HOA Vs. Condo Association In Sarasota Explained

Thinking about buying in Sarasota but not sure how an HOA compares to a condo association? You’re not alone. The difference shapes what you own, what you pay each month, and how protected you are when big repairs or storms hit. In this guide, you’ll learn how each works under Florida law, what fees usually cover, how insurance and reserves come into play, and the Sarasota-specific factors that can influence your decision. Let’s dive in.

Quick difference: HOA vs condo

In a Sarasota condominium, you usually own the interior of your unit and share ownership of the building exterior, roof, land, and amenities. In a typical HOA community, you own the home and the land under it, and the HOA maintains common areas. The exact rules come from the recorded declaration and Florida statutes that govern each type.

To check the legal framework, review Florida’s Condominium Act, Chapter 718, and the Homeowners’ Association Act, Chapter 720. These laws outline how each association operates and what disclosures you can expect as a buyer. You can read the relevant statutes directly in the Florida Legislature’s resource for Chapter 718 and Chapter 720.

Ownership and governance under Florida law

Both HOAs and condo associations are member-run corporations that follow recorded documents like declarations, bylaws, and rules. Boards are elected by owners and must follow state rules on meetings, financial reporting, and records access. Timelines and formats for resale disclosures differ between condos and HOAs, so use the correct statute for your situation.

If you are buying a condo, the state’s Division of Condominiums outlines required disclosures, access to records, and how association governance works. You can find helpful guidance through the DBPR’s Division of Condominiums.

Fees and budgets: what to expect

Both HOAs and condo associations collect regular assessments to fund operations, plus reserves for future repairs. They can also levy special assessments when reserves fall short.

• Regular assessments: Monthly, quarterly, or annual dues for everyday operations.
• Reserves: Savings for big-ticket items like roofs, paving, elevators, and pools.
• Special assessments: One-time charges when repairs or insurance costs exceed budget.
• Transfer or capital contribution fees: Sometimes due at closing.
• Fines and late fees: For rule violations or late payments.

Typical condo fee inclusions

Condo dues often cover building structure and exterior, common-area insurance, elevators, trash, and shared amenities. Some Sarasota condos also include utilities like water, trash, or basic cable. Always check the budget and what is specifically included.

Typical HOA fee inclusions

HOA dues usually fund common-area landscaping, entries, private roads, and amenities. In most HOA communities, you maintain your own home exterior and yard, unless it is a full-maintenance or patio-home setup defined in the documents.

Reserves and special assessments

A solid reserve plan helps avoid surprise bills. Ask for the most recent reserve study, reserve balances, and whether funding meets recommendations. The Community Associations Institute offers best-practice guidance on reserves and budgeting, which you can review via CAI’s resources.

Florida’s insurance market has seen premium increases, especially for coastal and older buildings. This can drive dues higher or trigger special assessments. For background on market conditions, check the Florida Office of Insurance Regulation.

Maintenance and insurance: who covers what

Florida law and your association’s declaration define maintenance and insurance responsibilities. There is no one-size-fits-all rule, so verify the details for the specific property you are buying.

Condominium coverage and HO-6

Condo associations typically insure the building and common elements with a master policy. As a unit owner, you usually carry an HO-6 policy for your interior finishes, personal property, liability, and loss assessment coverage. Review the master policy’s deductible and covered perils, and understand how hurricane or wind deductibles work.

HOA coverage and home policies

In HOA communities with single-family homes or townhomes, the association insures the common areas, not individual homes. You will typically carry a homeowner’s policy, and may need wind or flood coverage depending on location and lender requirements.

Flood and wind in Sarasota

Coastal exposure in Sarasota can increase risk from wind, storm surge, and flooding. Check your flood zone and elevation and confirm whether the association includes flood or wind coverage. Use FEMA’s Flood Map Service Center to assess flood risk. For coastal surge and sea-level context, you can explore NOAA’s Sea Level Rise Viewer.

