Buying a Condo in Miami in 2026: What to Know About the New Condo Law

Before buying a condo in Miami in 2026, learn how Florida’s new condo law, milestone inspections, the SIRS and special assessments affect your purchase and your monthly costs.

Summary: buying a condo in Miami in 2026

Buying a condo in Miami in 2026 means checking more than the unit. You also need to check the financial and structural health of the building. Florida's new condo law requires buildings with 3 or more habitable stories to undergo periodic structural inspections and to fund reserves for major repairs. That can translate into higher HOA fees or special assessments.

• Milestone inspection: required when the building turns 30 (or 25 if it is near the coast and the local building department requires it), then every 10 years.
• SIRS: a structural integrity reserve study whose reserves can't be waived or left unfunded.
• Special assessment: an extra charge the association levies for repairs. Always ask whether one has been approved or is under discussion.
• Right to cancel: buyers have 7 business days to review the association documents and back out.
• Financing: some buildings don't qualify for conventional loans. Confirm it with your lender before making an offer.
• Market: the City of Miami has about 13 months of condo inventory, which leaves room to negotiate.

As of October 2026, this year's legislative session passed no changes to the condo law, so the rules in force are those from the 2022 to 2025 reforms. Below we explain each one and what to review before you buy.

Why Florida's new condo law changes the way you buy

After the collapse of Champlain Towers South in Surfside in June 2021, which killed 98 people, Florida reformed its condo law. The first major reform came in 2022, followed by adjustments in 2023, 2024 and 2025. The latest, HB 913, took effect on July 1, 2025. The goal is to make sure no building postpones structural maintenance and that buyers know exactly what condition the property is in.

For you as a buyer, the change is clear: the price of the unit is only part of the cost. A building with well-funded reserves and no pending repairs is worth more, and is easier to finance and resell, than one with overdue inspections.

Milestone inspection: what it is and which buildings it applies to

A milestone inspection is a mandatory structural review performed by a licensed engineer or architect. It applies to condo buildings with 3 or more habitable stories and is done in two phases:

• Phase 1: a visual inspection to detect substantial structural deterioration.
• Phase 2: only if Phase 1 finds deterioration. It may include more in-depth testing and a repair plan.

The first inspection is due by the end of the year the building turns 30. If the building is within 3 miles of the coast, the local building department may require it at 25 years. After that, it is repeated every 10 years.

What to ask for: the building's milestone inspection summary. If Phase 2 recommended repairs, ask how much they cost, how they'll be paid for and on what timeline.

SIRS: the structural integrity reserve study

The SIRS (Structural Integrity Reserve Study) calculates how much money the association must save to repair or replace the building's critical components. These include the roof, structure and load-bearing walls, foundation, floors, fire protection, plumbing, electrical systems, waterproofing, and exterior windows and doors.

What matters most for a buyer:

• Reserves for these components can't be waived. Since the 2025 budgets, associations can't vote to stop funding them.
• They can be funded through dues, special assessments, loans or lines of credit, under HB 913.
• Temporary pause: if the building completed its milestone inspection within the last 2 years, the association may temporarily pause or reduce reserve contributions to direct that money toward repairs. This option applies to budgets adopted through December 31, 2028.

What to ask for: the most recent SIRS and the annual budget. Compare how much the study recommends saving with how much the association is actually saving. If there's a large gap, fee increases or a special assessment are likely on the way.

Special assessment: the condo's extra charge

A special assessment is an extra charge the association levies on all owners, on top of the monthly HOA fee, to cover an expense the budget can't absorb: structural repairs, a new roof, insurance deductibles or catching up on reserves. Depending on the building and the work, it can be a significant amount per unit, paid in one lump sum or in installments.

Before you buy, ask in writing whether any special assessments have been approved, are under discussion or have been recommended by the inspection or the SIRS. Spell out in the contract who pays any assessments approved or pending at closing. The estoppel letter issued by the association confirms the amounts owed on the unit.

HOA fees for a condo in Miami

The HOA (maintenance) fee covers the building's shared expenses: the association's insurance, common areas, staff, included services and reserve contributions. With the obligation to fund structural reserves, many older buildings have raised their fees since 2025. That's why you shouldn't compare list prices alone: add the monthly HOA fee to your mortgage payment and estimate your total cost with our mortgage calculator.

