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leaky roof

Started by sur19
over 15 years ago
Posts: 28
Member since: Jan 2008
Discussion about
Can anyone advise me - what happens to the value of an apartment if the roof has leaks (albeit minor). The condo will fix it, but does the value of the apartment go down for future resale (all else being constant). Thanks much!
Response by sur19
over 15 years ago
Posts: 28
Member since: Jan 2008

I should mention this is a top floor apartment and the condo is responsible for fixing the roof.

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Response by The_President
over 15 years ago
Posts: 2412
Member since: Jun 2009

if the leak is properly fixed, then nothing will happen to the value.

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Response by lad
over 15 years ago
Posts: 707
Member since: Apr 2009

Are you talking about an apartment that's currently on the market? To me, it's a bit of a red flag to having something listed while the roof is leaking....

I generally agree with what The_President has said, but you may want to (1) determine if this has been a reoccurring problem, (2) get an independent assessment of the problem and the proposed solution, and (3) determine how quickly the condo has made repairs in the past as well as their timeline for fixing this problem.

I once lived in a place where a "minor" leak issue turned out to be the result of a serious design flaw, and the cost to remedy was about 10x the initial estimate and took three tries to get (mostly) right. Being paranoid about water infiltration every time it rains is a terrible way to live, so I'd be extra careful about roof leaks, however minor they may be.

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Response by sur19
over 15 years ago
Posts: 28
Member since: Jan 2008

The aprtment I am thinking of buying is not curently leaking. It had leaked about 3 years ago and was fixed.

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Response by maly
over 15 years ago
Posts: 1377
Member since: Jan 2009

if the roof hasn't leaked since it was fixed, and the cosmetic damage was fixed, it's not a problem. It could indicate a fairly "laidback" approach to maintenance (ie the board waits until something breaks before stepping in), so you may want to have a good inspector review the building.

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