Get that Roof checked!

When you're buying a condo, you may have a home inspection done as a matter of course. What some people don't realize, though, is that the roof of your condo is not generally included in a standard home inspection. This is important, because a roof that is damaged or wearing out can be an unexpected expense.

Take a look at the condo's roof. Looks like... a roof, doesn't it? If you're not a home inspector yourself, you probably won't be able to tell what kind of roof it is, how old it is, whether it's in need of repair and whether it's of good construction. Roof repair or replacement can run into tens of thousands of dollars!

That's no problem, since the condo association will have the money, right? Wrong. If, and I mean IF, your condo association has the money, yes, they will take on the cost of repairing or replacing the roof. If not, guess who gets dinged for the cost above the reserve?

That's right, they'll be knocking on YOUR door, looking for the extra thousand dollars or whatever it took to get a roof that doesn't dump snow or rain into the drywall.

However, this doesn't mean that you need to run away from the condo lifestyle - far from it! A well-run condo complex with a board that doesn't have their heads up... well, anyway, a well-run condo complex with a good condo board is actually an excellent approach to having a home that is virtually maintenance free. You just have to do your homework.

Part of this homework is having a roof inspection done. The inspector can tell you what condition the roof is in, problem areas (if any), and whether the roof needs replacing. A typical fee is several hundred dollars. However, this is a lot less than the average price of replacing a roof, even if you're sharing it with other residents of a complex.

The next thing you should look at is the complex Reserve Study. A Reserve Study is a professionals assessment of how much a condo association needs in order to finance long-term maintenance, like roof replacement, elevator repair, parking lot repaving, etc.

Then, you need to balance the Reserve Study against the fees for the condo you are considering buying. A fee that is too low will not be able to cover multiple maintenance problems. It may be able to pay for a new roof, but if the roof falls in AND the parking lot needs repaving, you could run into some problems. You'll have to take the amenities and maintenance of the whole complex into consideration. Alternatively, a association fee that is too high can negatively affect property values.

A roof inspection can be costly and an added concern when it comes to considering a condo for your next home, but don't neglect this important step. At the very least, if you're investing in a condo with a questionable roof, you'll be able to anticipate a possible expense. Better, yet, you'll be able to avoid places that will end up being holes that you throw money into, without any real return on your investment.

Article Source: http://www.propertymagnate.com/articles

The Affinity Group is a prominent name in Denver real estate, with agents specializing in working with both buyers and sellers of real estate throughout the Denver area. Visit JakeMarsh.com for details about their services, property listings, and information about finding beautiful Wash Park homes for sale.

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