Buying a condo in Naples should feel effortless and informed. The strongest offers and smoothest closings happen when you understand how reserves, building inspections, and disclosures affect long-term costs and timing. Here is a clear, Naples-focused guide to help you make confident decisions.
Why reserves, inspections, and disclosures matter
Healthy reserves and timely inspections keep buildings safe, predictable, and financeable. They also reduce surprises like emergency special assessments. Florida law now requires more rigorous planning and reporting for many condo buildings, which gives you better visibility before you buy or sell. Knowing which documents to request and how to interpret them puts you in control.
Condo reserves explained
What reserves typically cover
Reserves are savings set aside for big-ticket items that wear out over time. Florida’s Condominium Act requires budgets to include reserve accounts for capital expenditures and deferred maintenance. That explicitly includes roof replacement, building painting, pavement resurfacing, and other components that cross a statutory cost threshold. Associations must estimate remaining useful life and replacement cost when budgeting these items see F.S. 718.112.
Reserve studies and funding levels
A structural integrity reserve study, often called a SIRS, is required at least every 10 years for residential condominium buildings that are three habitable stories or higher. The study must identify key structural and safety-related components, estimate remaining useful life, and outline funding needs. The visual portion is performed or verified by a licensed engineer or architect. Associations must use SIRS findings when planning reserves for covered buildings see F.S. 718.112.
In practice, you will review two things: the most recent study and the current year budget. Look for whether the association is following the study’s funding plan or deferring contributions. Steady, realistic funding suggests fewer shocks later.
Special assessments and fee impact
If reserves fall short, associations can levy special assessments, increase monthly dues, or obtain a loan or line of credit to fund required work. Florida law permits these options if approval rules are followed. Owners can vote to waive or reduce reserve funding in certain cases, but strict warning language is required on proxies because of the risk that underfunding creates F.S. 718.112.
For buyers, the takeaway is simple: underfunded reserves usually mean higher future costs. Price your offer with that in mind.
Reviewing association financials
Ask for the most recent year-end financials and the current budget, then confirm whether required reserve line items are present and funded. Scan replacement schedules and notes to see what is coming due in the next three to five years. Reviewing board minutes alongside the budget can reveal pending projects or votes to waive reserves that may not be obvious in a single snapshot see F.S. 718.111 for document access requirements.
Building inspections and maintenance
Common inspection types and scope
Florida requires two buildingwide tools for many condo buildings that are three or more habitable stories:
- Milestone inspections: Structural safety evaluations at 30 years of building age, or 25 years if within 3 miles of the coast, and every 10 years after. They are performed by a licensed engineer or architect and include a summary that must be delivered to the association and local building officials F.S. 553.899.
- Structural integrity reserve study: A planning study at least every 10 years that informs long-term reserve funding for structural and safety-related components F.S. 718.112.
Unit-level home inspections remain important for appliances, interior systems, windows and sliders, and visible elements inside the residence. They complement, but do not replace, the buildingwide reports.
Repair timelines and access
If a milestone inspection identifies substantial structural deterioration, the association must move to a phase 2 evaluation and then repairs within required timelines. In Naples and Collier County, local portals track filings and outline repair procedures, reporting, and enforcement. Associations are responsible for arranging and paying for these inspections and for submitting reports through the local process Collier County guidance.
Owners should expect project notices, scaffolding, noise, temporary amenity closures, and occasional access requests during major work. If you are buying during an active project, confirm the schedule and funding plan in writing.
Insurance and lender implications
Building condition and reserves can affect insurability, lender approval, and closing timelines. After the Surfside tragedy, regulatory changes and rising insurance costs have increased projected association expenses in many communities statewide. Review the SIRS, milestone summary, and funding plan with your lender in mind, especially if a phase 2 finding or large project is pending context from AP reporting.
Interpreting reports and next steps
Focus on four items:
- Age and condition of structural components
- Required repairs and deadlines
- Estimated costs and how they will be funded
- Whether reserves align with the SIRS plan
If something is unclear, request clarifying memos from the engineer or association manager. For high-value purchases, consider a consult with an engineer to review the report and scope.
Disclosures and association documents
Seller disclosures overview
Florida requires transparency in several ways. For resale condos, the seller must provide key association documents and specified disclosures to the buyer who is under contract. Florida also requires a separate flood disclosure form for residential transactions. Sellers must disclose known facts that materially affect value and are not readily observable, consistent with Florida case law. Review timing and content early to avoid delays F.S. 718.503 and F.S. 689.302.
Association document package
For a Naples condo resale, a buyer is entitled to receive, at the seller’s expense:
- Declaration, articles, bylaws, and rules
- Most recent year-end financial information and current budget
- The state DBPR governance form
- The inspector-prepared summary of any milestone inspection report, if applicable
- The most recent structural integrity reserve study, or a statement that none exists These items help you evaluate risk, future fees, and compliance status F.S. 718.503.
