Q&A: Time to pay the piper on condo roof replacement
Q: I live in a retirement condominium that is about 40 years old. Our county notified us that we must be inspected by an engineer to determine if we have construction deficiencies. The report indicated that our main problem was the roof. We recently started a fund to replace the roof but we do not have enough and our board is discussing borrowing the money. The added expense to replace the roof is far beyond some of our residents’ ability to pay. Why can’t there be some kind of compromise for seniors? Can you help us?
A: As a senior, you are old enough to remember the advertisement that said pay me now or pay me later. Well now is later. As long as I can remember, the condominium statutes have required that condominium boards must include reserves for roofing, paving and painting in the annual budget. Did your past boards fail to comply with the statutes or did the members vote out the reserves? If you had been paying reserves, you would have the necessary funds and your fees would be lower. I have no answer for your board’s or members’ failure not to have a reserve for roofing. Now we are in a bad financial market and real estate market and you will have a problem finding outside funds. I print your question in my column as a warning to other associations that their failure to properly reserve will cause extreme hardships on future members. I have compassion for you and your neighbors but in truth, you and your fellow members must now pay the piper. Your association failed to properly prepare for the future expenses as our statutes required. One idea: Maybe the board can find a roofing company that will let you pay on time.