Before you buy the apartment, buy the building

The four documents to read before you make an offer

1. The milestone inspection. Condominium buildings of three or more habitable storeys get a structural inspection by an engineer or architect once they reach 30 years old, or 25 where the local building official requires it, and again every 10 years.¹ A clean report is reassuring. A report that calls for repairs isn't a reason to walk away; it tells you work is coming and someone will pay for it.
2. The structural integrity reserve study. It lists the building's major components (roof, structure, fireproofing, plumbing, electrical, waterproofing, windows and exterior doors), how long each will last and what replacing it will cost. The association must save for those items, and owners can no longer vote to skip that saving.²
3. The budget. Compare what the reserve study says the association should save each year with what the budget actually collects. If they match, the building is on track. If they don't, expect the monthly fee to rise or a one-time "special assessment" to close the gap.
4. The association's insurance. The association insures the structure, usually including windstorm. Ask for the policy summary: the insurer, the amount of cover and the hurricane deductible. On the coast that deductible is usually a percentage of the building's insured value, and it tells you what owners might share after a major storm.

What it means for your monthly cost

Older buildings that hadn't been saving now have to catch up, which is why some fees have risen since 2024 and some buildings have asked owners for large assessments. Newer buildings were designed and budgeted under the new rules from day one. Their fees can look higher at first, but they're far less likely to surprise you.

Neither is automatically the better buy. An older building that has already done its repairs and funded its reserves can be excellent value, and one that is still catching up should be priced to reflect it. The documents tell you which kind you're looking at.

Your own insurance, inside the unit

The association's policy stops at the walls. Inside your unit you need your own condominium unit-owner policy, usually called an HO-6. It typically covers:

• your floors, cabinets, fixtures and improvements;
• your furniture and belongings;
• liability, for instance if water from your unit damages a neighbour's;
• loss assessment, which helps pay your share if the association bills owners after a covered loss. Ask for a limit that matches the building's hurricane deductible.

Flood is separate. Standard policies don't cover flood. Lenders require flood insurance in high-risk zones, and owners insured through Citizens, Florida's state-backed insurer, can face flood requirements depending on their policy, so confirm with an insurance broker for your unit.³

If the unit sits empty part of the year, tell the insurer. Some policies limit cover for water damage in a vacant unit. A neighbour or manager checking the unit regularly, and a water shut-off valve, help with both cover and price.

It affects your mortgage too

Lenders, including foreign-national lenders, review the building as well as the buyer. A building with critical repairs outstanding, underfunded reserves or a pending special assessment can be ineligible for financing for a time. That's why it pays to check the building before you choose a lender.

How we help

Before you make an offer, we help you gather the milestone report, the reserve study, the budget and the association's insurance summary, and walk you through them in plain words. Then we introduce the specialists who make the final calls: a real estate attorney for the contract and the association documents, an insurance broker who covers non-residents, and a lender who will confirm the building qualifies.

Considering a particular building? Tell us which one and we'll tell you what to ask for first.