Quote:
Originally Posted by fishoholic
That's amazing that your parents were able to help you out, but it really sucks that they had to in the first place. Condo's are supposed to have reserve funds (you can ask to see how much is in the reserve fund before you buy) for when things break down on them, so the condo owners don't end up with huge surprise bills.
For Christmas I got a 32 inch flat screen LCD samsung TV, money, movies, gift cards, some games "Star trek scene it" "Fact or Crap", a sweater, socks and a Blue World gift card  |
Yes is really sucks. There is a reserve and I did see if before we moved in. Had an inspection, ect. All was good but what they couldn't check was the roof properly. Just checked for cosmetic stuff and checked the building plans. Well, if the roof had been made properly, all would be fine but the company who did the roof messed up the membrane and just poured the concrete right over it...must have known they had messed up
Didn't care I guess.
So the reserve doesn't cover barely any of the $2.5 million repair that will take 8 months next year. They have to rip up all the concrete, replace the membrane and then re-pour new concrete. They are having to do the common roof top courtyard too, so have to take all the trees, plants, BBQ's, benches, ect. off that level and then replace them after.
Our building is not a typical building. It was all about architecture and obviously the designer didn't have stuff like repairs in mind.
Here is a pic to give you an idea. Not just a flat roof. Many levels.
But anyways, not what this thread is about. My dad offered the help a few months back with the payment but we declined. Then he gave it as a christmas gift yesterday and said it would be rude to turn it down lol. Clever. The relief of not having to come up with $30k by next spring is certainly the best gift I got this year!