Estoppel letters and fees
Your title company or lender will request an estoppel certificate that confirms regular and special assessment amounts, delinquencies, violations, and transfer fees. Associations must deliver a proper estoppel within 10 business days of a written request or they forfeit the right to charge a fee. The estoppel is effective for 30 days if delivered electronically or by hand, or 35 days if mailed. Statute caps fees and allows the state to adjust caps periodically for inflation, so verify current amounts at the time of request F.S. 718.116. Industry updates have reported revised fee caps following the first five-year CPI adjustment, which is a reminder to confirm current caps before closing costs are finalized industry summary.
Dates, contingencies, and deadlines
Match your contract timelines to document delivery. Many buyers include a document review period within the inspection window so they can cancel or renegotiate if reports or budgets reveal material changes. Track milestone and SIRS updates during escrow in case repair deadlines or assessments are voted mid-transaction.
Condo health evaluation checklist
Red flags versus normal aging
Normal aging: roof at midlife with active reserve funding, routine stucco and paint projects, scheduled elevator modernization with reserves in place.
Red flags: phase 2 milestone findings without a repair schedule, reserves far below SIRS targets, frequent special assessments, litigation tied to structural issues, repeated insurance nonrenewals.
Questions for management and the board
- Which projects are funded in the next 24 months, and how will they be paid for?
- Has a SIRS been completed, and are dues aligned with the plan?
- What were the findings in the latest milestone inspection summary, and did it trigger phase 2?
- Are any special assessments approved or under consideration in the next 12 months?
- Have there been recent insurance changes that affected premiums or coverage limits?
Reading meeting minutes and budgets
Scan 12 to 24 months of minutes for motions about engineering reports, loan approvals, and assessments. In the budget, compare reserve contributions to the SIRS schedule. If line items are consistently underfunded, expect higher dues or assessments later.
Total cost of ownership modeling
Build a simple model that includes monthly dues, property taxes, HO-6 insurance and assessments, potential reserve increases, and likely capital projects from the SIRS. Share it with your lender so preapproval reflects a realistic payment and any assessment obligations.
Closing support and next steps
Advisory team and roles
- Advisor: coordinates due diligence, timing, and negotiations
- Attorney: reviews documents and association compliance
- Inspector and engineer: assess unit condition and interpret building reports
- Lender and insurance partner: test financing against reserves, inspections, and coverage
Aligned early, this team prevents surprises and protects your timeline.
Remote and concierge transactions
Many Naples closings are conducted for out-of-area clients. Virtual showings, secure document portals, mobile notary, and coordinated association approvals keep your purchase efficient and private. Your advisor can also arrange on-site access for engineers, insurance inspectors, and appraisers while you are away.
Renegotiation or exit decisions
If new information surfaces during due diligence, consider credits, repair escrows, or timeline adjustments. If structural risk or unfunded projects exceed your comfort, the cleanest option is sometimes to walk away within your contingency period. A clear process avoids emotion and focuses on facts.
If you want expert help aligning your next move with the right building and timeline, request a private, confidential plan with Angelica Andrews. She delivers concierge-level guidance for Naples and Marco Island condos, with multilingual support for international clients.
FAQs
What is a structural integrity reserve study and when is it required?
- A SIRS is a 10-year planning study for condo buildings 3 or more stories that identifies key components, remaining useful life, and reserve needs. Associations must use the findings in their budgeting for covered buildings F.S. 718.112.
What is a milestone inspection and when does it occur in Naples?
- It is a structural safety inspection for 3-plus story buildings. The first milestone is due at 30 years of age, or 25 years if within 3 miles of the coast, and then every 10 years thereafter. Reports are filed with local officials. Collier County and the City of Naples administer local submissions and timelines F.S. 553.899 and Collier County portal.
Which resale documents must a Naples condo seller provide to a buyer under contract?
- The declaration, articles, bylaws, rules, required financials, DBPR governance form, the milestone inspection summary if applicable, and the most recent SIRS or a statement that none exists F.S. 718.503.
How fast must the association deliver an estoppel certificate, and how long is it valid?
- The association must deliver it within 10 business days of a written request. It is effective for 30 days if delivered electronically or by hand, or 35 days if mailed. Statute caps fees and allows periodic CPI adjustments, so verify current caps before closing F.S. 718.116.
Where can I check local milestone compliance for a specific building in Naples?
- Use Collier County or City of Naples milestone portals, which track filings and outline repair procedures and deadlines for associations Collier County guidance.
Do higher reserves always mean higher dues forever?
- Not always. Well-timed projects and right-sized funding can stabilize dues over time. Chronic underfunding, by contrast, often leads to larger future assessments. Review the SIRS and budget trend to understand the trajectory F.S. 718.112.
How do inspections and reserves affect financing and insurance?
- Lenders and insurers review building condition, reserves, and inspection status. Phase 2 findings or underfunded reserves can delay or limit options. Share the SIRS, milestone summary, and budget with your lender early for guidance AP context.