Florida condos offer attractive pricing, low maintenance, and desirable locations — but the post-Surfside legislative environment has added significant complexity to condo purchases. Special assessments, reserve requirements, and milestone inspections are now mandatory for older buildings. What you don't know before you buy can cost you tens of thousands of dollars after closing.
Following the 2021 Champlain Towers collapse in Surfside, Florida passed SB 4-D (2022) and subsequent legislation requiring:
⚠️ Many Florida condo associations that previously had underfunded reserves are now levying large special assessments — sometimes $20,000–$100,000+ per unit — to meet the new reserve requirements. Always ask for the reserve study and any pending or recently passed special assessments.
Lenders have become significantly more cautious about Florida condos since Surfside. A building that can't pass the "warrantable condo" criteria may require a higher down payment, a higher interest rate, or may not be financeable at all with conventional, FHA, or VA loans.
💡 Fannie Mae maintains a list of condo projects it will not lend on (the "condo project exclusions" list). If you're buying with a mortgage, your lender will need to run a condo project approval check early in the process.
Common reasons a Florida condo may fail project approval:
Florida condo buyers need an HO-6 policy covering the interior of their unit (walls-in), personal property, and liability. The association's master policy covers the building structure and common areas but typically does not cover your interior finishes, appliances, or belongings. In Florida's current market, HO-6 policies have also risen sharply — get a quote during your inspection period, not after closing.
Rogelio knows what to look for in Florida condo deals — from reserve studies to lender approval. Free consultation, no pressure.
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