Buying a Florida Condo?

Torey Eisenman — Fri, 13 Mar 2026 09:36:00 +0000

You Are Also Buying Into the Association

A condominium purchase is fundamentally different from buying a detached single-family home.

You are purchasing your unit, but you are also becoming financially connected to the building and the condominium association.

That means the condition of the association can matter almost as much as the condition of the unit itself.

Look Beyond the Monthly Condo Fee

Many buyers compare condominiums based on monthly association fees. That number alone tells very little.

A lower fee may indicate efficient operations—or it may indicate that the association has historically failed to reserve enough money for major repairs. Buyers should review:

Association budgets
Reserve balances
Recent financial statements
Special assessments
Insurance costs
Pending litigation
Major repair projects
Owner delinquencies

Why Reserves Matter

Condominium buildings require expensive long-term maintenance. Major components can include:

Roofs
Elevators
Structural systems
Plumbing
Electrical systems
Exterior waterproofing
Pavement
Balconies
Mechanical equipment

If sufficient money has not been reserved, owners may eventually face large assessments.

Distressed Owners Can Affect Everyone

One issue that does not receive enough attention is owner delinquency.

If a significant number of owners stop paying their condominium assessments, the association still has bills to pay. Insurance premiums, maintenance contracts, utilities and repairs do not disappear.

The remaining owners may ultimately experience higher assessments or reduced services. In severe situations, the financial condition of the association can also affect financing and resale activity.

Special Assessments Can Change Affordability

A condominium that appears affordable today may become considerably more expensive if the association imposes a substantial special assessment. Buyers should ask whether any assessments have:

Recently been approved
Been discussed by the board
Been recommended by engineers
Been deferred

Reading recent board meeting minutes can provide valuable insight.

Insurance Matters

Florida condominium insurance has become increasingly important. The association generally insures certain common elements, while individual unit owners maintain their own coverage.

Buyers should understand what the association policy covers and whether deductibles or coverage limitations could create additional financial exposure.

The Bottom Line

When purchasing a condominium, do not evaluate only the unit. Evaluate the organization responsible for maintaining the building.

A remodeled kitchen cannot compensate for an association with serious structural, insurance or financial problems.

Condo – Benchmark Real Estate Group