If you already own a condo in Florida you’re probably very aware of Senate Bill 4D which brings requirements for a Structural Integrity Reserve Study (SIRS) in the next two years. If you’re buying you’ll want to know if the study has been done and if there are any assessments planned. The studies alone can cost associations between $100,000-$300,000, then you have the reserve allocations required based on the findings. This could leave some condo owners with upcoming assessments.
The Structural Integrity Reserve Study Inspection:
- Applies to any building 3 floors or higher (this includes a parking level)
- Applies to any condo building, however requirements depend on year built and proximity to the coastline.
- Condo buildings 3 miles or less to the coast that are 25 years or older are required to submit by Dec 2024; if the condo is less than 25 years then they need to have the study done on the 25th year, then every 10 years
- If the condo is more than 3 miles from the coastline and older than 30 years the deadline is end of Dec 2024, then every 10 years. If under 30 years and more than 3 miles from the coastline then it should be done on the 30th year and every 10 years following. The study can be required for any condo location at any time if they receive a written notice from an enforcement agency.
- The Structural Integrity Study must be done by a licensed engineer or architect
- The SIRS at a minimum will include all structural aspects including roofs, load bearing walls, floors and foundations
- Replacements and updates, if noted by the inspector must be fully funded in reserves
- Applies to all condo associations that are controlled by non-developer unit owners. Phase 1 report is due in Dec 2024.
- Your agent should be asking for the approved budget for the current year, reserve budget and board meeting minutes for the past two quarters to determine what has been done and what is planned.
- If the study has not been completed your agent will want to get a statement from the HOA.