By Steven Chase, Real Estate Advisor with Realty ONE Group MVP
Updated August 2026
Quick answer: Before buying a condo in Naples or Southwest Florida, review the full cost, association budget and reserves, pending assessments, building reports, insurance, flood exposure, financing eligibility, community rules and maintenance responsibilities. A great-looking unit can still be the wrong purchase if the association's finances, insurance or building condition do not fit your plans.
Condo living can be a great fit for buyers who want amenities, less exterior maintenance or the freedom to lock the door and travel. Southwest Florida offers everything from smaller low-rise communities to golf, waterfront and high-rise condos.
Buying one is different from buying a single-family home. You are also joining a community with its own budget, insurance, rules and repair costs. Sellers should understand these issues too. Missing documents, insurance questions or surprise assessments can slow down a sale.
I have been licensed in Florida real estate since 2015 and spent 10 years in mortgage banking. That experience helps me look past the finishes and view. I want my buyers to understand both the condo and the community before they commit to it.
Here are the ten areas I recommend checking.
1. Calculate the Full Cost of Ownership
The purchase price is only the starting point. Before deciding whether a condo fits your budget, add up the other costs that may apply:
- Condominium and master association fees
- Club, recreation or amenity fees
- Current special assessments
- Application, transfer, capital contribution or approval fees
- Unit-owner insurance and possible flood insurance
- Property taxes, utilities and interior maintenance
Ask exactly what the regular condo fee includes. It might cover landscaping, outside repairs, water, cable, internet, building insurance, money for future repairs or amenities. Every community is different.
A higher fee is not automatically bad, and a low fee is not automatically a bargain. I look at what the buyer receives and whether major repairs are being planned for.
2. Read the Condo Documents and Know Your Deadline
The condo documents explain how the community operates and what owners can and cannot do. They include the declaration, bylaws and rules. Buyers should also receive important financial information, including the current budget and recent financial statement. Some buildings must also provide structural inspection and long-term repair-funding reports.
Florida law generally gives a resale condo buyer seven days to review the required documents and cancel when the legal conditions are met. Saturdays, Sundays and legal holidays are not counted. The same seven-day period applies to required milestone inspection, turnover inspection and SIRS information. The right to cancel ends at closing.
The exact deadline depends on the contract and when the documents were received. Keep a record of every delivery date. If there is any doubt about the deadline or a right to cancel, ask a Florida real estate attorney.
These seven-day provisions apply to qualifying resale transactions. Developer sales, including some new-construction condos, have different disclosure requirements and deadlines.
Since January 1, 2026, Florida condo communities with 25 or more non-timeshare units must keep certain records on a website, app or online portal. Some access may be limited, so make sure the required documents are still delivered correctly.
3. Check the Budget and Money Saved for Repairs
The community's finances can affect your monthly cost, your chance of receiving an extra bill and your ability to get a mortgage.
Reserves are money saved for large future repairs. Find out how much has been saved, what repairs that money is meant to cover and whether the community has borrowed money. Ask whether many owners are behind on their fees and whether large projects still need funding.
Every building needs maintenance. I am not looking for one that will never have an expense. I am looking for a reasonable plan to handle future repairs.
Florida law allows an affected community to use regular fees, special assessments or borrowed money in its SIRS funding plan. In simple terms, I want to know two things: what work may be needed and how the community plans to pay for it.
4. Ask About Special Assessments Before They Surprise You
A special assessment is an extra bill to owners for an expense outside the regular yearly budget.
Ask whether an assessment has been approved, discussed or proposed. Read recent meeting notes for mentions of engineering reports, insurance shortages, concrete work, roofs, elevators, windows, seawalls or storm repairs. The notes may reveal a possible expense before it becomes a formal assessment.
If an assessment already exists, find out the total, the payment schedule, the balance and who is expected to pay it at closing. Do not rely only on a verbal answer. Check the written records and purchase contract.
5. Understand the Two Important Building Reports
Buyers often hear two unfamiliar terms: milestone inspection and SIRS. They do different jobs.
A milestone inspection is a safety check of the building's structure. Florida generally requires it for certain condo and cooperative buildings with three habitable stories or more. The first inspection is generally due by the end of the year in which the building reaches 30 years and then every 10 years. A local agency may require the first one at 25 years because of local conditions, including nearby salt water.
A Structural Integrity Reserve Study, usually called a SIRS, is the long-term repair and savings plan. It estimates when major building parts may need work, what that work could cost and how much money should be set aside.
Most affected communities controlled by their unit owners were required to finish their SIRS by December 31, 2025. A community that must complete a milestone inspection by December 31, 2026, may be allowed to complete both reports together, but not after that date.
When a report is available, I want to know what work was recommended, what it may cost, whether anything remains unresolved and how the association plans to pay for it.
6. Check the Building Insurance and Your Own Policy
Condo insurance has two parts. The master policy covers certain parts of the building and common areas. The owner's policy, usually called an HO-6 policy, covers the unit owner's property and certain parts inside the unit.
Florida law leaves personal property and many interior items out of the community's building coverage. Examples include flooring, appliances, cabinets, countertops and window treatments. Review the actual master policy and condo documents instead of assuming everything is covered.
Recent Fannie Mae and Freddie Mac rules make this review even more important. For many loan applications dated July 1, 2026 or later, the lender must confirm that the buyer has an HO-6 policy when the master policy does not cover the full interior or has a deductible charged to each unit. The HO-6 policy may need enough coverage to fill that gap.
I recommend getting the master-policy information and your personal insurance quote early. An insurance professional should determine the coverage and deductible appropriate for your unit.