Financing: not every condo qualifies

Fannie Mae and Freddie Mac, which back most conventional loans, can declare buildings ineligible if they have deferred maintenance, unfunded critical repairs or insurance problems. If the building doesn't qualify, the buyer will have to pay cash or look for a portfolio loan, usually at higher rates and with a larger down payment.

In the City of Miami, 52.9% of purchases over the last 12 months were made in cash, according to Avanti Way's MyAvex data. If you plan to finance, ask your lender to confirm the building's eligibility before you make an offer. For more detail, read our guide to Florida's 2026 condo financing rules.

Checklist: documents to get before buying a condo in Miami

1. Declaration of condominium, articles of incorporation, bylaws and rules.
2. The association's question-and-answer (Q&A) sheet.
3. Annual budget and most recent financial statement.
4. Milestone inspection summary, if it applies to the building.
5. Most recent SIRS (structural integrity reserve study).
6. Board meeting minutes from the last 12 months. Since January 1, 2026, associations with 25 or more units must post them on their website.
7. Estoppel letter showing the unit's dues and assessments.

Under HB 913, buyers have 7 business days after receiving the documents to review them and cancel the contract, up from the previous 3 days. Use that window. See also our guide to the requirements and paperwork for buying property in Miami.

Resale, newer building or pre-construction?

• Buildings over 30 years old: they tend to have lower prices and more room to negotiate, but they're the ones facing inspections, repairs and possible special assessments. Review the documents closely.
• Newer buildings: they haven't reached their first milestone inspection yet and usually have fewer short-term repairs, although they must still fund reserves.
• Pre-construction: you buy into a building born under the new rules, with reserves from day one. Explore pre-construction projects in Miami and learn why investors are moving from older condos to pre-construction.

Is it a good time to buy a condo in Miami?

The data favor buyers. According to Avanti Way's MyAvex, 2,489 condos sold in the City of Miami over the last 12 months and 2,776 are active, equal to about 13 months of inventory. Condos make up 85% of active supply, and the average discount off list price was 6%. A one-bedroom condo sold for an average of $435,000 and a two-bedroom for $740,000. More details in our Miami real estate market report for October 2026.

That room to negotiate is worth more when you know what building you're buying into. Browse condos for sale in Miami, and we'll help you review the building's documents throughout the process of buying property in Miami.

Frequently asked questions about buying a condo in Miami

What changed with Florida's new condo law?

Buildings with 3 or more habitable stories must complete milestone structural inspections and a structural integrity reserve study (SIRS), and fund those reserves with no option to waive them. Since July 2025, buyers have 7 business days to cancel after receiving the association documents. The 2026 legislative session passed no new changes.

What is a special assessment and who pays it?

It's an extra charge the association levies on all owners to cover expenses the budget can't absorb, such as structural repairs. The unit owner pays it. If one is approved or pending at the time of purchase, the contract should state whether the seller or the buyer covers it.

What is a SIRS in Florida?

It's the Structural Integrity Reserve Study, which calculates how much the association must save to repair or replace critical components such as the roof, structure, plumbing or waterproofing. It's mandatory for buildings with 3 or more habitable stories.

How much does a condo cost in Miami?

In the City of Miami, a one-bedroom condo sold for an average of $435,000 and a two-bedroom for $740,000 over the last 12 months, according to Avanti Way data as of October 2026. The monthly HOA fee comes on top of that.

Is it a good time to buy a condo in Miami?

For buyers, conditions are favorable: about 13 months of inventory and an average discount of 6%. The key is choosing a building with healthy reserves and no unfunded pending repairs.

Sources

• Shumaker, overview of the HB 913 reform (2025).
• Becker, website requirement for condos with 25 or more units (2026).
• Campbell Property Management, 2026 Florida legislative session report.
• Avanti Way Realty, MyAvex data for the City of Miami, October 2026.

Information updated as of October 2026, for general purposes only. It is not legal advice; consult a real estate attorney to review your building's documents.

Article prepared by Miguel E. Hernandez, a Miami real estate agent since 2012 and affiliated with Avanti Way Realty since 2013. Evaluating a building? Contact Miguel and we'll review its documents together.