HOA (condo association) fee
The monthly fee covers building insurance, maintenance, staff, amenities, reserves and sometimes utilities. It ranges from a few hundred dollars in older buildings to well over a thousand in full-service oceanfront towers, and it rises with inflation, repairs and insurance.
Property tax
Property tax is paid annually, with a discount for early payment, and depends on the assessed value and the local tax rate. For planning use roughly 1.5–2% of the value per year in many South Florida areas and confirm for the specific property.
Insurance
Owners need their own condo policy (HO-6) for the interior and belongings and liability, plus flood insurance where required or advisable. The building's master policy is covered by your HOA fee but is a major driver of it.
Special assessments and reserves
If the association has not saved enough for major repairs, owners can be billed a special assessment. After the 2021 Surfside collapse, Florida requires milestone inspections and reserve studies for older buildings, so ask for the latest reports and for planned assessments before you offer.
Utilities and other costs
Electricity (air conditioning is a large share), internet and cable, parking if it is not included, and maintenance. Water and trash are often part of the HOA fee.
An illustrative monthly budget
For an example $500,000 condo: HOA about $700, property tax about $700, condo insurance about $100, utilities about $200 — roughly $1,700 per month before any mortgage. Real numbers differ by building, so we calculate the exact total for every listing on our property pages.
This guide is general information, not legal or tax advice. Laws and programs change — confirm details with a Florida attorney and a US tax professional.
