Compare a Southwest Florida condo's total ownership costs, association finances, inspection reports, and restrictions before focusing on its asking price. Milestone inspections and structural integrity reserve studies have different triggers and exceptions. A townhome's appearance does not establish its legal form or exempt it from condominium rules.
Compare the Building, Not Just the Asking Price
Evaluate recent closed sales alongside the building's condition and finances. A unit with a lower asking price may have higher association costs, deferred repairs, or an assessment that changes your budget. Request written information about approved and proposed work before deciding what to offer.
Ask what the regular assessment covers, how reserves will be funded, and whether repairs will require a loan or special assessment. Compare those obligations with a townhome's or single-family home's owner-paid maintenance. Low monthly fees alone do not establish that a community is adequately funded.
Condo vs. Townhome vs. Single-Family in SWFL
| Factor | Condo | Townhome | Single-Family |
|---|---|---|---|
| Price comparison | Recent comparable unit sales | Comparable sales with the same legal form | Recent comparable home and lot sales |
| Monthly association fees | Verify budget, reserves, and assessments | Verify declaration and association budget | Verify any HOA obligations |
| Milestone / SIRS rules apply | Covered buildings; height and exceptions matter | Depends on legal form, building height, and exceptions | Ordinary fee-simple homes are outside these condo rules |
| Exterior maintenance | Association and owner duties follow the declaration | Owner or association, as documents specify | Usually owner; check any association duties |
| Documents to check | Declaration, inspections, reserves, budget | Deed, declaration, maintenance obligations | Deed, survey, any HOA documents |
Ownership and maintenance duties depend on recorded documents. Obtain property-specific prices, fees, and assessments before comparing total costs.
Florida's Post-Surfside Rules, in Plain English
Florida's milestone and SIRS requirements generally cover condominium and cooperative buildings with three or more habitable stories, but their purposes and deadlines differ. A townhome may use condominium ownership or fee-simple lot ownership with an HOA. Check the recorded declaration and building classification. Exceptions include single-family, two-family, three-family, and four-family dwellings with three or fewer habitable stories above ground. SIRS also excludes components outside condominium ownership or maintained by another party.
Milestone Inspection
For covered buildings, a milestone inspection is generally due by the end of the year the building reaches age 30, then every 10 years. The local enforcement agency may require age 25 because of local conditions, including proximity to salt water; there is no automatic coastal-distance trigger. Confirm the deadline and any approved extension with the building department. A licensed engineer or architect leads the inspection; substantial structural deterioration identified in Phase 1 requires Phase 2.
Structural Integrity Reserve Study (SIRS)
A SIRS studies covered components and plans reserve funding, generally at least every 10 years. Covered associations existing on or before July 1, 2022 and controlled by unit owners had an initial December 31, 2025 deadline. Those required to complete a milestone inspection by December 31, 2026 may coordinate both studies by that date. Section 718.112(2)(g)9 also permits a study delay for up to two consecutive budget years immediately after a qualifying inspection to focus on recommended repairs. Ask for the documented basis for any claimed delay. For budgets adopted on or after December 31, 2024, required structural reserves generally cannot be waived, but statutory exceptions and funding alternatives apply.
Conditional relief is not a permanent reserve waiver. For budgets adopted through December 31, 2028, eligible associations with a milestone inspection in the previous two calendar years may obtain majority approval of all voting interests to pause or reduce contributions for up to two consecutive annual budgets to fund recommended repairs. A SIRS is required before paused contributions resume. Developer-controlled, recently turned-over, and bulk-controlled associations are excluded from this relief. Separate provisions cover natural-emergency uninhabitability and approved multicondominium funding. Request the study, budget, voting records, and any loan or assessment terms; a pause does not eliminate repair costs.
The 7-Item Condo Due Diligence Checklist
- Milestone inspection report - was it done on time, and did Phase 1 escalate to Phase 2?
- SIRS and current reserve balances - is funding on track for the study's schedule?
- Association budget and master policy summary - what does the association cover versus the unit owner?
- 12 months of board meeting minutes - repairs, disputes, and assessments show up here first
- Pending or recently passed special assessments - and whether the seller will pay them at closing
- Rental, pet, and occupancy restrictions - these vary enormously and are enforceable
- The Q&A sheet and required condo documents - for nondeveloper resales, section 718.503 provides 7 days excluding Saturdays, Sundays, and legal holidays after execution and receipt of required documents to cancel by written notice under its contract provisions. The right ends at closing; confirm the applicable delivery dates and deadline.
Financing a Condo: What's Different
Condo financing runs through the building, not just the borrower. FHA and VA maintain approved-condo lists, and conventional lenders review the association's budget, reserve funding, owner-occupancy ratio, and master coverage before funding a unit. A building with litigation, weak reserves, or too many rentals can complicate financing regardless of your own finances.
Practical takeaways: ask your lender to review the specific building early (before the inspection period ends), expect stronger pricing on warrantable buildings, and treat a building that multiple lenders decline as a signal worth heeding. Townhomes titled as fee-simple typically finance like single-family homes and skip most of this.
Frequently Asked Questions
Official Sources
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