Special Assessments in Florida Condos: What Buyers Must Ask Before Offering

At a glance: Special assessment risk in Florida condos (2026)

• What they are: Extra charges billed to owners on top of monthly dues

• Why they’re rising: Post-Surfside rules, SB 154, deferred maintenance, and insurance shocks

• Biggest threats: Aging buildings with low reserves and major projects pending

• Buyer risk: Surprise bills of $10,000–$50,000+ per unit, higher monthly payments, financing issues

What are special assessments and why are they so common now?

A special assessment is an added charge the condo association bills to owners to pay for big expenses that regular dues and reserves cannot cover. Common triggers:

• Concrete restoration and structural repairs

• Roof replacements and waterproofing

• Elevators, fire systems, and major mechanicals

• Large insurance premium increases

• Legal expenses or emergency repairs

In Florida, especially in coastal and older buildings across Miami-Dade, Broward, and Palm Beach, new safety and reserve rules mean associations can no longer delay big projects. That’s good for building safety, but it also means more and larger assessments for owners.

Insurance is a major driver here. Many associations are seeing steep premium increases that reserves were never designed to absorb. If you want a deeper look at why this keeps happening, see Why Florida Home Insurance Is So High, and How Buyers Can Navigate It.

For a buyer, this is a transaction-level risk: a building with thin reserves and looming projects can quickly turn a “budget-friendly” condo into a financial strain.

7 questions Florida condo buyers must ask before offering

Use these with your agent, lender, and the association. If the answers are fuzzy or inconsistent, treat it as a warning sign.

1. Have there been any special assessments in the last 5 years?

You want to know:

• How often assessments happen

• What they paid for (repairs vs patching budget gaps)

• Whether they’re fully paid off or still being collected

A building that occasionally assesses for real, completed improvements can be fine. A pattern of frequent, surprise assessments suggests chronic under-budgeting: one of the most common issues buyers overlook, similar to the pitfalls covered in 10 Mistakes First-Time Buyers Make in South Florida (And How to Avoid Them).

2. Are there any current or recently approved special assessments?

Get specifics in writing:

• Total amount per unit

• Whether it’s due as a lump sum or monthly over time

• Whether the seller has paid in full, or you will assume the remaining balance

Your offer and budget should be built around your share of that bill, not just the list price and dues, especially when evaluating a condo’s true affordability compared to other ownership options outlined in The True Cost of Homeownership in South Florida.

3. Are any major projects or assessments being discussed but not yet approved?

Ask for recent board meeting minutes and owner communication. Red flags:

• Talk of concrete restoration, balcony repairs, or garage work

• Discussion of funding major inspection findings

• Insurance hikes that the budget cannot absorb

If the board is already talking about six- or seven-figure projects, assume future assessments are likely, even if numbers aren’t final.

4. What is the current reserve balance and how is it being funded?

Healthy reserves are your best protection against future assessments. Ask:

• Current reserve balance

• Whether reserves are being funded according to updated Florida requirements

• If recent projects were paid from reserves or by assessing owners

Low reserves + older building = high odds of more assessments in the next few years, which can also affect condo financing approval under Florida’s newer rules. (This often comes up during lender condo review.)

5. What did the most recent structural and milestone inspections find?

You want to see:

• Summaries of milestone inspections and any SIRS/reserve studies

• Whether identified issues have a plan, budget, and timeline

If reports mention concrete spalling, waterproofing failures, or structural concerns with no clear funding plan, you are stepping into open-ended risk.

6. How have insurance premiums changed for the association?

Association insurance cost is directly tied to assessments and monthly dues. Ask:

• How much the master policy has increased in the last 2–3 years

• Whether coverage was reduced to save money

• Whether assessments have already been used to plug insurance shortfalls

Insurance pressure at the association level often mirrors what individual homeowners are experiencing statewide, as explained in Florida Home Insurance & Your Mortgage: What Every Buyer Must Know.

7. Are there any financing or investor restrictions tied to this building?

Your lender will review a condo questionnaire, but you should understand, too:

• Is the building warrantable, or effectively cash-only?

• Are there pending lawsuits, major defects, or chronic delinquency issues?

If financing options are limited today, your future pool of buyers will also be limited when you go to sell, especially in competitive markets where buyers are already navigating cash and investor competition, as discussed in How to Compete With Investors and Cash Offers in South Florida.

How to protect your contract and your budget

To turn these questions into real protection:

• Make your offer contingent on condo review
  
  Build in time to review budgets, reserves, minutes, insurance schedules, and assessment notices before your deposit becomes non-refundable.
  
  

• Underwrite the building, not just the unit
  
  Run your numbers on:
  
  

• Principal and interest

• Current dues

• Any known or ongoing assessments

• A realistic estimate of future insurance and tax changes

• Have your lender review the condo early
  
  Ask your lender to flag:
  
  

• Non-warrantable status

• Reserve or litigation issues

• Assessment language that could affect approval

• Be willing to walk away
  
  If the association won’t clearly answer questions or the math feels stretched once you include assessments, respect that signal. A slightly more expensive unit in a healthier building will often feel safer and more predictable long-term.
  
  

FAQ: Special assessments for Florida condo buyers

Are special assessments always bad?

Not necessarily. Assessments that fund real, needed improvements can strengthen a building long-term. The problem is when they’re constant, poorly communicated, or tied to issues that never seem fully resolved.

Can I ask the seller to pay an assessment in full before closing?

Often, yes. You can negotiate for the seller to pay off their share of a current or recently approved assessment at closing.

Can big assessments affect my ability to get a mortgage?

Yes. Large assessments and high dues impact your debt-to-income ratio and may limit loan options, especially for first-time buyers using low-down-payment programs.

Ready to stress‑test a Florida condo before you offer?

Special assessments do not have to be a deal‑breaker, but they must be part of your decision, not a surprise after you move in.

If you’re comparing condos in Miami-Dade, Broward, or Palm Beach and want to see how assessments, dues, insurance, and taxes affect your numbers:

• Get pre‑approved in minutes: Start your application now

• Explore Florida condo and first‑time buyer programs: See your options

• Book a strategy call: Schedule a call to review building financials and assessment risk

EZ Funding Group, Inc. NMLS #349022 | Jaime Charouf NMLS #348964 | Equal Housing Lender