How To Pay For Roof Repairs On A Multifamily Home
Do you live in a multifamily home where the roof is in need of repair? If so, you may be wondering how this repair will be paid for. Here is what you can expect when you live in a building where you share a roof.
HOA Funds
If you pay into a homeowners association, it is possible that those monthly dues are being saved and will go towards paying for a big expense, such as roof replacement. It is the job of the HOA to budget for these types of repairs and set aside money each month so that it does not need to be paid immediately out of any homeowner's pocket.
Your HOA should tell you how much money is being held in reserve for expenses like this. If they are doing a great job at managing the money for the multifamily home, then the roof repair should just be taken care of. One thing to keep in mind is that you will likely have little say in what materials are used when the HOA handles the roof repair for you. They will be the ones to have the final say in what type of roof goes on the building.
Special Assessment
If the HOA does not have the money in their reserves to pay for a new roof, then they will issue a special assessment. This means that every owner in the multifamily building will need to pay a lump sum of money to help cover the cost of repairs.
While you may think that a special assessment means that the HOA has not been managing their money properly, it may just mean that they have not been collecting enough. Don't feel as if you are paying extra for the roof repair since you've likely been saving every month on lower HOA costs.
Split The Cost
If you don't live in an HOA, then you will have to split the cost with other owners in your building. You will also have full control over what kind of roof is put on your building. If you and the other owners plan on staying in the building for a long time, you can invest in a more expensive roofing material that has longevity. If it is the kind of building where owners frequently come and go, you may consider a cheaper roofing material to keep costs low to others.
To learn more about residential roofing, contact a roofer near you.
