Condominiums are very popular with aspiring homeowners, especially young professionals who want their own space. Despite this popularity, however, there are still some who are hesitant on buying a condominium unit due to a few uncertainties, one of which is who exactly will cover the roofing costs of the condo.
Trusted roofing contractor Hynes Roofing & Siding answers the question of who exactly covers the roofing costs of condominiums in this post.
Responsibility
The short answer to the question of who’s responsible for condo roofing costs is that it actually depends on the building where you’re buying a unit. More often than not, each building has rules that governs the condo association, known as Covenants, Conditions and Restrictions (CC&Rs). These rules outline the responsibilities of both the association and individual owner in terms of maintenance and repairs, and varies from building to building. For instance, the building you’re looking at now may state that their association covers all roofing costs, while the one nearby will say that individual owners must shoulder said costs.
When the Association Covers the Roof
On the off-chance that your association pays for all the maintenance of your condo roof, including roof replacement, the budget to do so usually factors into your condo fees. Typically, associations establish reserves built into your monthly dues to cover unforeseen expenses like emergency roof repairs and leaks. If the association’s funds fall short, however, you may wind up paying higher dues to cover the deficit. Alternatively, the association may also decide to increase monthly dues next year to make up for it.
Check the Rules
Now that you know all this, one final thing you should keep in mind before signing the dotted line to buy a condo unit is to review the rules of the association. To do this, you’ll have to request a copy of the CC&Rs. Read and comprehend it as much as possible to help you decide on whether or not you should buy a condo there. If you’re having any difficulties understanding your responsibilities, however, you can always consult an attorney for help and advice.
Hynes Roofing & Siding is a leading provider of exterior painting services and commercial roof replacement services. Whatever your requirements, you can count on us to deliver. Give us a call at (610) 643-4103 or fill out our contact form to get a free estimate. We serve Commercial Roofing in Ardmore, PA and other nearby areas.
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(President, Hynes Roofing and Siding)
With over 35 years experience in the roofing and siding industry, Michelle Hynes has built a business from 2 people into over 45 people and 19 trucks!