Sarasota factors that influence your choice

• Building age and condition: Older beachfront or high-rise condos may need concrete restoration, roof work, or elevator upgrades. These projects can increase dues or lead to special assessments.
• Insurance costs: Coastal and older buildings often face higher insurance premiums. Ask about recent premium changes and master policy deductibles.
• Rental rules: Both condos and HOAs can set lease terms and caps on rentals. The City of Sarasota, Sarasota County, and nearby municipalities also have local rules. Review both local ordinances and association rules before you buy.
• Parking, storage, and amenities: Condo living can include assigned parking, storage lockers, and shared facilities. HOA homes typically offer private driveways and garages, with fewer shared amenities. Compare what fits your lifestyle.
• Local records: Look up building permits, work history, and code issues through Sarasota County resources to understand past improvements or open concerns.

Buyer checklist: documents to request

Before you make an offer, gather these items from the seller or association. If something is missing, pause until you have it.

• Governing documents: Declaration, bylaws, rules, and amendments.
• Financials: Current budget, last 2 to 3 years of budgets, balance sheet, income statement, and reserve balances.
• Reserve study: Most recent study and funding plan, ideally within the last 1 to 3 years.
• Assessment history: Notices of dues increases, prior special assessments, and any planned assessments.
• Insurance: Certificate of Insurance and summary of coverage, limits, and deductibles. Confirm wind and flood.
• Resale/estoppel disclosure: Condo resale certificate or HOA estoppel letter with fee and financial details.
• Meetings and litigation: Last 6 to 12 months of board minutes, special meeting notices, and any pending or threatened lawsuits.
• Maintenance and projects: Recent inspection reports, service contracts, bids for planned projects, and warranties.
• Occupancy and leasing: Owner versus tenant count, minimum lease terms, and any rental caps.
• Permits and inspections: Building permit history and any structural or engineering reports.

Smart questions to ask

• What does the monthly fee include line by line, and what does it exclude?
• How much is in reserves today, and when was the last reserve study? Are reserves funded to the recommended level?
• Any special assessments in the past 5 to 10 years? Are any planned or discussed in meeting minutes?
• What is the master policy hurricane deductible, and does the policy provide replacement-cost coverage?
• What are the rental and pet rules? Are there caps on rentals or minimum lease terms?
• Has the association faced lawsuits, insurance claims, or big premium hikes recently?
• Are there known structural issues or deferred maintenance items?

Red flags to avoid

• Low or zero reserves without a plan to rebuild them.
• Frequent or large special assessments.
• Significant or ongoing litigation against the association.
• Master insurance with very high deductibles or limited coverage that shifts costs to owners.
• Major projects without funding sources or clear timelines.
• Poor record-keeping or limited access to financials and minutes.
• Vague definitions of maintenance responsibility between unit owners and the association.

Next steps and local help

If you are comparing an HOA home and a condo in Sarasota, start with ownership differences, then review budgets, reserves, and insurance. Layer in local risk factors like coastal exposure, building age, and rental rules. Finally, read the documents, ask direct questions, and compare the value you get for the fees.

When you want a clear read on a specific building or community, a local guide helps. For a calm, data-informed path to your next home, connect with Christine Spelman. Schedule a Free Consultation & Home Valuation.

FAQs

What is the main difference between an HOA and a condo association in Florida?

• In a condo, you own your unit interior and share ownership of the building and land. In an HOA, you own the home and lot while the HOA maintains common areas, as defined by the declaration and Florida’s Chapters 718 and 720.

How do Sarasota condo fees compare to HOA dues?

• Condo fees often cover building insurance, exterior maintenance, and amenities, which can make them higher, especially for coastal or amenity-rich buildings. HOA dues usually fund common areas, while owners handle their own exterior maintenance.

What should I review to avoid surprise special assessments?

• Request the latest reserve study, current reserve balances, budgets for the past 2 to 3 years, and board minutes. Confirm any planned projects, insurance deductibles, and whether reserves meet recommended levels.

Do I need flood insurance for a Sarasota condo or HOA home?

• It depends on your flood zone and lender. Check your property’s risk using FEMA’s Flood Map Service Center and ask whether the association’s master policy includes flood coverage.

Where can I find Florida condo and HOA rules as a buyer?

• Review the Florida Legislature’s pages for Chapter 718 and Chapter 720, and consult the DBPR Division of Condominiums for guidance on disclosures and records access.

How do rising insurance costs affect association dues in Sarasota?

• Higher premiums for wind and property coverage can increase dues or trigger special assessments, particularly in coastal or older buildings. Review recent insurance renewals and master policy deductibles before you buy.