Buy & hold real estate investor. Designer & animator. · Jersey City, NJ · Member since 2015 · 81 posts · 12 votes
I have two properties in Jersey City.
One is a condo. I'm going to confirm how much of the dwelling is covered by the association but what is a good rule of thumb on telling how much it would cost to redo the fixtures and tiles for the bathroom, living room, kitchen and two bedrooms with the appliances hot water heater and furnace?
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
9y
Julie,
In a Condo Association, the building is divided into Common Elements (Foundation, Roof, exterior walls, etc,), Limited Common Elements (located in a unit but serving Multiple units). Both of those are generally covered by the Condo Association. In the Bylaws, there will be a description of your unit and it should define what parts of the building are part of your unit and what is a Common Element/Limited common element. Depending on the description of the unit, you may or may not own things like:
- Sheet rock of the walls
- Kitchen Cabinets
- Bathroom fixtures
- Piping or wiring that just serves you unit
- other things like a heating/cooling unit, interior doors, ....
There may also be some items that the Association is obligated to replace if they are still original but not if they have been replaced. I have seen that for Floor coverings and wall air conditioners but other items could be in that category.
If you do not have a copy of the bylaws, the Property Management company should be able to get them. Once you have an Idea of what parts you own, an estimate can be made.
Our agency has offices in NJ so if you need help or quotes please contact me.
**There is an optional coverages that I recommend for Condo Unit Owners:
1. Loss Assessment. Pays for assessments that result from a loss that the Association suffers that would have been covered under your policy's coverage. It is an inexpensive coverage but if the Association under insures something it could come in handy. Because the assessment is divided by the unit owners, the number of units in the association affects how much you purchase. The smaller the number of units the greater the assessment.