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QUOTE Hi Pete, I would suggest you follow your intuition on this one. I agree with you that 16,000, or 1,333 per door is low for a building that needs windows ($2,000 per door w/slider) or deck repair (1,000-3,000 per door).
To blow in additional insulation in the attic is a couple of hundred dollars per door. Not very much, unless you look at it as being 15% of the Reserve!
If this "lower end of the spectrum" condo has a new roof (2,000 per door) and new boiler and hot water tank (2,000 per door) and decent common area flooring and paint (1,250 per door) then the 16,000 reserve may be sufficient.
I am of the opinion that better quality buildings increase more in an expanding market and hold their value better in a contracting market than "low end of the spectrum" properties. Unless you are absolutely steeling this unit, you may want to dig a bit deeper or look a little broader for a different property.
Cheers,
Dan
Welcome to the forum Dan, we look forward to reading about your expertise in many different areas. Plus I noticed you made a post direct from your Blackberry yesterday, hopefully you don`t get to addicted to this discussion forum, and do things like make posts on Friday nights and on your weekends like... hmmmm, er, nevermind... I think I`m going to take a break
Cheers
