Miami Condo Cost & Special Assessment Calculator
See the full monthly carrying cost once dues and assessments are counted.
What This Calculator Does
Combines monthly association dues with any special assessment, spread over the months the association is collecting it, into one carrying-cost figure, and lets you test how that figure changes if dues rise or a new assessment is levied.
Who Is This For
Buyers comparing condos with very different dues structures, owners reviewing a newly announced assessment, and investors confirming a unit still works once association costs are counted.
How It Works
Enter the current monthly dues, the total of any assessment being collected and the number of months it is spread over, and optionally the unit price, then run a second scenario with higher dues to test your budget's room.
Frequently Asked Questions
Why have condo dues and reserve requirements increased for many buildings?
State-level structural safety rules adopted after the Surfside collapse apply to every building of three stories or more: a milestone inspection once it reaches thirty years, and a formal reserve study whatever its age. Associations that had been underfunding reserves have generally moved to fund them, which raises dues.
What is a milestone inspection?
A milestone inspection is a required structural review of a building performed by a licensed engineer or architect on a schedule set by statute, and a local authority may require an earlier first inspection for a building near the coast; the report can identify repairs that lead to an assessment.
What is a structural integrity reserve study?
A structural integrity reserve study estimates the remaining useful life and replacement cost of major building components, and an association must fund reserves based on it, converting a future repair cost into an ongoing budget line.
How can a buyer check a building before purchasing?
Request the current budget, reserve schedule, recent board meeting minutes, the milestone inspection report, and the reserve study, and consider an estoppel certificate from the association as part of due diligence.