Marathon Life

Thursday, March 24, 2011

A Covered Patio

As promised, here is the photo of the patio above mine that we have completely tarped off. We nailed it into the wood below the gutter and then pulled it all the way over. Since the only tarp I had was 8 ft x 10 ft, it was not going to be long enough, so I went down to Lowe's to get a 12 ft x 16 ft tarp. It is so much better. It rained last night and I had no issues! I am so glad I don't have to be paranoid anymore when it rains. Hopefully in the next month everything will be fixed. I doubt it, but one can hope. I think the patio fix and waterproofing/re-flashing of the door is going to be a very labor intensive project and it may take a while. I am scared to get the bid from the contractors on this one. Although our association has plenty of reserves, we will be taking big chunks out of it. The roof repairs alone will be $8,000 (possibly more). I can imagine this project would cost at least $2,000 to $3,000 but I really have no idea. I may have to call for a special assessment to recoup some of our funds, which I can only do once per year. The other board members will have to agree and then all 11 unit owners would pay a special fee. In the end I hope we won't have to do this, but if this condo building continues to have major issues, we may have no choice.

It bothers me that the developers of the condo are no longer in business. We would have been able to have them fix all these issues. I am sure we would have had a legal battle though. Like so many developers during the height of the housing market, the developers went under. They took many short cuts during the update of this building in 2005. It is very obvious. Things could be worse and at least we are taking care of things now.
Bookmark and Share
posted by Anthony at 9:21 AM


Anonymous bethany said...

Well maybe it will be cheaper than you think. Trying to be on the positive side here. I wanted to give you a heads up too about the Special Assessment. If you have an assessment on your association no one will be able to refinance until it is lifted. May be hard for a sale to go through as well (depending on the circumstances). Most condos do not like special assessments because of this. Even if you have one person planning on doing either (assuming they know about this) you will be sure they will resist. Also just a note worse than an assessment is litigation. Litigation can take forever and no one in the condo complex will be able to refi or sell - no lender will lend on a property in litigation.

I just wanted to let you know since I know most people don't know about this. :) Hopefully it will be an easy fix and not cost too much.

9:51 PM  
Blogger Anthony said...

Well we cannot go after the developers since they are no longer in business. So it comes out of our reserves. I talked to the hoa mgmt company and they said we have enough to not have to do a special assessment. So that is good news. Still, it bothers me that it costs so much and it is due to the fact that the prior owner and the current owner of the patio NEGLECTED the issue and were not smart enough to question that it was something OTHER than the roof causing the issue. Pride got in the way.

11:06 PM  

Post a Comment

<< Home

Subscribe in a reader