Buying a condo in Miami-Dade or Broward means buying into a building. Your unit’s value, your monthly costs and even your ability to rent or finance depend on how the building is run. Two units with the same layout and price can be very different purchases.
Here is what to look at before you commit.
1. Total Monthly Cost, Not Just Price
Compare units by what they cost to own each month:
- Mortgage payment, if financing
- Association fees, and what they cover (insurance, water, cable, internet, valet, reserves)
- Property taxes, which are reassessed after a sale and are often higher than the seller’s current bill
- Your own unit insurance, plus flood insurance if needed
- Any special assessment that is in place or likely
A lower price with higher fees can cost more over time than a higher price in a well-funded building.
2. The Building’s Finances
Ask for the current budget, recent financial statements and the most recent reserve study. Look for:
- Reserves: whether the association is setting money aside for roofs, structure, elevators, waterproofing and other major components.
- Special assessments: current ones, and any being discussed in board minutes.
- Delinquencies: a high share of owners behind on fees strains a building’s finances.
- Litigation: lawsuits involving the association can affect financing and future costs.
3. Inspections, Reserve Studies and Florida’s Newer Condo Rules
Since 2022, Florida law requires milestone structural inspections and structural integrity reserve studies for condominium buildings three or more stories tall, and it restricts waiving reserves for structural items. The rules have been amended several times since they were introduced.
For buyers, this means more information is available than before, and it is worth reading. It also explains why fees and assessments have risen in many older buildings: associations are funding repairs and reserves that were sometimes deferred in the past. Ask whether required inspections and studies are complete, what they found, and how identified repairs will be paid for.
4. Rules That Affect How You Use the Unit
Read the declaration, bylaws and rules for:
- Leasing: minimum lease terms, how many times per year, waiting periods after purchase, tenant approval
- Short-term rental restrictions
- Pets: number, size and breed limits
- Vehicles, parking and storage
- Renovation rules, such as flooring sound requirements and approved contractors
If you are buying as an investment or second home, rental rules can decide whether the unit fits your plan at all.
5. Association Approval
Many associations must approve buyers before closing, sometimes with an application, background check and interview. Build the approval period into your contract timeline, and find out the requirements up front so they do not surprise you late in the transaction.
6. Financing a Condo
Lenders review the building’s budget, reserves, insurance, litigation and ownership mix. Some buildings do not qualify for certain conventional loans. If you are financing, involve your lender early and share the building name before you make an offer. If a building is not eligible for your loan type, it is better to know on day one.
7. Insurance and Flood Zone
The association’s master policy covers the building and common areas; you typically insure the interior of your unit, your belongings and your liability. Ask your insurance agent for a quote before you are under contract, and check the flood zone. In coastal buildings, insurance costs are part of the building’s budget as well as yours.
8. Inspection of the Unit
A unit inspection still matters: air conditioning, water heater, windows and sliding doors, plumbing, signs of past leaks, and electrical panels. Ask whether impact windows and doors are owner or association responsibility in that building.
9. Your Review Period
Florida gives buyers of resale condominium units a short window to review the association’s disclosure documents and cancel if they choose. Use that time well. Read the documents, ask questions, and talk with your attorney about anything unclear.
How Mariya Helps Condo Buyers
Mariya works with condo buyers across Sunny Isles Beach, Aventura, Downtown Miami and Brickell, Hollywood Beach and the rest of Miami-Dade and Broward. She helps you compare buildings on cost, rules and finances as well as the unit itself, and she manages much of the process for buyers who are not local. Schedule a buyer consultation, or call her at (646) 678-6477.
Frequently Asked Questions
Can I cancel a resale condo contract after reading the documents?
Florida law gives buyers of resale condominium units a short review period after receiving the association's disclosure documents, during which the buyer may cancel. The exact rights depend on your contract and when you receive the documents, so confirm the dates with your attorney or agent.
Why can't I get a conventional loan on some condos?
Lenders review the building as well as the buyer. Issues such as weak reserves, significant deferred maintenance, litigation, insurance gaps or a high share of investor-owned units can make a building ineligible for some conventional loans.
Do I need my own insurance if the building is insured?
Usually yes. The association insures the building structure and common areas under its master policy, while owners typically insure their unit's interior, contents and liability with an HO-6 policy. Some lenders require it. Flood coverage is a separate question to review.
Can I rent out my condo?
It depends on the building. Many associations set minimum lease terms, limit how often a unit can be leased, require tenant approval or restrict leasing in the first period of ownership. Read the rules before you make an offer if renting is part of your plan.
This article is general information, not legal or tax advice. Florida laws, county rules, association documents and contract terms vary and change over time. Confirm how they apply to your transaction with a Florida real estate attorney, CPA or your closing agent. Mariya Stoyanova, P.A. is a licensed real estate sales associate, not an attorney or tax advisor.