If you’re considering buying a condo or apartment in Miami, one of the most important—and often overlooked—factors is the Homeowners Association (HOA). In Miami, nearly all condominiums fall under an HOA, which can significantly impact your ownership experience. Here are three key things every buyer should know about HOAs before making a purchase in Miami—especially in light of recent legal changes following the Surfside tragedy.
1. HOA Fees Vary and Can Affect Your Budget and Loan Approval
HOA fees in Miami can range from a few hundred dollars to over $1,000 per month, depending on the building’s age, size, location, and amenities. These fees usually cover building insurance, maintenance of common areas, reserves, water, trash, and security—and sometimes include extras like cable or internet.
For buyers using financing, these monthly dues are included in your debt-to-income calculation, which could reduce your borrowing power. It’s important to have a lender run the numbers for any property you’re seriously considering, especially in buildings with higher monthly dues.
That said, higher dues aren’t always a bad thing. Well-funded HOAs often reflect responsible financial planning, which brings us to the next critical point.
2. New Laws Require Financial Transparency—and That’s Good for Buyers
Following the Surfside condo collapse in 2021, Florida passed stricter condo safety and financial laws to prevent similar disasters. Starting in 2025, buildings three stories or higher that are 30 years old (or 25 if near the coast) must undergo structural milestone inspections and submit detailed structural integrity reserve studies. HOAs are now required by law to start fully funding reserves for key repairs such as roofing, waterproofing, and electrical systems.
Why does this matter to buyers? In the past, some buildings kept HOA fees artificially low by postponing maintenance or avoiding reserve contributions. Now, under the new laws, HOAs can no longer waive reserves for critical repairs. This protects buyers from sudden, large special assessments down the line and improves the long-term safety and value of the building.
When evaluating a condo, ask for the building’s most recent reserve study and inspection reports. Well-prepared HOAs with funded reserves offer buyers peace of mind and a more predictable financial future.
3. HOA Rules Can Affect Your Lifestyle and Investment Goals
HOAs don’t just handle money—they also make rules that affect your daily life. In Miami, this often includes rental policies, pet restrictions, renovation rules, and use of amenities. Many buildings limit short-term rentals or require minimum lease periods, which can impact your investment strategy if you planned to rent out the unit.
With increased scrutiny on building safety, some HOAs are also tightening rules on modifications, balcony use, or access during inspections. Be sure to review the bylaws and house rules before making an offer, particularly if you have pets, plan to rent the unit, or want to renovate.
In Summary
Buying in a building with an HOA means sharing in the responsibility for the property’s upkeep and financial health. The recent legal reforms following Surfside are creating a safer, more transparent environment for condo buyers in Miami. While this may mean higher fees in some cases, it ultimately helps protect your investment and ensures a more stable, long-term living environment. Work with a knowledgeable real estate agent who can help you assess HOA documents and make an informed decision.
If this got you thinking about your next move, let’s connect. You can call or text me anytime at 305-781-4320, or email me at [email protected]. I’m always happy to talk strategy or answer questions—no pressure.
