Jackson Heights Life

Get Connected => Real Estate & Home Improvement => Topic started by: abu benuska on July 10, 2013, 12:19:37 AM

Title: Spending in major building repairs
Post by: abu benuska on July 10, 2013, 12:19:37 AM
Hi, everyone. Quick question: How much is your co-op expecting to spend in major repairs and replacements in the next few years? How many units does your building have? I'm trying to figure out what is the average of Jackson Heights considering the age and size of the buildings. It would be a great help if you can share this information. Thanks much!
Title: Re: Spending in major building repairs
Post by: carrefour_ny on July 10, 2013, 10:39:49 PM
Hi, this is not a quick question. It depends on so many things that it's meaningless to try and provide ranges. Issues to consider are the capital improvements that lie ahead for the building, the priorities and timeframe, the history of deferred maintenance, the financial status of shareholders, the existence and availability of funds, etc.

If you want to get a helpful answer, you need to phrase the question with more specificity. Most of the buildings in the neighborhood are dealing with "major building repairs" given the age of the housing stock here and are therefore implementing or expecting to implement (or have recently implemented) some long-term capital improvement plans, but still there are many variables.

Title: Re: Spending in major building repairs
Post by: abu benuska on July 11, 2013, 12:49:48 PM
Most of the buildings in the neighborhood are dealing with "major building repairs" given the age of the housing stock here and are therefore implementing or expecting to implement (or have recently implemented) some long-term capital improvement plans, but still there are many variables.

Thanks, Carrefour. In a way, your answer already helps. But I'll try to make myself clearer. What I'd like to figure out is how the buildings in the area compare in relation to updates needed vs. updates done.

Maybe, a better way to put it would be to ask: does your building have a plan for the renovations it will need to do in the next 15 years? If yes, how much will it likely be spending in this period?