Condo living is popular along the Volusia coast, from Daytona Beach Shores to New Smyrna Beach and along the Halifax River. In recent years, Florida has placed more attention on how condo buildings are inspected and how associations set money aside for major repairs. If you are buying or already own, understanding the basics helps you make better decisions.

A quick note: this is general information, not legal or financial advice. Rules and deadlines can change, so confirm details with your attorney, the association and the relevant state agencies.

Why this matters to buyers

When you own a condo, you own your unit and share ownership of the building and common areas with other owners. The roof, structure, elevators, pool, seawall and parking areas are maintained by the association and paid for by owners through regular fees and, sometimes, special assessments. A building that has planned for big repairs is usually in a stronger position than one that has put them off.

Structural inspections and reserves in general terms

Florida law now requires many older condo buildings to have certain structural inspections and requires associations to plan for major components. In general terms, associations are expected to maintain reserve funds for big-ticket items, and buildings of a certain age or height face milestone inspections. The specifics, including which buildings are covered and when, depend on the current statutes, so ask for the actual documents rather than relying on hearsay.

Reserves are money the association sets aside for future major repairs and replacements. Healthy reserves can mean fewer surprise special assessments. Low reserves are not automatically a deal breaker, but you should understand how the association plans to cover upcoming work.

Documents to request before you buy

• The declaration of condominium, bylaws and rules, including any rental or pet restrictions.
• Recent financial statements and the current budget.
• Any reserve study and a description of how reserves are funded.
• Meeting minutes from the past year or more, which often reveal planned projects and disputes.
• Results or summaries of any required building inspections or engineering reports.
• Information on current or planned special assessments.
• Insurance details for the association’s master policy.

Questions worth asking

When you review the documents, look for answers to these questions: Are there major repairs coming, such as roofing, concrete restoration or painting? How will they be paid for? Has the association been collecting enough in reserves? What do monthly fees cover? How many units are rented, and are there limits on rentals? Is there any pending litigation?

If something is not clear, ask the association or its manager to explain. A good answer is a good sign; vague answers are worth noting.

Your own unit still needs an inspection

A general home inspection of your unit’s interior, plumbing, electrical and air conditioning is still wise. For tips on what an inspector covers, read our post on home inspections for coastal Florida buyers.

If you already own

Attend association meetings, read the minutes and stay informed on maintenance plans. Keep your own insurance current and review what it covers. If you rent your unit, make sure you understand the building’s rental rules. Owners who plan to rent may also want to learn about our property management services.

Waterfront communities

Buildings near the ocean or river often have extra upkeep needs because of salt air and moisture. Eva is also linked to Marina Grande on the Halifax, a condo community on the river, and we are always glad to discuss what buyers should look at in waterfront buildings.

Quick answers

What is a special assessment?

It is an extra charge to owners, beyond regular fees, to cover an expense the association’s funds do not fully cover.

Are reserves required?

Florida has rules about reserves for many associations, and details can vary, so ask for the association’s current reserve information.

Can I review the documents before closing?

Buyers generally receive condo documents and have a period to review them under their contract. Review them carefully and consider asking an attorney to help.

Looking at condos on the Volusia coast? Call Urbanista Realty at 386-492-7441 and we will walk through the details with you.