PatriciaM13 (Vermont)
Posts: 2
Posts: 2
Posted:
Hello,
I was wondering if anyone has had the experience of owning a condo unit within a complex that has multiple buildings and one of the buildings was knocked down and insurance will cover most of the costs of replacing the building but each unit in replaced building will be approximately 200 square feet bigger. Also the new building will have a more efficient heating system...gas and the old (40 years) ones have electric. Other amenities in new building will be separate water/sewer meters, insulated windows, gas fireplaces. The new units in replaced building will most likely have a value of twice as much as older units. We are situated at a resort.
My questions are...
Does the percent interest in common areas change due the new foundation taking over about 2400 more square feet of common area and also that each unit will go from about 1000square feet to 1200 square fee. The reasoning for this expansion, we ere told, was due to code upgrades.
How would the association fairly divide a possible large upcoming assessment to cover money not received for rebuild from insurance among all unit owners. Would it be an equal division or based on percent ownership.
Since the older buildings looks shabby now for lack of capital and have a different exterior than new proposed building, would it be fair to have all pay for upgrade of all buildings.
Your thoughts would be appreciated
I was wondering if anyone has had the experience of owning a condo unit within a complex that has multiple buildings and one of the buildings was knocked down and insurance will cover most of the costs of replacing the building but each unit in replaced building will be approximately 200 square feet bigger. Also the new building will have a more efficient heating system...gas and the old (40 years) ones have electric. Other amenities in new building will be separate water/sewer meters, insulated windows, gas fireplaces. The new units in replaced building will most likely have a value of twice as much as older units. We are situated at a resort.
My questions are...
Does the percent interest in common areas change due the new foundation taking over about 2400 more square feet of common area and also that each unit will go from about 1000square feet to 1200 square fee. The reasoning for this expansion, we ere told, was due to code upgrades.
How would the association fairly divide a possible large upcoming assessment to cover money not received for rebuild from insurance among all unit owners. Would it be an equal division or based on percent ownership.
Since the older buildings looks shabby now for lack of capital and have a different exterior than new proposed building, would it be fair to have all pay for upgrade of all buildings.
Your thoughts would be appreciated