4:42 PM 05/22/2012
So, we live on the top floor of our brownstone building (in what is soon to be designated as a historic block) and would like to build a roof deck and have no intention of building a room. Currently, the roof is a common area in the bylaws and after speaking with the other two owners in the building they have no problem with us pursuing having that amended to reflect exclusive roof rights (make it a limited common area).
Well, after speaking with an attorney and architect, it will cost around $7,000 to have the paper work done to amend the condo bylaws. What I am wondering is, if we are just building a roof deck up there, is it worth spending the 7k to get roof rights? If it is going to be absorbed as part of the historic district anyway, does the reduce the value of roof rights?
These guys don't have a problem with a roof deck with or without roof rights.
Any feedback much appreciated. Thanks.
Make sure the tenants understand what they're signing away before you proceed. They may not mind your having a roof deck, but one day someone, or the person they sell to, is going to want to install central air and assume they can put a condenser on the roof. If it's your roof you probably won't want that.
Also, if the roof starts to leak, and they need to tear up part of your deck to repair it, who pays for the work? What happens if they say the leak is due to the work done on your deck?
The 7k legal fee is just the start of your cost if you actually build a deck it could cost above 30k, depending on how fancy it is. However, the rights definitely add to the value of your property- any outdoor space is worth a lot. Once your area becomes an historic district you probably will be forced to limit the deck to the back of the house so it's not visible from the street.
8:16 PM 05/22/2012 | 0 Votes
$7k for paperwork is ridiculous, what about a 100 year lease?
7:49 PM 05/23/2012 | 0 Votes