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Updated about 6 years ago,
Roof replacement dilema
My tenant notified me that there was a leaking in a room, that they use as play room. It had been fixed twice and the last time the roofer told me that a new roof was needed because the roof in that area has too many holes already. The roof is dropping currently at the same place it was fixed, when it rains hard. The roof in that area covers the room, and the back balcony/porch, and it is approximately 400 sq. feet.
I got two estimates:
1) $4843.09 by Home Depot, the Sales Consultant stated that they need to repair my roof and the neighbor's together, they do not install new roofs on situations like mine, where the roof is "shared by two properties, due to potential liability issues being claimed by my neighbor. I know that my neighbor does not have the money to cover for her share of the new roof, she told me when I met her a while ago that she does not have any money to pay for any repair "that is why her property is falling in pieces". I do not feel too comfortable with having to pay for her side of the roof, but I could consider it if there is not other option, however, I am afraid of future liability issues if what the consultant stated is right.
2) $ 5620.00 by Bachman's Roofing, the Sales consultant, stated that there is not need to do my neighbors roof together. My concern here is that on his estimate he mentioned that a piece of the will be attached to my neighbors.
So, I need your some feedback to help me to decide what to do, which estimate makes more sense to you, r they do not make sense at all?
My husband is telling me that I should sell this property on "as is" condition but I think that is not a good idea.
Here are some facts that could help:
I bought this townhouse property in 12/2015. I paid $22,500 cash, It is rented for $850.00 tenant pays all utilities. The current tenant started lease in March of this year.
I had installed new carpet: $1200, new furnace, $2,221, and new water heater: $950 all this year.
I plan to have the property for 3 to 5 more years.
Thank you in advance for your help, I really appreciate it.