Trying to choose between an HOA community and a condo association in Sarasota? You are not alone. Both options can fit a coastal lifestyle, but the rules, fees, insurance, and financing can be very different. In this guide, you will learn how each type works in Florida, what to expect in Sarasota’s coastal market, and how to do smart due diligence before you buy or sell. Let’s dive in.
HOA vs condo association in Florida
Condominiums in Florida are governed by the Florida Condominium Act. You will see this referred to as the Florida Condominium Act (Chapter 718). Most homeowners’ associations for non-condo communities are governed by the Florida Homeowners’ Association Act (Chapter 720). These statutes set standards for budgets, reserves, meetings, disclosures, and enforcement.
For consumer help, the Florida Department of Business and Professional Regulation (DBPR) provides guidance and resources for condo and co-op owners. You can find forms and FAQs on the Florida DBPR division page for condominiums.
What this means in practice
- Condo associations manage the building structure and common elements. Owners usually maintain the interior of the unit.
- HOAs typically manage shared amenities and common areas, while you maintain your home’s exterior and yard unless your community documents say otherwise.
- Both types can enforce rules, collect assessments, and place liens if dues are not paid.
What you own and maintain
Condo ownership basics
In a condo, you own the unit interior as defined by the declaration and share an undivided interest in common elements like the roof, structure, elevators, and halls. The association usually insures and maintains the exterior and common systems. You carry an HO-6 policy for interior finishes, contents, and personal liability according to the master policy and documents.
HOA ownership basics
In an HOA, you own the lot and the home on it. The HOA maintains common areas such as community pools, private roads, and landscaping strips, not your home’s exterior unless your documents provide for that. You carry a standard homeowner’s policy for the dwelling, other structures, and liability.
Governance, voting, and rules
Both condos and HOAs are run by boards elected by owners. Your declaration and bylaws define voting (often one vote per unit or lot), meeting notice, quorum, records access, and director elections. Boards can adopt rules, levy fines, and suspend amenities when violations occur per the statutes and governing documents.
Look for meeting minutes and budgets that show steady operations, clear communication, and timely maintenance. Pending litigation, frequent board turnover, and poor records are common red flags.
Dues, reserves, and special assessments
Regular assessments fund day-to-day operations and routine upkeep. Reserve accounts fund big-ticket items such as roofs, painting, structural work, and elevator repairs. In Florida, reserve planning has received greater scrutiny for multi-story condos since Surfside, and lenders now look closely at reserve health.
If reserves are short, the board can adopt special assessments. These can be large and sometimes due at closing. Review the last several years of budgets, the reserve study, and recent meeting minutes to see what is planned and how it will be funded.
Insurance in Sarasota’s coastal market
Condo master policies typically insure the structure and common elements, with owners carrying HO-6 policies for interiors and contents. HOA master policies cover common areas and association liability. Individual owners carry dwelling policies, and may need separate flood or wind coverage depending on location and lender rules.
Sarasota County faces hurricane and flood risk. Use the FEMA Flood Map Service Center to check flood zones and expected requirements. If private insurance is limited, some owners may rely on Citizens Property Insurance. Ask for the association’s insurance certificates, coverage limits, and hurricane deductibles. High percentage deductibles can lead to special assessments after a storm.
Financing and resale differences
Condo loans often depend on project eligibility with conventional or government-backed programs. Items that can affect approval include reserves, special assessments, litigation, owner-occupancy levels, and delinquency rates. Review standards such as Fannie Mae condo project requirements and check with your lender on current criteria. Freddie Mac and FHA/VA have similar project-level requirements for condos.
For HOAs and planned unit developments, lenders usually focus on the individual home and borrower rather than the entire project. That said, major litigation or significant assessments can still impact loan approval and timing.
Sarasota-specific checks that matter
- Building safety and inspections: After Surfside, Florida increased focus on structural safety and reserve funding for certain buildings. Check with the Sarasota County Building Division for local inspection or recertification guidance that may apply to older or multi-story condos.
- Short-term rental rules: County and city rules can limit short-term rentals, and associations can be even more restrictive. Confirm minimum lease periods, approval steps, and any caps before you buy.
- Flood and coastal exposure: Verify flood zone status and elevation, and price flood and wind coverage early. Flood and wind premiums can materially affect housing costs.
- Local data: For tax and parcel details, the Sarasota County Property Appraiser is a key resource.
Buyer due diligence checklist
Before you go firm on a Sarasota condo or HOA property, request and review:
- Declaration, bylaws, articles, and rules, including any architectural guidelines.
- Current operating budget, year-to-date financials, and the most recent financial review or audit.
- Reserve study, current reserve balances, and upcoming capital projects.
- Board and membership meeting minutes for the past 12 to 24 months.
- Estoppel or transfer certificate with current dues, special assessments, and any violations.
- Insurance certificates with coverage limits and deductible details.
- Litigation disclosures and a history of special assessments over the last 3 to 5 years.
- Rental, pet, parking, and alteration rules that affect your intended use.
- For older condos, any engineering reports or inspection results available.
Seller tips for smoother closings
- Order the estoppel and any required association transfer documents early.
- Organize governing documents, budgets, and recent minutes for buyer review.
- Clarify how any pending special assessment will be handled in the contract.
- Resolve open violations and confirm approvals for recent exterior work.
- Be ready for lender requests about reserves, litigation, and insurance.
Red flags and how to protect yourself
Watch for the following:
- Very low reserves or reserves recently tapped for major repairs.
- Large or frequent special assessments.
- Pending or extensive litigation that could delay loans or closings.
- Insurance with high deductibles or gaps that could push costs to owners.
- High investor concentration in condos that may limit financing options.
Ways to protect your purchase:
- Negotiate credits or escrows if assessments are expected.
- Build in time for full document review and lender underwriting.
- Ask for engineering or reserve-study updates for older buildings.
- Keep your financing flexible if project-level risks arise.
Which option fits your Sarasota lifestyle?
Choose a condo if you want low exterior maintenance and enjoy shared amenities, and you are comfortable with building-level decisions and dues that fund reserves and common systems. Choose an HOA single-family or townhome community if you prefer more control over your home’s exterior and yard, and you do not mind handling more of the upkeep. In either case, the best choice is the one that aligns your maintenance comfort, budget, and intended use with a financially sound association.
When you are ready to compare specific communities, you deserve a trusted local advisor who knows the buildings, neighborhoods, and how these rules play out in real transactions. If you want a calm, clear path to the right decision in Sarasota’s condo and HOA market, connect with Robert Krasow for personalized guidance.
FAQs
Who handles the roof, paint, and elevators in a Sarasota condo?
- In most condos, the association maintains and insures the building exterior, roof, structure, and common elements like elevators, while owners maintain the interior per the declaration.
Can Florida associations levy special assessments, and when?
- Yes. Both condo and HOA boards can adopt special assessments under their documents and Florida statutes when operating funds or reserves are not sufficient for necessary costs.
How do condo project approvals affect my mortgage options?
- Lenders look at project-level items such as reserves, special assessments, litigation, and occupancy mix; projects that meet standards like Fannie Mae condo requirements are often easier to finance.
What documents should I review before buying into a Sarasota association?
- Review the declaration, bylaws, rules, budgets, reserve study, meeting minutes, insurance certificates, estoppel, litigation disclosures, and rental and pet policies to confirm fit and financial health.
How can association issues delay my Sarasota closing?
- Slow estoppel processing, unresolved violations, pending special assessments, or project-level approval concerns can hold up underwriting and title work, which can push back your closing date.
