<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Negotiating in a condo
 

Negotiating in a condo

April 16th, 2015 at 08:39 am

So this is why you don't buy in a condo. Right now we are getting the front of our condo painted, railings, wood rot, etc. All in $4k. We had quotes from $2700 to $4k, and the guy I picked was $3200 but he fell and broke his leg on Monday. The $2700 guy couldn't do it till the end of May. There was a quote for $3500 but they kept not returning my phone calls though they said they could start Monday. My DH and I decided upon approval of my neighbors given Monday we would move forward. The neighbors gave approval for work for wood rot and repairs. Not necessarily painting.

Now we list April 28th and our realtor had people drive by who said they wouldn't come into our condo because it looked poorly maintained because of the the paint. So my DH and I decided we would either have the front of the house painted and done by April 28th no matter the cost. Or we would hold off and do the whole house for $11k potentially or nothing.

It would depend if the home buyers wanted it painted or we wouldn't be willing to pony up any money. As it stands our condo breaks down common maintenance as 40%, 40%, 20%.

So it's become contentious because the 20% owners do not want to pay. They also want work done for stairs leading to their unit which was exclusive use and which they never maintained. I don't want to pay for their stairs and neither do the other 40% owners. BUT my DH and I are willing to do so to get out of this situation (ie selling our condo). But the other 40% owners are not.

So things are quickly disintegrating. I find it hard to deal with both parties. We want to throw money at it and make it go away but the others have to fork over something, they have to agree, and they have to live with each other after we leave.

So we are needing to discuss the situation and determine whose responsible for what. All I can say is I'm dying and ready to get out. I was the only person who calls, meets, chases down contractors. I meet all repair people for gas, water line work, rescheduling tree trimmers, gutter cleaners, termite inspection, etc. My DH pays all the bills water, insurance, etc.

So the bulk of responsibility falls on us. I admit to liking the control but at the same time I can't wait to fully control my own destiny. This has been a privilege because we couldn't afford to live where we live otherwise. But at the same time we are ready to move on out.

8 Responses to “Negotiating in a condo”

  1. CB in the City Says:

    Wow. Sounds like a messy arrangement. In my condo, we just pay monthly assessment fees and the board decides what work gets done. I have never had any complaints.

    I wouldn't overreact to the picky house-hunters. They don't sound very motivated, or half-bright, for that matter. However, I do understand you want to have the best curb appeal possible, so I hope the painting issue will be resolved.

  2. AnotherReader Says:

    This is a losing proposition. If you only do your portion, buyers will see the difference and know that some owners in this project aren't willing to maintain their property. You need the neighbors' permission to do the work they should be paying for to sell your condo. First impressions are critical in selling a property. This could be the difference between multiple offers and a stale, unsold listing. You are going to have to get the job done or risk losing a large number of buyers.

  3. snafu Says:

    Are your townhouses freehold with each connected group having to agree on maintenance?

    Like CB, we pay a monthly fee based on square footage and the elected, volunteer Condo Board decides what external maintenance will be done each season. A paid Management Service uses their preferred contractors or puts the work out to Bid and create the specific details of each contract having 1st obtained Board sign off. As residents attending the Annual General Meeting [AGM] gives you input, Anyone who wants a particular item replaced, improved, new is free to make a request and it get's added to the list but priority is up to the elected Board.

    If you paint your unit, you will make the other units look even more shabby by comparison and turn off more potential buyers. Is it possible to touch up the worst points? You can sell as Needs TLC so potential buyers understand the missing curb appeal.
    The selling feature to emphasis seems to be the school district.

  4. creditcardfree Says:

    Can you pay for it ALL to be painted? I have no idea what the financial implications are, but it might be the best way to get it handled. Frown

  5. LivingAlmostLarge Says:

    Nope we it's a multifamily split and only three families. The neighbors aren't willing to pony up painting the entirety. There are other issues involved.

    Nope we are doing the entire front of the house where the majority of the damage was done. The rest of the house isn't bad. The back was never painted and put up with just siding unpainted because it's a 3 story house on a hill so 4 stories and they put it up being pink the original color of the aluminum siding. So it's supposed to have been low maintenance.

    AR we were considering trying to hold our neighbors hostage and forcing a whole house painting, but we couldn't get someone in to do it before we listed and we couldn't get them to agree. So instead we took what we got and moved forward. We decided and chatted with our realtor if a buyer decides they want the whole house we'll take this guy's quote and he'll deduct off the portion done and we'll do the rest of the house.

    Like Snafu we are working on the curb appeal which is the front of the house. We are going to emphasis the school district and in our neighborhood you can't get into a SFH under a $1M. And most townhouse are larger but running around $900-1M as well.

    We aren't about to tell them but we were willing to fork over money in it's entirety but they couldn't agree. So instead we took agreement over what they would do and are working from there.

  6. AnotherReader Says:

    Too bad your neighbors don't understand they are devaluing their own properties by not cooperating. If you get a low price because of their obstinance, so will they when it's their turn to sell.

  7. snafu Says:

    Real estate terminology and practices are different in different regions. Sounds like you are in a self managed triplex with you as self appointed manager since you like to be in control and the other two unit occupants happily having you find, meet, arrange external tasks while they sit back saying yay/nay to your efforts on their behalf. What exactly does the contract say about joint concerns?

    If someone has a rotten rail or damage steps with potential for someone to be injured do you all pay damages in 40/40/20 percentage breakout? Is that what your homeowner's insurance states? If the two owners [more than 50%] want the front painted does the 3rd unit have to go along with the majority? Is it likely that the owner who declines improvement runs their affairs so close to the wire they can't pony up their share?

    What does your lawyer suggest?

    I hope you don't paint all condo complexes in a negative light as most owners are well informed about what, where, when, and how external issues will be resolved and what remains the responsibility of the unit owner. People are more apt to grumble about regulations which their realtor and lawyer who do their jobs well outline, and obtain the actual printed version. Boards
    require written statements about a planned pet, new BBQ, type of external window covering on a patio etc. that limit your freedoms if they impinge on other owners.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]