7. Check Flood Risk Even if the Condo Is Upstairs
An upstairs unit can still be affected by flooding. Water may damage elevators, parking areas, building equipment and other shared property. The repair and insurance costs can affect every owner.
Most homeowners policies do not cover flood damage. Review the current FEMA flood map, ask whether the association carries flood insurance and discuss personal coverage with a qualified insurance professional.
Flood zones, evacuation zones and storm-surge areas are not the same. Check each one that matters to the property.
8. Ask the Lender to Review the Condo Early
A buyer can qualify for a mortgage while the condo community does not. The lender reviews both the buyer and the community.
Fannie Mae and Freddie Mac changed their condo review rules for applications dated August 3, 2026 or later. Lenders now pay closer attention to whether the budget follows the community's repair study and provides enough money for future work.
You may hear lenders discuss a new 15% budget requirement. That rule does not start until applicable loan applications dated January 4, 2027 or later.
Insurance gaps, major repairs, lawsuits, special assessments and hotel-like rentals can create financing problems.
This is where my mortgage banking experience helps. Give the lender the community name early. I would rather find a problem then than shortly before closing.
Cash buyers should care too. The community's condition and finances can affect resale and the next buyer's ability to get a loan.
9. Make Sure the Rules Fit Your Plans
Verify the rules that could affect how you use the property:
- Pet restrictions
- Rental limits, waiting periods and approval procedures
- Trucks, commercial vehicles, motorcycles and guest parking
- Renovations, flooring requirements and contractor hours
- Hurricane protection, windows and exterior changes
- Grills, bicycles, kayaks and storage
- Club or membership obligations
If rental income is important, do not rely only on the listing or a verbal statement. Read the current rules and check local requirements.
10. Inspect the Unit and Know Who Maintains What
A professional inspection is still important. It may cover the air conditioner, electrical panel, plumbing, appliances, water heater, windows, doors and visible moisture concerns.
Ask what the owner must maintain and what the community maintains. Responsibility for windows, outside doors, plumbing lines, balconies and hurricane protection can vary.
Look beyond the unit too. Roofs, elevators, walkways, parking areas, drainage, seawalls and amenities may affect future costs. The unit inspection does not replace reviewing the community's records and building reports.
How I Help Condo Buyers Work Through the Details
When I help a buyer evaluate a Naples or Southwest Florida condo, I focus on four things:
- Does the location, community and lifestyle fit the buyer?
- What do the community records and building reports tell us?
- Has the lender and insurance review started early enough?
- What questions still need answers before a contract deadline passes?
My goal is to make the process easier to understand. I want buyers to know what they are purchasing and avoid surprises that could have been found earlier.
Sellers can use the same checklist. Having the current budget, insurance information, assessment details and required reports ready can help prevent avoidable questions or delays after a buyer makes an offer.
If you are also comparing a condo with a single-family home or new community, read New Construction or Resale Home: Which Is Better in Southwest Florida?
Frequently Asked Questions
Are high condo fees always a bad sign?
No. A higher fee may include valuable services, building insurance, amenities and responsible funding for future repairs. A low fee is not automatically a bargain if the community is postponing maintenance or saving too little. Compare what the fee includes, the condition of the property and the association's financial plan.
Can I rent my Naples condo when I am not using it?
It depends on the condo documents and local requirements. Communities may regulate lease length, rental frequency, waiting periods, tenant approval and the number of rentals allowed each year. Read the current rules before relying on rental income, because the listing description or a verbal answer may not include every restriction.
Should I have a condo inspected?
Yes. An inspection can identify visible concerns involving the air conditioner, plumbing, electrical system, appliances, windows, doors and moisture inside the unit. It does not replace reviewing the association's finances, insurance, meeting notes, milestone inspection and SIRS reports. Those reviews answer different but equally important questions.
Who pays a special assessment when a condo is sold?
That depends on the purchase contract, when the assessment was approved or levied, its payment schedule and the association's records. Buyers and sellers should address responsibility clearly in writing before closing instead of relying on assumptions. A Florida real estate attorney can provide legal guidance when the obligation is unclear.
Can I qualify for a mortgage but still be unable to finance a particular condo?
Yes. The lender evaluates both the borrower and the condominium project. Insurance gaps, critical repairs, underfunded reserves, litigation, special assessments or certain short-term-rental characteristics may create financing problems. Give your lender the community name early so the project review can begin before a contract deadline or closing date is at risk.
Get Clear Guidance Before You Buy
If you are considering buying or selling a condo in Naples or Southwest Florida, I can help you organize the information, understand the questions and move forward with a clearer picture of the property.
Steven Chase
Real Estate Advisor
Realty ONE Group MVP
Call or text: 239-287-0539
Email: stevenchaserealestate@gmail.com
Website: stevechase.realtor
This article provides general consumer information and is not legal, tax, lending, engineering or insurance advice. Laws, lender requirements, association records, insurance and property conditions can change. Buyers should verify information for the specific property and consult appropriately licensed professionals.
Official Resources
- Florida Statute 718.503: Condominium sale disclosures and resale review provisions
- Florida Statute 718.112: Budgets, reserves and Structural Integrity Reserve Studies
- Florida Statute 553.899: Mandatory structural inspections
- Florida DBPR: Condominium inspections and reserve studies
- Florida DBPR: Condominium questions and answers
- Florida Statute 718.111: Association insurance responsibilities and official records
- Fannie Mae Lender Letter LL-2026-03: Project standards and property insurance
- Freddie Mac Guide Bulletin 2026-C: Project and insurance requirements
- Florida Office of Insurance Regulation: Flood insurance
- FEMA National Flood Insurance Program: Understanding flood risk