Would you buy a condo with a leaky garage?

[anthonyvojvodic]

I'm looking at buying a condo (personal residence this time) but the engineering report showed leaking through the membrane that protects the underground parking. It's been patched but looks like the membrane will likely need repair/changing within a few years. I was thinking of asking for about $8000 back upon sale to cover at least most of an anticipated special assessment (65 unit building) but not sure what something like this might cost... Does anyone have any idea what a project like this may cost? Anything particular I should ask or look out for to get a better idea of what I may be up against?

 

[Sherilynn]

Look carefully at the minutes to determine if there is any discussion about suing the developer. If so, I'd run far and fast.

 

[Matt Crowley]

Before high-tailing and running, have you checked out the condo board minutes? In calculation of the reserve fund they should have some numbers around this. Do they have any description in the minutes of a contractor quote?

As a general rule of thumb, new underground stalls cost $25,000 - $30,000 to build. Maybe the work has been out to tender already?

For the right price the condo may still be a good purchase. But this is a huge scary item. I would likely walk unless some certainty can be created around it.

 

[Thomas Beyer]

Condos are a dime a dozen. Or like the public bus: there is another one in 15 minutes.

Why the rush ? Is this a deal of a life time ? Or are there 12 other, very similar options ?

Check condo board minutes, talk to someone on the board, and if you still want to go ahead adjust the price accordingly (your estimate of $500,000 or $8000/unit seems reasonable enough to me). The seller may, or may not, accept it. Or hop onto another bus in 15 minutes ..