What Every Buyer Should Know Before Purchasing a Condo in Sarasota

Condominiums are one of the most popular housing options in Sarasota — particularly for retirees, second-home buyers, and anyone who wants waterfront living without the maintenance of a single-family home. But buying a condo in Florida comes with responsibilities and risks that are different from buying a house. Here's what you need to understand before you sign a contract.

Why do condo association reserves matter so much?

A condo association's reserve fund is the money set aside for major future repairs — roof replacement, exterior painting, elevator maintenance, pool resurfacing, and structural work. When a reserve fund is healthy, these expenses are absorbed without disruption to owners. When it's underfunded, the association has two options: defer maintenance (which makes the problem worse) or issue special assessments — one-time charges to each owner to cover the shortfall.

In Florida, reserve funding has become a serious topic since the Champlain Towers collapse in Surfside in 2021. New state legislation now requires associations to maintain fully funded reserves for structural components, and they cannot waive or reduce reserves for these items. Before you buy, I review the association's reserve study and financial statements carefully, and I recommend you do the same — or work with an attorney who can.

What are special assessments and how do they work?

A special assessment is an additional charge beyond your regular HOA fees, imposed when the association needs money for a major expense that wasn't adequately budgeted. These can range from a few hundred dollars to tens of thousands of dollars per unit, depending on the scope of the work and the number of units in the building.

Special assessments are one of the biggest financial risks for condo buyers. Before closing, I check whether any special assessments have been levied or are being discussed, and I review the meeting minutes for mentions of upcoming projects or deferred maintenance. A building with a history of frequent or large special assessments tells you something about how the association is managed.

What did post-Surfside legislation change?

Following the 2021 Champlain Towers South collapse in Surfside, Florida enacted sweeping legislation affecting condominium buildings. The key changes include:

• Milestone inspections: Buildings three stories or taller must undergo a structural inspection at 25 years of age (or 30 years if the building was issued a certificate of occupancy after July 1, 1992), and every 10 years thereafter.
• Structural integrity reserve studies: Associations must complete a structural integrity reserve study by the end of 2024 for buildings three stories or taller, covering roofing, load-bearing walls, foundation, electrical systems, and other critical components.
• Fully funded reserves: Associations can no longer waive or reduce reserves for structural maintenance items. This means every owner contributes their share toward future major repairs.

These laws are designed to prevent the kind of deferred maintenance that contributed to the Surfside tragedy. For buyers, they provide more transparency — but they also mean that condo fees and special assessments may be higher than they were a few years ago. I factor all of this into my advice to clients.

How does flood insurance work for condos?

Flood insurance for condominiums works differently than for single-family homes. The building's master policy may cover certain structural elements, but your individual unit owner's policy covers your interior, personal property, and liability. If the building is in a flood zone, flood insurance is typically required by your lender, and the cost depends on the building's elevation, flood zone designation, and the amount of coverage you need.

Even if the building is outside a designated flood zone, flood insurance is worth considering. Sarasota's coastal location and seasonal weather patterns mean that flooding can occur in areas not traditionally considered high-risk. I review the flood zone designation and insurance requirements for every condo my clients consider.

What should I look for in HOA fees?

HOA fees in Sarasota-area condos range widely — from a few hundred dollars per month for a basic building to over a thousand for resort-style amenities. The fee should correspond to what the association actually provides: building insurance, maintenance, reserves, amenities, management, and common area upkeep.

The most important question isn't how much the fees are — it's whether they're adequate. An association with unusually low fees may be underfunding reserves, which increases the risk of special assessments down the line. I compare the fee structure against the reserve study and financial statements to assess whether the association is on solid financial footing.

Are there rental restrictions I should know about?

Many condominium associations in Florida restrict short-term rentals (such as Airbnb or VRBO). Some prohibit rentals entirely for the first one or two years of ownership. Others limit the percentage of units that can be rented at any given time. These rules matter if you're buying a condo as an investment property or as a second home that you may want to rent out when you're not using it. I verify the rental restrictions for every property before you commit.

Your due diligence checklist for buying a condo in Sarasota

Here's a summary of the key items I review with every condo buyer:

• Association financial statements and reserve study
• Meeting minutes for the past 12–24 months
• Special assessments (current or pending)
• Milestone inspection report (if applicable)
• Flood zone designation and insurance requirements
• Rental restrictions and guest policies
• Pet policies
• Pending litigation involving the association
• Building insurance coverage and deductible amounts
• Rules and regulations for renovations or modifications

This due diligence is where many transactions either succeed or fall apart. I take it seriously, and I make sure my clients understand what they're buying — not just the unit, but the association and the building that comes with it.

For more on the buying process, visit my Buying Guide, or contact me directly to discuss what you're looking for.

If you're considering a condo in Sarasota, Manatee, or Charlotte County, I'd be glad to walk you through the details — the financials, the inspection process, and the questions that matter most. Let's chat about real estate.