Condo Buying Guide for Port St. Lucie & the Treasure Coast
Florida condo rules changed a lot in recent years. Here is how to check a building’s inspections, reserves and fees so you know what you are really buying.
Why condo buying is different in Florida
With a condo, you are buying into a building and an association, not just a unit.
Your monthly dues pay for the building’s insurance, maintenance and savings for future repairs. After the 2021 Surfside collapse, Florida passed new laws requiring structural inspections and fully funded reserves for many buildings. That makes buildings safer over time, but it has also raised dues and led to special assessments in some communities. Knowing where a building stands is the key to a good purchase.
Florida condo laws to know
| Requirement | Who it applies to | What to ask for |
|---|---|---|
| Milestone inspection | Buildings three stories or taller, by 30 years of age and every 10 years after | The latest inspection report and any repairs it called for |
| Structural Integrity Reserve Study (SIRS) | Buildings three stories or taller, updated at least every 10 years | The study, the funding plan and whether reserves are on schedule |
| Reserve funding | Required for the structural items in the SIRS; waiving or reducing them is now only allowed in limited cases | The current budget and reserve balances |
| Online documents | Associations with 25 or more units must post key records on a website or app | Budgets, minutes, inspection reports and rules |
Smaller one- and two-story condo communities are not subject to the milestone and SIRS rules, but you still want to review their budget, reserves and insurance.
What to review before you buy
Money
- Monthly dues and what they include
- Any current or planned special assessments
- Reserve balances versus the funding plan
- Board meeting minutes for upcoming repairs
Rules
- Rental limits and minimum lease terms
- Pet, parking and vehicle rules
- Approval process and timeline for new owners
- Any age restrictions in the documents
Insurance and financing
Master policy
The association insures the building, and the cost is part of your dues. Ask what it covers and the deductible.
HO-6 policy
You insure your unit’s interior, belongings and liability, plus coverage for your share of assessments. See my insurance guide.
Building approval
Many loan programs look at the whole building: owner-occupancy, reserves, litigation and repairs. Some buildings only qualify for certain loan types.
Down payment
Options vary by building and program. As a licensed loan originator, I can check what fits before you fall for a unit.
Frequently asked questions
What is a milestone inspection?
It is a structural inspection Florida requires for condo buildings three stories or taller once they reach 30 years old, then every 10 years after.
What is a SIRS?
A Structural Integrity Reserve Study estimates the cost to repair or replace key structural parts of a building and how much the association must save. It applies to buildings three stories or taller and is updated at least every 10 years.
Why have condo fees gone up in Florida?
New laws require many associations to fully fund reserves for structural items, and building insurance has risen. Both can raise monthly dues or lead to special assessments.
Do I need my own insurance for a condo?
Yes. Most lenders require an HO-6 policy that covers your unit’s interior, belongings and liability. The association’s master policy covers the building.
Can I get a loan on any condo?
Not always. Many loan programs review the building’s finances, owner-occupancy and repairs. Ask early so there are no surprises.
Looking at condos?
I review the association documents, reserves and inspections with you before you commit, and I can check financing for the building too.
I’m a REALTOR® and Broker Associate with RE/MAX Gold and a licensed loan originator. Book a Call, call (772) 297-1400 or text (772) 297-1400. Ready to talk financing? Start a secure loan application.
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