Are You Currently a Condo Owner or Do You Want to be One?
Calling All Condo Owners and Future Owners!
I have good news for anyone that owns a high-rise condo or is planning on purchasing one!
If you own or want to own a 3-story condo or higher, new legislation could be beneficial for you. We have more funding in our reserve account that will be used if needed. The reserve accounts of condos matter! Paying attention to the budget of these accounts will let you know what you personally need to budget for as well.
In early March 2021, the Florida Senate voted to pass Senate Bill (SB) 4-D. This monumental piece of legislation is set to ensure that homeowners of condominiums three stories or higher in the state of Florida have peace of mind when it comes to the structural integrity of their building.
Under SB 4-D, all condo boards of directors in the state are now legally required to have professional inspections done on a yearly basis for “critical exterior components” such as pools, spas, roofs, stairs, balconies, and railings. This is to ensure that any warning signs of problems can be identified quickly and handled before they become large and expensive issues.
The bill also requires that condo associations must have a reserve fund of at least 10% of the yearly operating budget that can be used to fix any structural items in the building as issues arise.
We are here to help guide, whether u are a seller or buyer. We are here for you if you are stressed about these fees, and we are here to see what makes sense for you!
If you have any questions about this new legislature or what it means for you, call me today!
(561) 352- 3056!