Buyer question
What should I check about inspections and reserves before buying a Florida condo?
Short answer
Ask for the building’s milestone inspection report and its structural integrity reserve study. Florida requires both for condominium buildings of three or more stories, and they show the building’s condition and whether money is set aside for major repairs.
The two reports
- Milestone inspection: a structural inspection required when a building of three or more stories reaches a set age (generally 30 years, earlier in some coastal areas), then every 10 years.
- Structural integrity reserve study: what the association must set aside for the roof, structure and other key components.
What else to ask the association
- The current budget and reserve balances
- Any special assessments, approved or being discussed
- Any repairs the reports recommend, and the plan to pay for them
Why it matters
Repairs and reserves can raise monthly fees or lead to special assessments, and lenders review these documents too. Read them during your inspection period, with an attorney if you have questions.