Condo Bylaws Association With No Reserves In Florida
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FAQ
Conducting a reserve study is often a legal requirement under Florida law, particularly for iniums and homeowners' associations.
New legislation now mandates structural condo reserves for items such as roofs, structures, load-bearing walls, primary structural systems, fireproofing, fire protection systems, plumbing, electrical systems, waterproofing, exterior painting, windows, and exterior doors.
Conclusion. Having well-funded reserves is not only smart planning, but it's also now a legal requirement in Florida. As your community prepares for the future, inium Associates is here to ensure your reserves are compliant and your finances are in order.
So how much should your HOA have on hand to address these inevitable repair and replacement costs? A good rule of thumb is for Reserves to be funded at 70% or higher of the property's calculated deterioration.
The Florida Homeowners' Association Act also provides guidelines for establishing a reserve fund but doing so is not mandatory. If your HOA has one, the reserve budget acts as a savings account for large projects that don't happen annually. Major repairs and projects are funded through this fund.
Answer: As of 2024, Florida law requires all condos over three stories to conduct mandatory building inspections and a Structural Integrity Reserve Study (SIRS) every 10 years. Additionally, associations can no longer waive or reduce reserve funds, ensuring they are fully funded to cover future repairs.
Answer: As of 2024, Florida law requires all condos over three stories to conduct mandatory building inspections and a Structural Integrity Reserve Study (SIRS) every 10 years. Additionally, associations can no longer waive or reduce reserve funds, ensuring they are fully funded to cover future repairs.
