The study that ended 'waiving reserves' for Florida condo structure, and repriced older buildings.
The SIRS inventories the components the statute lists — roof, load-bearing structure, fireproofing and fire protection, plumbing, electrical, waterproofing and exterior painting, windows, and other items above a statutory cost threshold — estimating remaining useful life and replacement cost, and producing the reserve funding schedule the budget must reflect.
For decades boards kept fees low by waiving reserves annually, leaving structural renewal unfunded until crisis. The post-Surfside reforms removed that option for SIRS components: budgets must fund the schedule. Buildings that had never saved saw dues rise sharply and, where the study met an immediate repair list, special assessments — the repricing documented across the condo market since 2023.
Look at three things: the component list's remaining lives (a roof at year 24 of 25 is a near-term bill), whether the current budget actually funds the schedule, and how the SIRS interacts with any milestone-inspection findings. A building with a funded SIRS and clean milestone report is a fundamentally different purchase from one with neither — even at the same asking price.
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