What Buyers Should Know Before Purchasing a Florida Condo Under the New Rules

If you’re dreaming of a slice of Florida paradise, buying a condo might seem like the perfect path. But with sweeping new rules shaking up the Sunshine State’s condo market, it’s more important than ever to know what you’re getting into before you sign on the dotted line. Here’s what every buyer should know about Florida’s updated condo landscape.

Why the Rules Changed

After the heartbreaking collapse of the Champlain Towers South in Surfside, Florida, lawmakers acted quickly to make condos safer and more transparent. The new laws, passed in 2022 and 2023, require stricter inspections, more robust reserve funds, and clearer communication between associations and owners. These changes aim to prevent future tragedies and protect everyone who calls a Florida condo home.

Inspection Requirements: No More Skipping the Details

One of the biggest changes is mandatory milestone inspections for buildings that are three stories or taller. Condo associations must hire licensed engineers or architects to assess the building’s structural integrity at 30 years old (or 25 if within three miles of the coast), and every 10 years after that. If you’re buying an older condo, ask about recent inspection reports and any upcoming requirements—they can reveal a lot about the building’s health and future costs.

Reserve Funds: No More Underfunding

Florida’s new rules now require condo associations to fully fund their reserves for critical repairs—think roofs, plumbing, electrical systems, and more. This means fewer surprises for owners down the road, but it can also lead to higher monthly dues. When considering a purchase, review the association’s reserve studies and budgets so you understand what you’ll be responsible for and whether big assessment hikes are on the horizon.

Transparency and Communication

Condo associations must now provide more detailed records to owners and buyers. You have the right to request meeting minutes, financial statements, inspection reports, and insurance policies. Don’t be shy—review these documents carefully to spot any red flags, like deferred maintenance or pending lawsuits.

Insurance and Financing Challenges

Insurance costs for Florida condos have risen sharply, and some buildings are struggling to secure adequate coverage. This can affect your ability to get a mortgage, as lenders often require proof of sufficient insurance. Before you commit, check whether the building has current coverage and ask your lender about any special requirements for Florida condos.

What to Ask Before Buying

• When was the last structural inspection? What were the findings?
• Is the association fully funding its reserves?
• Are there any pending special assessments or lawsuits?
• What is the building’s insurance status?
• How have monthly dues changed in recent years?

The Bottom Line

Florida’s new condo rules are designed to create safer, more financially stable communities—but they also mean buyers need to do their homework. With a little extra diligence, you can find a condo that’s not just beautiful, but also a sound investment for years to come. Happy house hunting!