“Wow the fees are high!” I hear that nearly every time I show a condo to a potential buyer. When you look at what all the condo association fees cover and budget for you will realize they are not out of line.
How do you know what the fees cover? In Florida it is mandated that every buyer of a condo receives a current copy of the most recent years voted-on Financials and Budget, also a copy of the By-laws and Rules/Regulations, the Declaration of Condominium, the articles of incorporation, and the association FAQ. The buyer is then given 3 days from receipt of these documents to review them.
One of the crucial parts is to review the Budget. This is where the association fees (also called assessments) are detailed and explained. This breakdown reveals how much is allocated for the roofs, caring for the grounds, the buildings, the pool, tennis/pickle ball courts, security, and some even offer concierge services. And the cost of insuring the community. As a Buyer reviews the budget they need to see if line items are adequately funded and if reserves are in place. The fees are in place to care for the community allowing owners to enjoy the condo life. Some associations are better organized and their budgets are more carefully allocated. That is why it's important for buyers to take full advantage of the allotted three days to review these documents thoroughly. This allows them to have a clear picture of the investment they are making.
Something that I have noticed is people are surprised when special assessments are voted on. If it is special there is a special reason for the additional assessment. For instance, in this area many if not most had to vote on a special assessment due to Hurricane Ian. Think about it this way, if the condo owner owned a house in this area, after that brutal storm they would have had additional out of pocket expenses to repair the damage. It is no different for a condo association. And sometimes the reserves for a project, say roof replacement, end up costing more than was budgeted requiring a special assessment to make up the difference. How many of us have started a home improvement project and realized “Oh this is going to cost more than we budgeted for.” ? The cost of goods and services has gone up therefore budgets need to be tweaked. None of us like budget increases but they are a part of ownership.
Then there is the newly voted in Florida requirement called the Milestone. This is an important and needed move. This inspection is now required for condos meeting specific age and other criteria thresholds to ensure structural integrity. The goal is to never let another Surfside tragedy happen again.
The beautiful thing about condo living is the “lock and leave” lifestyle. You don’t have to do yard work, or paint the exterior, or care for your pool, its all taken care of for you. Condo living provides a simple way of life to enjoy all that Florida has to offer. With this wonderful condo lifestyle comes the cost of caring for the community you call home.
Example of condo living along the Gulf of Mexico-- oh yes this is our listing, too
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