HABITAT
Subscribe for Daily Updates!
You could explore bank financing to fund the repairs. There are banks who will lend the condo corp money, and that might be one way to get your repairs done. Most likely common charges will rise to pay financing expense, but probably not as much as doing assessments. Good luck! Sounds like you're in a tough spot.
Join the Conversation Comments (1)It's easier said than done, but I would say just bite the bullet and assess again. People won't like it but you can't let the building fall apart. Sounds like you're doing this all yourself, though. At the least, you need to delegate some of the work - can't the treasurer share the burden of communicating tough facts to owners? Sometimes we as board members are so caught up in the immediacy of owner/shareholder reactions that we don't let ourselves plan ahead. If you can get through the misery of another year of dissatisfied owners, you will have saved your building. Best of luck!!
Introduce yourself to other members of Board Talk! Log in below or register here.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.
Habitat u
visit habitat uHabitat U: learn about how to manage a building, and what you should know as a co-op or condo board member.
Archives
search
Search, by word or phrase, all magazine articles from January 2002 to present. You may print or email your results. Print subscribers receive free access to the Habitat Article Archive.
Ask the Experts
learn moreLearn all the basics of NYC co-op and condo management, with straight talk from heavy hitters in the field of co-op or condo apartments
Professionals in some of the key fields of co-op and condo board governance and building management answer common questions in their areas of expertise
Subscribe
join nowGot elected? Are you on your co-op/condo board?
Then don’t miss a beat! Stories you can use to make your building better, keep it out of trouble, save money, enhance market value, and make your board life a whole lot easier!
Thanks for the advise. I looked into this and it seems like a good idea. The problem is these loans are not short term. The shortest term is 10 years. When I project 10 yrs to problems not included in the engineer's evaluation (roofs are now 14 yrs old and were not included, driveway/parking has sinkholes, exterior will need painting...all not included in engineers report) taking out a 10 year loan for less than $750k-1Million doesnt make sense. Even if I take out a 500K loan, paying it off over 10 years (with interest) still means we need assessment to cover the costs. A 10% raise in maintenance only amounts to an extra $23,000/year for us. That will not cover the loans. We already are running the place dirt cheap so cutting costs wont be the answer either. Thanks though.
Thank you for rating!
You have already rated this page, you can only rate it once!
Your rating has been changed, thanks for rating!
Board Talk members who registered prior to March 9th, 2016 will need to reset their password.