Hi Steve,
Your building's repairs sound so similar to our proposed roof repair.
It has been proposed by our Engineer, and originally estimated at $300,000, that our 1980's, wood constuction, non fireproof building, flat roof, with cockloft vents, on Long Island, put a second roof covering on. It will be the forth and final layer before a total new roof has to be put on. Our last roof covering was put on in 1989. The roof has been leaking since at least 2005. We have sustained considerable damage to our apartments over those years.
The 4 bids came in considerably higher at between $450,000- $600,000.
And as you experienced we have no true idea what we will find, even though drill hole tests were done. They were minimal.
My question to you is. Did you evaluate the cost effectiveness of a whole new roof repair as opposed to a new last layer before you went ahead? The bids we received were on a single layer, inner-tube thickness membrane with placement of plywood and fireproofing material underneath and a 15 year NDL warranty.What are your thoughts about us considering a whole new roof as opposed to this recommendation by the architect?What was your initial budget and final monetary expense after all was said and done?We have only $500,000 in our reserve and will have to raise maintenance and the reserve to do either and maintain that very important reserve fund to draw buyers with mortages and allow us to refinance our Balloon mortgage in 2016.
Please tell all.
Dee Dee-Long Island