Many people come to Florida to vacation, live, and retire. The local housing market reflects this demand, with condos arguably being the most competitive real estate assets in the area. After the collapse of the Surfside condos in Miami in 2021, the state passed new laws aimed at forcing condo managers and owners to adequately maintain their buildings to try to prevent the same kind of colllapse from happening again. Below, we explore these new regulations and what happens when businesses don’t abide.
Maintaining a Condo: Then & Now
Condo managers and property owners frequently put off necessary upkeep, renovations, and repair work in order to maintain a favorable revenue-to-cost ratio and save money. Unfortunately, residents or lessees suffer the consequences when HOAs frequently put off repairs to save cash and are often left in poor and sometimes even unsafe circumstances as a result.
Florida condo associations will now be compelled to undertake increasingly frequent inspections of older properties and to put aside a contingency fund to pay for maintenance and repairs. The goal of the new guidelines is to make it easier for HOAs, property owners, and building managers to green light repairs instead of tabling maintenance requests and necessary upgrades without having to painstakingly go over company finances.
How Tenants & Lessees Will Be Affected
Regrettably, few HOAs will be prepared to foot the bill for more frequent building inspections and repairs, and the majority will shift the financial burden to their renters. In particular, older structures that have endured extended periods of neglect and lack of care will have markedly increased maintenance expenses.
It’s important to remember that most residents of older Florida condominiums are older, disabled, or surviving on a limited budget. They frequently lack the additional resources necessary to sustain a rise in maintenance charges and this new regulation will significantly raise the financial stress on both renters and supervisors. While a well-maintained property is critical for safety, these new costs will need to be absorbed.
Why Retain a Real Estate Litigation Lawyer
If you’re a tenant, lessee, property manager, or building owner, you might need a real estate lawyer if you’re being sued by your condominium association or another unit owner, your condo association is not adhering to the Florida Condominium Act, or you are involved in a dispute against your builder, developer, or architect for construction defects. Contact veteran real estate lawyer Joseph Hughes for help by calling (954) 256-5125.