Florida faces a condo crisis due to aging properties, new structural laws from the Surfside collapse, and increasing association fees, impacting owners financially. Only 12 U.S. states, including Florida, require HOAs to maintain cash reserve plans, affecting homeowner protections against surprise assessments. A cash reserve funds future maintenance, repairs, and emergencies to ensure community safety. Special assessments arise unexpectedly when major repairs exceed reserve coverage, creating homeowner dissatisfaction with large, unplanned costs.
A condo crisis in Florida arises from aging properties, stricter structural laws, and soaring association fees, significantly challenging condo owners’ financial stability.
Only 12 U.S. states mandate HOA associations to maintain formal cash reserve plans, creating varied protections for condo owners against surprise assessments.
A cash reserve is a legally required fund for HOAs to cover future maintenance and repairs, vital for the long-term upkeep of communities.
Special assessments are unexpected charges imposed on homeowners for unplanned repairs, leading to dissatisfaction due to sudden financial burdens not budgeted.
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