Buying a condo in Florida is not what it was a few years ago. In the wake of the 2021 Surfside building collapse, Florida overhauled the rules governing condominium and cooperative buildings — and those changes have real, dollars-and-cents consequences for anyone buying a condo today. Done right, a condo can still be a fantastic entry into Tampa ownership or a smart investment. Done without due diligence, it can come with surprise assessments running into five or six figures.
Here’s what changed, and the specific things to check before you sign.
Important: This article explains the landscape in plain English so you know what to ask about. It is not legal or financial advice, and the law in this area has been amended several times. Always verify specifics with the condo association’s official records, a Florida real estate attorney, and a licensed inspector before relying on anything here.
What actually changed: milestone inspections and reserve studies
Florida’s legislature responded to Surfside with Senate Bill 4-D (2022), later amended by SB 154 (2023), HB 1021 (2024), and HB 913 (2025). Two requirements matter most to buyers:
1. Milestone structural inspections. Condominium and cooperative buildings that are three or more habitable stories tall must undergo a structural “milestone inspection” by a licensed engineer or architect. As the law currently stands, the first inspection is generally required at 30 years of age (based on the certificate of occupancy date), and every 10 years afterward. Local governments in coastal areas may impose a stricter 25-year timeline based on environmental conditions, so the exact trigger depends on the building’s age and location. A Phase 1 inspection is visual; if it finds evidence of substantial structural deterioration, a more detailed Phase 2 investigation follows.
2. Structural Integrity Reserve Studies (SIRS). Associations for those same 3+ story buildings must complete a Structural Integrity Reserve Study — a detailed assessment of major structural components (roof, load-bearing walls, foundation, waterproofing, plumbing, electrical, and more) and the reserves needed to maintain them — on a recurring (roughly every-10-year) basis.
The single biggest change for buyers: associations can no longer simply vote to waive or underfund reserves for these critical structural components, a practice that contributed to the deferred maintenance behind the Surfside tragedy. That’s good for safety — but it means many associations are now raising dues or levying special assessments to catch up.
Why this matters to your wallet
When an association funds reserves properly or completes a milestone inspection that turns up needed repairs, that money comes from somewhere — the owners. For a buyer, that can show up as:
- Higher monthly association dues than the building charged a few years ago
- Special assessments — one-time charges, sometimes large, to fund required repairs or replenish reserves
- “Non-warrantable” status — buildings that don’t meet the new financial/structural criteria can become ineligible for conventional financing, which shrinks your loan options and can complicate (or kill) a purchase
This is why condos and townhomes have, in some 2026 reporting, softened more than single-family homes — the market is repricing these carrying-cost risks in real time.
What to check before you sign
If you’re considering a Tampa-area condo, here’s your due-diligence checklist. I help buyers work through every one of these:
- Has the building completed its milestone inspection (if it’s old enough or coastal enough to require one)? What did it find?
- Has the association completed its SIRS, and what does it say about reserve adequacy?
- What are the current reserves — funded properly, or thin?
- Are any special assessments pending or anticipated? Ask for board meeting minutes, not just the current dues figure.
- Is the building “warrantable” for the financing you plan to use? Confirm with a lender experienced in Florida condos before you’re under contract.
- What’s the trend in dues over the last few years? Sharp increases tell a story.
- Read the association’s financials and records. Florida law has also expanded record-access and even website-posting requirements for many associations, which can make this easier than it used to be.
A condo that passes this review with healthy reserves and a clean inspection can be a genuinely great buy — often the most accessible path into ownership, which is why I mention it in A First-Time Buyer’s Guide to Tampa Neighborhoods. The danger is only in skipping the homework.
For investors, the stakes are the same
If you’re evaluating a condo as a rental, these carrying costs hit your returns directly — a special assessment can erase a year of cash flow. I factor association health into every condo analysis I run for investor clients; see the framework in Investing in Tampa Rentals: A Numbers-First Primer.
The bottom line
Florida’s post-Surfside laws made condos safer and made condo buying more complicated. The headline isn’t “don’t buy a condo” — it’s “know what you’re buying.” A building with completed inspections, a real reserve study, and healthy finances is a sound purchase. A cheap unit in a building with deferred maintenance and underfunded reserves can become an expensive mistake. The difference is due diligence — and a realtor who knows exactly what to look for.
Considering a Tampa condo? Schedule a consultation — in English or Spanish — and I’ll help you vet the building before you ever make an offer. You can also browse condos for sale in Tampa.
Frequently asked questions
What is a milestone inspection in Florida?
A structural inspection by a licensed engineer or architect required for condo and co-op buildings three or more habitable stories tall — generally first at 30 years of age (some coastal jurisdictions use 25), then every 10 years. A visual Phase 1 escalates to a detailed Phase 2 if substantial structural deterioration is found.
What is a Structural Integrity Reserve Study (SIRS)?
A recurring (roughly every-10-year) assessment of a building's major structural components — roof, load-bearing walls, foundation, waterproofing, plumbing, electrical — and the reserves needed to maintain them. Associations can no longer simply vote to waive or underfund reserves for these critical components.
Why are Florida condo fees and assessments rising?
Because associations are catching up on reserves and deferred maintenance under the post-Surfside laws (SB 4-D and its amendments). Buildings that underfunded for years are now raising dues or levying special assessments — which can run into five or six figures per unit.
What should I check before buying a Florida condo?
The association's official records: the milestone inspection report (and any Phase 2 findings), the current SIRS, how funded the reserves actually are, and any pending or planned special assessments — verified with a Florida real estate attorney and a licensed inspector.
Yunior Estevez Rodriguez is a bilingual, MBA-credentialed real estate advisor with Agile Group Realty, serving the Tampa–Orlando corridor. This article is general educational information, not legal, financial, or engineering advice. Florida condo law has been amended multiple times and individual building situations vary; always confirm details with the association’s official records, a licensed Florida attorney, and qualified inspectors before purchasing. Contact me for guidance.