And of course, even if you do look at all the documentation mentioned in the article, any damage that lies undiscovered within the common area walls, roof, or other components will not be listed and it will be there waiting for the then owners when it is finally discovered. Reserve studies do not typically look for concealed damage--so no budget will include it and its repair cost will often equal or exceed all of the known repair expenses in the budget. Older associations must do more intrusive inspection so that the true liability of the owners can be known and understood.
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And of course, even if you do look at all the documentation mentioned in the article, any damage that lies undiscovered within the common area walls, roof, or other components will not be listed and it will be there waiting for the then owners when it is finally discovered. Reserve studies do not typically look for concealed damage--so no budget will include it and its repair cost will often equal or exceed all of the known repair expenses in the budget. Older associations must do more intrusive inspection so that the true liability of the owners can be known and understood.
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