ORLANDO, Fla. — This is a crucial time of the year for condo associations across the state as they put together 2024 funding proposals for their members to vote on.

What You Need To Know

  • Experts say about 70% of condo buildings in Florida are more than 30 years old

  • Less than half the condo boards in Florida say they have the amount of reserves required by the state

  •  Officials say structural integrity reserve studies or SIRS need to be done by the end of 2024

Not only are dues likely going up for many in condo associations, but the amount they need to retain in community reserves is also likely to increase.

Travis Moore, a government affairs advocate for the Community Associations Institute, reports only about a third of the condo associations across the state are currently on track to fund their reserves to levels required by the end of 2024.

“Over 60% of Florida’s condominiums — close to 70% — are over 30 years old,” Moore said. “They have not been maintained the way they should have been.”

In downtown Orlando, the Solaire At The Plaza is currently having work done.

A new entry way is being remodeled, which means new tile floors, decor and paint need to be paid for.

The building's condo board treasurer, Devo Heller, is currently navigating the budget for next year and the years to come.

“The state has come up with new rules after Champlain Towers fell in Surfside,” Heller said. “There’s new statues we have to comply with to get the structural reserves in line so that the building stays as safe as possible.”

According to Heller, that means he and fellow condo owners will probably see an increase to their dues by a few hundred dollars next year that will result in an increase of about 15% to their operational side of the budget, and a nearly 300% increase to their reserves.

“Once you get to 15-16 years old, where we are now, things have a useful life and things start to be ending and you need to replace, plus things happen," he said.

Unexpected things like a leak on the 29th floor of Solaire At The Plaza that needed to be fixed — something Heller said hadn't been budgeted for. However, he said it was something that had to be addressed.

Haresh Ramlal is also a condo owner in the building and has been following the budget talks at board meetings. He may not be thrilled of upcoming increases, but said he is understanding about the reasons.

“I view it as a cost-of-living increase,” Ramlal said. “You are paying for a lot of the issues that have not been addressed in the past.”

Heller said that condo boards like his across the state all need to make sure they are on track to be properly funded, not just for the upcoming year, but for the years ahead.

One other item condo building boards need to have done by the end of next year is a structural integrity reserve study or SIRS.

The study is required for buildings at least 10 years old, and that report, condo boards will have to pay to fix whatever problems are found using money that is supposed to be in their reserves.