"HOA" gets used as a catch-all, but a condominium association and a single-family homeowners' association are not the same thing. They are governed by different parts of Florida law and carry different kinds of financial risk. Knowing which you are buying into changes what you should check.
What you actually own
In a condominium, you own your unit plus a shared interest in the common elements, and the association maintains the building itself: roof, structure, elevators, and exterior. In a single-family HOA, you own the home and lot, and the association typically maintains shared areas and amenities rather than your building.
Where the financial risk sits
Because a condo association is responsible for the building's structure, it carries the largest costs: roofs, concrete, waterproofing, and, in Florida, the post-Surfside structural inspection and reserve requirements. Larger reserves matter more here, and a special assessment can be substantial. A single-family HOA usually has lighter structural exposure, though roads, amenities, and insurance can still drive assessments.
What to check for each
- Condo: reserve funding, the structural inspection and reserve study, special-assessment history, and building age
- HOA: the reserve balance for shared amenities, dues trend, and any litigation over common areas
- Both: the governing documents, current budget, and whether the association is current on its state filings
The governing documents control the specifics, so read them. As a rule, an older condo high-rise deserves the most scrutiny of its structure and reserves.