Is it harder to get a mortgage on a condo than on a house?

Often, yes. The lender must approve the building as well as you, and many loans ask for a larger down payment on a condo. Consult a mortgage lender before you fall for a building, and ask whether it has lent there recently.

Who pays a special assessment when a condo is sold?

It is negotiated in the contract. In Florida's standard contracts an assessment levied before closing is usually the seller's responsibility, in full or for the instalments due before closing, depending on the box the parties tick. Read that clause before signing.

Can I rent out a condo I buy?

Only if the building's documents allow it. Many South Florida buildings limit the number and length of leases or make new owners wait a year or two. Our investor guide on renting out a condo covers what to check.

What to Check Before Buying a Condo in South Florida

Reviewed by Tyson E. Sam, Founder and Broker of Record, BreakThru Realty, Florida License 3565210

Published October 4, 2026

The Short Answer

Check the building before the unit: its milestone inspection, its reserve study, any special assessments and whether lenders will finance it. Then read the association's budget, its rules on leasing and pets, and its buyer approval process. Florida gives a condo buyer a review period after receiving the association documents, and that is the time to walk away if the numbers do not work.

The Building's Inspections and Reserves

Florida now requires periodic milestone structural inspections for condominium buildings three stories and taller once they reach a certain age, and a structural integrity reserve study that sets what the association must save for the roof, the structure, waterproofing and other major items. Associations can no longer vote to skip those reserves. Ask for both reports. A building that has finished its repairs and funded its reserves is a different purchase from one with the work still ahead.

Special Assessments

Ask in writing whether any special assessment has been levied or is under discussion, how much it is per unit, and how it is paid. An assessment already levied is normally the seller's to pay or credit at closing; one that passes after you close is yours. The board's meeting minutes for the last year or two show what is coming better than any summary.

Whether the Building Can Be Financed

A lender reviews the building as well as the borrower. Low reserves, unfinished structural repairs, pending litigation, a high share of rented units or one owner holding many units can make a building ineligible for conventional loans, which leaves cash and specialist lenders. Even if you are paying cash, a building that cannot be financed has fewer buyers when you sell. Consult a mortgage lender early and give them the building's name.

What It Costs Each Month

Add the association dues, the property taxes at your purchase price, your own interior policy and any assessment payments to the mortgage. Read what the dues cover, since some buildings include water, cable, internet or reserves and others do not, and compare the last few budgets to see how fast the dues have risen.

Rules That Change How You Can Use It

The declaration and the rules decide whether you can lease the unit, how often and for how long, whether a new owner must wait before renting, what pets are allowed, and what vehicles can park there. If you plan to rent the unit out, even occasionally, confirm it in the documents before you make an offer.

Approval and Timing

Many South Florida associations approve each buyer through an application, a background check and sometimes an interview, and it can take from days to several weeks. Your contract dates should allow for it, and for the review period Florida law gives you once you have received the association's documents.

Talk It Through With a Broker

Every purchase is its own set of numbers. Tell us what you are looking for and a BreakThru agent will walk you through the costs, the contract and the homes that fit. Talk to a BreakThru agent · Search homes for sale