If you’re thinking about buying a condo in Tampa, there’s one topic we always slow down and really walk our clients through: homeowners association (HOA) reserve funds.
We’re Emeri and Joe Lewkowicz, and with over 40 years of combined experience helping buyers and investors across Tampa Bay, we can tell you this — reserve funds can make or break your condo investment.
First, What Are HOA Reserve Funds?
In simple terms, reserve funds are the association’s savings account. This is the money set aside for major repairs and replacements — things like roofs, elevators, parking garages, exterior painting, seawalls, and structural components.
In condo communities throughout Tampa — whether you’re looking in Downtown, Channelside, Harbour Island, Westshore, or along the waterfront — these reserves are especially important. Florida’s climate is tough on buildings. Heat, humidity, storms, and salt air (especially near the bay) accelerate wear and tear.
A well-funded reserve account means the building is planning ahead. A poorly funded one? That can lead to surprise special assessments — and those can be expensive.
Why This Matters More Than Ever in Florida
Since the tragic collapse of the Champlain Towers South in Surfside, Florida, state laws have changed significantly. Condo associations now face stricter structural inspection requirements and reserve funding standards.
What that means for Tampa buyers:
-
Associations must conduct milestone inspections.
-
Structural reserve studies are mandatory.
-
“Waiving” reserves is no longer an easy option in many cases.
This has created a clear divide in the marketplace: well-managed, financially healthy buildings vs. those playing catch-up.
As local Tampa experts, we don’t just show you the view and the amenities — we dig into the condo docs.
What We Review for Our Buyers
When our clients are serious about a condo, we analyze:
1. Reserve Study
Is there a recent reserve study? Is it professionally done? Are they following it?
2. Funding Percentage
Ideally, reserves should be adequately funded (many experts say 70%–100% funded is strong). If the association is underfunded, we flag it.
3. Upcoming Projects
Are there major repairs coming up? Roof replacement? Concrete restoration? Elevator modernization? We look at timelines and costs.
4. History of Special Assessments
Frequent assessments can indicate poor planning — or a building that deferred maintenance for too long.
5. Monthly Fees vs. Building Health
Low HOA fees can look attractive — but sometimes they’re artificially low because reserves aren’t being properly funded.
We always tell our buyers: don’t just ask, “What’s the monthly fee?” Ask, “What am I getting for it?”
Tampa-Specific Considerations
In Tampa’s waterfront and high-rise communities, we pay extra attention to:
-
Wind mitigation compliance
-
Insurance coverage levels
-
Flood risk
-
Concrete and balcony inspections
-
Sea wall maintenance (in applicable communities)
Buildings near the bay often face higher insurance premiums and maintenance costs. A strong reserve fund protects owners from sudden spikes.
How This Impacts Investors
If you’re buying a condo as a rental investment, reserve health directly impacts your ROI.
-
Special assessments cut into cash flow.
-
Poor building maintenance hurts resale value.
-
Lenders may deny financing in underfunded buildings.
-
Buyers may avoid the building in the future.
We’ve seen buildings in Tampa where underfunding caused values to stagnate — and others where proactive boards kept values climbing steadily.
The difference? Leadership and planning.
Our Advice to Tampa Condo Buyers
Here’s what we tell every client:
-
Never skip reviewing condo documents.
-
Don’t be distracted by granite countertops if the building has structural issues.
-
Work with agents who understand how to read financial statements.
-
Think long-term — especially in Florida’s evolving regulatory environment.
Buying a condo in Tampa can be an incredible lifestyle move — walkability, waterfront views, low-maintenance living — but it requires due diligence.
That’s where we come in.
At The Lewkowicz Group, we’ve guided hundreds of buyers through condo purchases across Tampa Bay. We know which buildings are financially strong, which boards are proactive, and which communities are positioned for long-term appreciation.
When you work with us, you’re not just buying a unit. You’re buying into a building — and we make sure it’s one you can feel confident about.
If you’re considering a Tampa condo and want a deep dive into a specific building’s reserves and financial health, let’s talk. We’ll help you make a smart, informed decision — the kind that protects both your lifestyle and your investment.
