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Dave, Home Buyer in 02474

The trustee next door suggested that water penetration will cost 600K to fix. Is it a real figure?

Asked by Dave, 02474 Tue Apr 28, 2009

The trustee showed pictures that the whole basement was 2 feet under water and this happens 2-3 times a year. He also showed the estimates that it would cost 600K to fix. The real estate agent on the other hand says that it would only cost 20K to fix. Not sure who is right. How can I get to know the realty and then proceed with the right information. Thanks.

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Ask to see the estimates & contact the contractors that gave those estimates. Consult the engineering reports if available. Is this a new problem or a long running issue? What was the source of the water if it's a new problem.

You can spend $1 Million but if you don't turn off the water leak it means nothing. You really need to get in depth knowledge of the issue & hire your own contractors to get you estimates if you have any doubts. Depending on the condo associaiton is set up it should be a shared expense. How many split the expense would be determined by how many residents & % ownership.

Good Luck,
0 votes Thank Flag Link Tue Apr 28, 2009
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