Thinking about a condo on Longboat or Lido Key and wondering what “milestone inspections” and reserves really mean for you? You’re not alone. Many waterfront condos here are reaching ages when structural inspections and capital repairs become front and center. This guide explains how inspections work, how they connect to reserves and assessments, and what to review before you buy. You’ll leave with practical checklists and the right questions to ask so you can move forward with confidence. Let’s dive in.
Milestone inspections explained
Milestone inspections are Florida’s building-safety program designed to identify structural issues early. After the 2021 Surfside tragedy, Florida required periodic inspections of multi-unit buildings to assess major structural systems and life-safety elements. These inspections focus on the structure, electrical components that affect integrity, and the exterior envelope, including balconies and parking structures.
Florida law ties inspection timing to building age and coastal proximity. Commonly cited thresholds are an initial inspection at 30 years for buildings within a defined coastal zone and 40 years for buildings farther inland, with follow-up inspections typically every 10 years. For statutory details and definitions, see Florida Statutes §553.899 and Florida DBPR guidance.
Inspections must be performed by licensed engineers or architects. The report identifies deficiencies, notes any “imminent danger” conditions, and is filed with local building officials. Associations are then responsible for planning and funding repairs, starting with any urgent items.
Why this matters on Longboat and Lido Key
Longboat Key and Lido Key have a large number of low to mid-rise condos built from the 1960s through the 1980s, plus newer buildings from the 1990s and 2000s. Many of the older properties are at or past their first milestone inspection.
Coastal conditions accelerate wear. Salt air, humidity, and storm exposure increase corrosion in concrete and metal. Inspection findings commonly include concrete spalling, rebar corrosion, balcony deterioration, waterproofing failures, and garage slab issues. Even well-maintained associations may plan periodic restoration, painting, and waterproofing cycles to protect the structure.
Reports, repairs, and funding
A key point: an inspection can reveal needed work, but it does not fund the repairs. The association must decide how to pay. Options typically include using existing reserves, levying special assessments, or borrowing if permitted by the bylaws and lenders. Insurance may help only in limited circumstances because many structural issues stem from long-term wear rather than sudden loss.
If an engineer identifies imminent danger, urgent repairs move to the front of the line. Non-urgent items are scheduled, often in phases, and coordinated with reserves and the annual budget.
Reserves and your monthly costs
Reserves are association savings set aside for major repairs and replacements such as roofs, elevators, balconies, concrete, exterior painting, and mechanical systems. Strong reserves reduce the likelihood and size of special assessments.
Under Florida’s Condominium Act, associations prepare annual budgets and disclose financials to owners and buyers. Associations may fully fund, partially fund, or in some cases vote to reduce or waive certain reserves according to statute and governing documents. Best practice is to maintain a current reserve study that lists each major component, its remaining life, and recommended contributions.
On the coast, reserve items often include concrete restoration, waterproofing systems, balcony repair, roof and roof deck membrane replacement, exterior sealants and stucco, garage deck rehabilitation, and in some waterfront cases seawall or erosion-control work.
Buyer impact: financing and insurance
Lenders and insurers review building condition and finances. If a building has an open milestone report with serious structural findings or a noted imminent danger, financing and insurance can be difficult until a repair plan is in place. Even without urgent issues, higher wind and flood premiums can increase monthly association dues. You want to see the association’s current budget, reserve balances, insurance declarations, and any approved or pending assessments to understand your true monthly and potential one-time costs.
Local logistics: Manatee or Sarasota jurisdiction
Longboat Key spans Manatee and Sarasota counties, while Lido Key is in Sarasota County. That means local implementation of state inspection rules can involve different building departments. Ask which county has jurisdiction for your building and where the milestone report was filed. You can confirm submittals, permits, and any enforcement actions with the appropriate building division.
What to request before you buy
Use this document checklist to get a clear picture of building condition and financial strength:
- Most recent milestone inspection report and any follow-up reports, with dates and full scope.
- Communications from local building officials and any permits tied to milestone repairs.
- Current year budget, most recent audited or reviewed financial statements, and bank statements for reserve accounts.
- Most recent reserve study and any multi-year work plan for major projects.
- Minutes from the last 12 to 24 months of board and owner meetings, including reserve or assessment votes.
- Approved or pending special assessments, per-unit amounts, and repayment timelines.
