With the tragic collapse of Champlain Towers South in Miami, there will be condo owners and residents across North America worried about the structural integrity of their own ageing condo building. Most will thankfully have nothing to worry about, but what if structural issues have been raised in your reserve study? How safe is your condo building?
First off, no residence deemed likely to collapse would be permitted to remain inhabited. Instead of worrying, redirect your energy to address the serious issue(s) in your reserve study. Educate your community and support any action required to ensure the long-term safety of your home.
“But these are serious structural concerns, why is anyone hesitating?” Money, of course. Rarely is a structural fix inexpensive. Owners may be out tens of thousands of dollars – even hundreds of thousands – each in the event of a special assessment. As a concerned owner, stressing that this investment in your home is a priority matter.
Even if no specific issues have been raised, a catastrophic event such as an earthquake could cause unfathomable damage across a city or region. Thankfully, building codes are constantly evolving to reflect increasing standards of safety. If and when major works are required there are always concerns about money and costs, but as the saying goes: Safety comes first!
So how safe is your condo? If you need a little help digesting your condo or HOA documents, you can sign up and run a free Eli Report! We use artificial intelligence to extract what matters and let you navigate directly to critical issues.