I'm very close on closing a condo in downtown Chicago. The inspection went well but that was for the interior of the condo. I just walked by the condo building yesterday and noticed there are a lot of cracks on the building outside wall. The building was built in 2005 so it is relatively new for Chicago. I have already asked my agent to ask the management of the building about the cracks and plan/budget to fix them. Before this, my lawyer has checked the financial of the HOA, there has been no special assessment in the past and there won't be any in the next 2 years at least. They have $380k in fund reserve for about 100 units in the building.
Should I be concerned about this? Does that mean the building will have problems in the future?
It's difficult to say with any certainty with the info you have given...
I'm assuming it's a brick wall? Are the cracks just along the mortar joints?
How bad are they? It may just be that the building settled or there could be an issue with the foundation.
Some pictures would really help.
@Land L. - if you had pictures it would be easier to give you advice
Probably just settling cracks. There are sealers you can purchase that will fill them in to protect from water and ice damage which can make those cracks larger during winter months.
I agree with Annette. The freeze/thaw cycle could make them worse being in Chicago. I would ask that they be sealed.
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