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Updated over 8 years ago on . Most recent reply

User Stats

17
Posts
7
Votes
RI N.
  • Investor
  • New York City, NY
7
Votes |
17
Posts

Turnkey price renegotiated to accommodate repairs?

RI N.
  • Investor
  • New York City, NY
Posted

my understanding from BP is that a TK property is rent ready with all major systems functional for several years. Thus roof w long life remaining (i.e. 10yrs min), hvac, plumbing and electric all new or much life remaining so that there will not be capex for at least 5+ years. Are my assumptions accurate?

With this understanding, my inspection revealed several deficiencies including roof replacement. Some things were trivial but the functional components of the home I wanted fixed. The TK provider now wants to change the price bc they're over their budget for repairs. I feel our contract which was for a fully performing property should not require any short term repairs and, thus, replacing the roof and fixing plumbing/electric are his responsibility and risk. I'm paying 'his' price (no negotiation allowed) so it shouldn't change bc his estimates were wrong? I want to be fair and don't want to take advantage but I don't think it's fair that I incur the expense of newly uncovered repairs.

Watdoyathink? 

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