Bye Co-op Boards, Hello Condos/HOAs: What NY Buyers Must Know About Florida Associations
How Florida condo/HOA approvals differ from NYC co-op boards—plus the documents to review (budgets, reserves/SIRS, special assessments, rental rules)
If you’re a New Yorker moving south, Florida’s association world will feel refreshingly different. Instead of grilling interviews and board vetoes, most Florida purchases run through condo or HOA associations with a documentation-driven review. Here’s how the process works, where it’s easier, and what you still need to scrutinize before you go under contract.
The Big Shift: Ownership & Approval
NYC Co-op (what you’re used to)
You buy shares in a corporation + a proprietary lease.
Board interview/approval required; board can reject without explaining.
Financing and subletting can be tightly limited.
Florida Condo / HOA (what you’ll meet)
You buy real property (a deeded unit or single-family/townhome in an HOA).
Some communities require application/background screening, but no co-op-style interview gauntlet.
Boards focus on document compliance (application, fees, lease limits, pet rules)—not your net worth and resume.
Translation: The approval friction is lower—but the paperwork diligence is higher, because the building’s health (financial + structural) matters more than individual vetting.
Financing & Fees: Expect Different Math
Down payment: Florida condos can be financed with conventional loans; lender “condo reviews” check building health (warrantable vs. non-warrantable).
Monthly costs: You’ll see HOA/condo assessments (like common charges) and, in many planned communities, a separate CDD fee (Community Development District) for infrastructure—billed on the tax bill.
Insurance: In condos, the master policy covers the structure; you buy HO-6 (“walls-in”) for interiors. In HOAs/single-family, you carry a full homeowners policy.
Florida’s Post-Surfside Reality: Milestone & SIRS
Florida requires two big safeguards for 3-story+ condos:
Milestone structural inspections on a schedule (with reports).
SIRS (Structural Integrity Reserve Study) at least every 10 years—structural reserves cannot be waived or underfunded for listed components.
Why you care: These rules reduce surprises long-term but can raise dues or trigger special assessments as buildings catch up on deferred work. A strong building will show you its reports and a funding path.
The Exact Documents NY Buyers Should Request (and actually read)
Budget & Year-to-Date Financials
Are operating expenses realistic (insurance, utilities, maintenance)?
Any operating deficit? Trend of monthly dues?
Reserve Schedule & SIRS (if 3-story+)
Is the SIRS completed and up to date?
Are required structural reserves fully funded in the current budget?
Milestone Inspection Reports (for applicable buildings)
Phase 1/Phase 2 results, engineer letters, timelines, permits in progress.
Special Assessments
Current and pending assessments, repayment terms, and purpose (concrete, waterproofing, roofs, elevators).
Insurance Certificates
Master policy, wind/hurricane coverage, deductibles (named storm %).
Any recent premium spikes or coverage gaps?
Rules & Regs (Use Restrictions)
Leasing policy (minimum lease term, wait periods, cap on % leased, approval steps).
Pet rules (size/breed caps), guest rules, pickup trucks/RVs, renovations.
Short-term rentals: permitted, restricted, or banned?
Meeting Minutes (12–24 months)
Look for recurring issues: leaks, concrete spalling, elevator downtime, lawsuits.
Questionnaire / Lender Condo Review
Owner-occupancy %, single-entity ownership concentration, active litigation, reserve contributions (important for warrantability).
Management & Collections
Delinquency rates, collection policy, management company track record.
Red Flags (Pause Before You Proceed)
No SIRS or underfunded structural reserves where required.
Phase 2 milestone work with no funding plan.
Litigation that could block conventional financing.
Insurance premium shocks with bare-bones coverage.
Leasing rules that don’t fit your plan (e.g., 1-year minimum, no rentals first year).
High delinquency rates (financing risk + future assessment risk).
Timeline: How a Florida Association Purchase Usually Flows
Offer Accepted → Condo/HOA Application (often online + fee).
Condo/HOA Review Period (document delivery; typically 3–10 business days in the contract to cancel if docs aren’t satisfactory—make sure it’s written in).
Lender Condo Review (questionnaire/insurance/reserves).
Association Approval Letter (no interview in most cases).
Clear to Close (title, insurance, estoppel letter with dues/assessments).
Pro tip: Build your right to cancel on association docs into the contract—this replaces the NYC “board turn-down” safety valve.
If You’re Buying in an HOA (Townhome or Single-Family)
Gate/amenity fees and ARB (architectural review board) for exterior changes.
Rentals: Many HOAs set minimum lease terms (e.g., 6–12 months) and require tenant approval.
CDD fee might apply (newer/planned communities)—price it into your true monthly.
Investors & Snowbirds: Strategy Notes
Warrantability first: If you need financing, target warrantable buildings (adequate reserves, limited litigation).
Rental rules rule: A gorgeous condo is useless for a rental strategy if there’s a 1-year minimum lease.
Insurance stack: Understand the master policy vs. your HO-6; verify loss assessment coverage.
Exit math: Buildings with strong reserves, clear reports, and transparent boards tend to resell faster and appraise cleaner.
Bottom Line
Florida makes buying simpler than NYC co-ops—no interview theater and far fewer personal vetoes. But the tradeoff is building diligence: budgets, reserves/SIRS, inspections, insurance, and rules. Get those right, and you’ll enjoy lower friction at closing and fewer surprises after.
Want a short-list of warrantable Tampa Bay condos and HOA communities—with dues, reserves/SIRS status, insurance notes, rental rules, and true monthly modeled side-by-side? I’ll assemble it so your first Florida offer is your best one.
Fernanda Stucken — Tampa Bay Realtor
📧 contact@fernandastucken.com | 📞 (347) 216-6620
This article is educational, not legal/financial advice. Always have your attorney and lender review association documents before you waive contingencies.
