Quote:
Originally Posted by GizmoWhiskers
I'm kind of confused as to how a condo owner is going to replace rebar on a building that is deemed to be old and unsafe? How does one spend their $100k new fees to fix a portion or all of the building? Or is it a demolish the building and one agrees to pay $100k for their new condo?? Makes no sense to me. If you buy a delapidated 50 year old condo what happened to "buyer beware" and inspections?
What does the $100k do for condo owners?
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I am not a structural engineer, so I don't know how the concrete repairs are accomplished.
What I know is that it is pricey. All the owners contribute their $100,000 into the fund and, with good budgeting and management, hope it will be enough to preserve their condo for another 20 or more years.
Without the repairs, the condos are nearly worthless. With timely maintenance, the condo is worth much more than $100,000.