicuous disclosure in contracts entered after December 31, 2024, for the sale of a residential condominium unit when the association is required to complete a specified inspection, report, or study but has not completed it.

Recently my husband and I bought a condo in Longboat Key. We initially chose Team Renick simply because they were representing a property we were interested in, but decided to stay with them because they were so attentive. Eric Teoh was the agent assigned to us and he was very efficient, always prompt, and extremely knowledgeable about every property on LBK. When the day came for the walk-thru of the property we decided to bid on, Eric actually helped me measure the walls and even noticed when I wrote the dimensions on the wrong parts of the floor plan. When we had our closing, our attorney was impressed that our realtor was providing us with such a good home warranty. And then there’s Team Renick’s contribution to the LBK nature conservancy for every sale they make. On every front, an outstanding realtor!

– LWGraboys, Zillow Review

Before signing, ask your Florida real estate attorney to compare the association’s completion status with the contract’s disclosures. Ask what protections your contract provides if a required document remains incomplete; do not assume a particular cancellation right or other outcome without reviewing how your contract is written.

Before signing, request a written status summary from the association identifying whether your building is subject to a structural integrity reserve study or milestone inspection and whether each applicable requirement has been completed.

About the Author

I’m Michael Renick — a Florida West Coast broker with over 15 years guiding families through some of the biggest decisions of their lives. I’ve built my practice on hard work, honesty, and total transparency. No shortcuts, no spin — just straight answers, deep market knowledge, and the dedication my clients deserve from start to close.

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Equal Housing Opportunity. This article is general information only, not legal, tax, insurance, or financial advice. Market conditions, insurance requirements, and costs vary by property and transaction; confirm your specific situation with the appropriate licensed professional. Michael Renick, Licensed Florida Real Estate Broker, License #BK3241900, licensed by the Florida Department of Business and Professional Regulation (DBPR). Mangrove Realty Associates Inc — each office is independently owned and operated.

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