- Master insurance declarations page, including wind and flood coverages, deductibles, and exclusions.
- Declaration, bylaws, rules, and amendments addressing reserves, loans, and special assessments.
- Contracts with major vendors or contractors and warranties for recent work.
- Litigation history involving the association or building.
Questions to ask the association
Pose these questions to the board or manager to understand the path ahead:
- Has the building completed a milestone inspection? If yes, can we review the full report and recommendations?
- Did the engineer identify any imminent danger items or did the building official issue notices or orders?
- What repairs are required, what is the scope and timing, and how will they be funded?
- What is the current reserve balance and what percentage of recommended reserves is funded?
- Has the association voted to waive or reduce reserves in the past, and for which components?
- Are there current or planned special assessments? What is the per-unit share and payment schedule?
- Has the association borrowed for capital projects? What are the loan terms and outstanding balance?
- How have insurance premiums and coverages changed in the last three years? Any cancellations or gaps?
- Are there recurring maintenance concerns on balconies, garage decks, or the exterior envelope?
- Are there any pending lawsuits related to structural, contractor, or insurance disputes?
- What is the 10 to 20 year capital plan and anticipated project schedule?
Red flags to watch
- Missing or incomplete milestone records or no clear plan to address identified deficiencies.
- Low reserves relative to the reserve study with repeated votes to waive funding.
- Frequent special assessments without a long-term plan.
- Building official citations or orders limiting occupancy.
- Master insurance with high deductibles, limited coverage, or recent non-renewals.
- Ongoing litigation about structural or envelope issues.
Older vs newer buildings: what to expect
Older coastal buildings often face concrete restoration, balcony repairs, and waterproofing upgrades at defined intervals. That does not mean you should avoid them, but you should price-in planned work and confirm how it will be funded. Many associations proactively complete restoration cycles to keep buildings in top condition.
Newer buildings may have more modern materials and design, yet still require strong reserves for roof systems, exterior sealants, and mechanicals as they age. The key is not age alone, but transparency: clear reports, a realistic capital plan, and stable funding.
Cost planning for buyers
Before you finalize an offer, translate reports and budgets into numbers for your unit. Ask the manager or board to estimate your per-unit share for any approved or forecasted assessments. Review monthly dues trends over the last few years and confirm whether insurance changes are expected to affect the budget.
If an inspection flagged building-level issues, consider a focused consultation with a structural engineer to help you gauge scope and potential unit exposure. Also speak with your lender early if there are open reports or active repairs, since loan programs may have added requirements.
How we guide your purchase
You should feel confident about both the building and your budget. As local condo specialists, we help you source the right documents, interpret inspection and reserve findings, coordinate attorney and lender conversations, and structure offers that reflect upcoming capital work. Our goal is straightforward: make your coastal condo purchase as clear and secure as possible.
Ready to take the next step on Longboat or Lido Key? Connect with Your Global Agents for a focused consultation and neighborhood-by-neighborhood insights tailored to your goals.
FAQs
What is a Florida condo milestone inspection and when is it required?
- Florida’s milestone inspections evaluate a building’s structural and related life-safety systems at specific age thresholds, commonly 30 years for coastal-zone buildings and 40 years inland, with follow-ups about every 10 years under Florida Statutes §553.899.
How do milestone inspection findings affect condo reserves and assessments?
- Findings can trigger required repairs; associations fund them through existing reserves, special assessments, or loans, with urgent items prioritized when there is an imminent danger condition.
What common issues do coastal condos face on Longboat and Lido Key?
- Typical findings include concrete spalling, rebar corrosion, balcony and waterproofing deterioration, garage deck delamination, and corrosion of exterior metal elements due to salt air and humidity.
Which county oversees my building’s inspection records on Longboat Key?
- Longboat Key spans Manatee and Sarasota counties, so you should confirm which county has jurisdiction for your building and check that county’s building department for filed reports and permits.
What documents should I review before buying a condo in a coastal building?
- Request the milestone report, budget, financials, reserve study, insurance declarations, meeting minutes, details on assessments or loans, governing documents, vendor contracts, and any litigation history.
Can I get a mortgage if a building has open structural repairs?
- It depends on the severity, plan, and funding; some lenders restrict financing until serious issues are resolved, so share reports with your lender early and confirm program requirements.
