Condos and apartment buildings in Miami-Dade are required to get a 40 year recertification once they’re 40 years old. Single-family homes and buildings with less than 10 occupants and less than 2,000 square feet are exempt from that requirement.
An inspection will determine what/ if any updates and/or repairs are needed (electrical/structural, etc.) to bring the building to code … and after the updates are complete, the property will be recertified.
Typically elevators, electrical, roofs, and balconies are items that come under scrutiny at that 40 year mark – unless they’ve been updated prior to that.
How updates are covered and assessed … and how they are paid… varies from building to building. Some condo associations assume loans to cover those expenses. Others may impose a special assessment – split between the individual unit owners. Or condo association maintenance charges may increase, to compensate for and cover updates and improvements. Or the reserves may be sufficient to cover the required upgrades. It all depends on the building and on the particular condo association.
If you’re buying property in Miami Dade, or already own in a building that may be coming up for a 40 year recertification (or received notice of recertification in the mail from the County) you can contact Miami Dade County Department of Permitting, Environment and Regulatory Affairs with questions, Monday through Friday (7:30am to 4:00pm) at 786 315-2325 or 786 315-2374.
It’s helpful to get as much information from the condo association in advance, as to the amounts of the specific assessments, the reserves the association is holding and whether they are earmarked for the repairs already, dates the work is to be done, and who is paying those assessments (buyer/seller)… especially if you are looking to buy or sell.
MiamiRealEstateCafe.com … Miami’s Real Estate Blog Team … Vicki and Alexandra Restivo … EWM Realtors