Condo Reserves & Assessments in Century Village Explained

Are you hearing about condo reserves and special assessments while looking at Century Village and wondering what it means for your budget? You are not alone. In a community with older buildings and South Florida weather, association finances matter as much as floor plans. In this guide, you will learn what reserves are, how special assessments work, what Florida rules apply, and the exact documents to review before you buy or sell. Let’s dive in.

Why reserves matter

Strong reserves help keep monthly costs predictable and reduce surprise charges. They also support timely repairs that protect safety and comfort in your building. Lenders and buyers review association finances, so healthy reserves can support mortgage approval and resale value. In hurricane season, reserves can also help cover deductibles and urgent repairs.

What reserves cover

A reserve fund is money the condominium association sets aside for big-ticket repairs and replacements. It is separate from the operating fund that pays routine bills. In Century Village, common reserve needs often include:

• Roofing replacement for flat or low-slope systems
• Exterior waterproofing, stucco, and balcony concrete repairs
• Elevator modernization and mechanical upgrades
• Chiller, boiler, or building HVAC system replacements
• Window and door projects, including impact-rated upgrades
• Parking, lighting, and underground utility work

A professional reserve study estimates each component’s useful life, replacement cost, and a funding plan. The study also shows a “percent funded” figure that helps you gauge if the association is on track.

How special assessments work

A special assessment is a one-time charge to owners when the association needs money beyond the budget and reserves. Common triggers include underfunded reserves, emergency repairs, hurricane damage, or planned projects that cost more than expected. The board typically proposes the assessment, and some larger items may require an owner vote based on the declaration, bylaws, and Florida law.

If owners cannot pay on schedule, the association can add late fees and interest, and unpaid amounts can become a lien. In serious cases, Florida law allows collection or foreclosure according to statutory procedures. Some associations may offer payment plans or financing options for owners.

Florida rules overview

Florida’s condominium law sets the framework for budgets, reserves, assessments, record access, and owner rights. Review the relevant sections of Florida Statutes, Chapter 718 for current requirements. After the 2021 Surfside tragedy, the state also increased attention on inspections and structural safety. Check the DBPR condominium resources and the Palm Beach County Building Division for local inspection and recertification guidance.

Owners and buyers have rights to see budgets, financial statements, reserve studies, and meeting minutes. During a sale, the association issues an estoppel or status letter that discloses dues and any approved or pending assessments.

Century Village factors

Century Village in West Palm Beach is a large, age-restricted 55+ condominium community made up of multiple associations and shared amenities. Many buildings were built in the 1970s and 1980s. Aging components, salt air, humidity, and storm exposure increase the likelihood of larger capital projects over time. In multi-association communities, you may pay fees to both a building association and a master organization, so it is important to understand each layer’s budgets and reserves.

What to review before buying

Treat the association’s finances like a second home inspection. Ask your agent or attorney to help you collect and review:

• Current resale packet or estoppel showing dues, current assessments, and any pending assessments
• Annual budgets and financial statements for the last 2–3 years
• The most recent reserve study and any inspection updates
• Reserve account balances and recent withdrawals
• Board meeting minutes from the last 12–24 months
• Master insurance declarations and the wind/hurricane deductible
• Notices on structural, safety, or code issues and any recertification reports
• Records of recent capital projects, bids, and warranties
• Pending or threatened litigation involving the association

You can also check county resources for context. For permits and building questions, use the Palm Beach County Building Division. For recorded documents and liens, see the Palm Beach County Clerk.

Red flags to watch

• No recent reserve study or a study older than 5 years
• Reserve balances far below recommended levels
• Repeated or very large special assessments
• High master association fees layered with separate building-level fees
• Minutes showing deferred maintenance or structural concerns
• Operating deficits or transfers from reserves to cover monthly expenses
• Large hurricane deductibles without a clear funding plan
• Slow or unusually costly estoppel processing that may delay closing

Negotiation tips

• Buyers: Ask for the estoppel and reserve study early in due diligence. If a special assessment is pending or likely, negotiate in the contract who pays what at closing. Share the association details with your lender early, since low reserves or large assessments can affect underwriting and approval.
• Sellers: Prepare a complete packet upfront. If your association has strong reserves and documented maintenance, highlight that. If a project or assessment is planned, disclose it clearly and explain the scope, schedule, and payment options.

Simple protection steps

• Get the most recent reserve study and read the summary pages
• Compare the recommended annual contributions with the actual budget
• Scan board minutes for the last year to spot upcoming projects
• Confirm insurance deductibles and how they would be funded
• Ask about payment plans or financing options for any approved assessments
• Review how assessments will be handled in your purchase contract

When to get help

If the documents are unclear or a large project is in discussion, consult a local real estate attorney for legal interpretation. You can also review best-practice guidance from the Community Associations Institute. If you want a second set of eyes on what to request and how it affects your move, reach out for local guidance.

Ready to talk through a Century Village purchase or sale with a steady, practical approach? Connect with Portia Voss for a quick consult and a clear plan.

FAQs

How to spot an underfunded association in Century Village

• Review the reserve study, current reserve balances, and board minutes. Repeated large assessments or transfers out of reserves are warning signs.

Who decides on special assessments in Florida condos

• The board typically proposes assessments, and some larger or non-budgeted charges require an owner vote based on your declaration, bylaws, and Florida law.

What if I cannot afford a special assessment after closing

• Ask about payment plans or financing options and review your legal rights. It is best to address potential assessments during contract negotiations.

Are Florida condo reserve studies required by law

• Budgets must address reserves, and many associations use a formal reserve study. Whether a formal study is required depends on current law and governing documents.

Do special assessments affect mortgage approval

• Yes. Lenders usually require disclosure of assessments and may factor them into your debt-to-income, which can impact loan approval.