Structural issues with co-op. Thoughts?
Started by Nephele
about 11 years ago
Posts: 0
Member since: Feb 2015
Discussion about
We are first time buyers who had an offer on a co-op accepted. Our inspector said the unit is in great shape, but the building itself, which is a 20-unit walk-up, is in need of structural repair—specifically, the mortar joints need to be repointed, and there's slight evidence of water damage. Previously, we asked the building management about projected repairs, and they said there were no major ones on the horizon. We're going to try to check out the board minutes to see if they are aware of any of the issue documented by our inspector. Obviously as a co-op buyer, we know we're mostly responsible for maintaining our own unit. But curious how concerned others would be about how these kinds of structural issues affect resale?
i'd be very concerned - in such a small building, you're paying your share (and more if others can't) when the work needs to be done. Also a little scary if the management isn't aware of what is coming down the line...
Hard to say how much of a concern it is without knowing more. We bought in a seven-unit building that needed similar repairs, and where there was more than slight evidence of water damage. The inspector helped us size out the likely scope of the job -- in our case, the entire building did not need re-pointing, so it was "likely" a sub-$10k job, versus a $50k job. You will probably need one of those awful sidewalk sheds in front of your building for a few months, though.
I'd be less concerned about resale and more concerned that the co-op board will make the repairs before the damage gets worse. In our case, the building did disclose the need for the potential repair, but used very vague language about the extent and scope of the repair. (In their defense, now that I live there, I would do the same thing.... you don't always know with these types of things, and I'd want the buyers to get their own expert estimate and make their own decision v. rely on something I may provide with good intentions that may later turn out to be inaccurate.)
lad: "more than slight evidence of water damage." "it was "likely" a sub- 10k job..." "those awful sidewalk sheds in front of your building for a few months..." are required. The necessary repair to remedy the problem for the cost of "less than 10k", is a point of reference for how the building is lacking in making such repairs.
FreebirdNYC: Yes, that's a real concern.
Nephele: You can check the board -minutes but don't expect to find transparency therein.
See if it got to the city level by checking the records on the DOB site- if it didn't decent chance a future buyer won't figure it out, so long as repairs while you own it are minor enough not to make it to board minutes
crescent:
Sorry, but all such repairs and the need for repairs should at least "make it to board minutes".
"so long as repairs while you own it are minor enough.... "..."decent chance a future buyer won't figure it out..."
If the board is not paying to make repairs for 10k, those don't just repair without the attention and follow-through by the board and management company.
You seem to be contradicting yourself regarding the board minutes. Of course problems "should" show up, but you yourself point out that one should not expect transparency.
aboutreadyfornothing was here again at 11pm 3/18/15.
What "should show up in board minutes" is different than what one "should not expect".
It's now 11:13pm 3/18/15.
Go to sleep, loser. Stop trolling on se.
Edwin responding in less than 20 minutes. I'm on the west coast. It's not my bedtime yet. You are full of it. Your comments are contradictory. Sleep tight.
And why are you here monitoring the responses to your comments at this time? Seriously. Don't throw stones, etc. You live in a very fragile glass house.
Wherever aboutready is, she is trolling for a fight on streeteasy. Whatever time zone she is in now, it is time for her to get lost.
Everybody here can read for themselves. aboutready doesn't make any sense at 11:32pm, 3/18/15 even after 2 comments-in-a-row of her usual nonsense.
Stop trolling for fights on streeteasy, loser.
You make me laugh. Guffaw. Chortle. Etc. You are such a sad case.
aboutready can only " laugh", "Guffaw., "Chortle.","Etc." but she can't make any sense at 11:45pm 3/18/15.
Get lost , loser.
I admire your tenacity, but you are an idiot who is making absolutely no sense. But you're being rude, as is your way.
aboutready is never happy no matter where she is. She is obsessed with starting fights on streeteasy.
She can't stop making a fool of herself at 11:57pm 3/18/15
This cracks me up. Just who is making a fool of herself? And I don't need a time stamp. Go to sleep, truth. Maybe you'll quit grinding your teeth.
Well, it's another aboutready meltdown. She's still cracking -up 2 minutes past midnight during her ongoing ranting and raging on 6 comments.
Now it's 12:30am on 3/19/15 and we can only hope that she finally passed-out.