Joint Resolution 16-2022 of the House of Representatives in Puerto Rico proposes a significant change in the structural inspection and certification process for buildings, including condominiums. This resolution aims to ensure the structural safety of buildings larger than 2,000 square feet by requiring inspections every three years. While the resolution's intent is to enhance safety, it raises concerns about the financial burden this requirement may place on condo owners.
Condo owners' councils typically operate on tight budgets, primarily allocated for recurring expenses. The mandatory inspections, which include initial inspection costs and potential structural repairs, pose a substantial financial challenge. Condominiums must identify funding sources or impose fees on owners to meet these expenses. One suggested approach to generate necessary funds is to reduce annual commercial property insurance premiums.
A viable option is to insure only the "bare walls, bare ceilings, and bare floors" of the common elements, excluding the value of private elements owned by individuals. This can significantly reduce insurance costs.
While this has only just been proposed, it will be interesting to see if it becomes law. To read more about this in Spanish, click here to read an El Vocero newspaper article on the topic.
If you are shopping for a condo in San Juan, Puerto Rico, Paraiso Realty has a great Sub-Penthouse for sale on Taft Street, only two blocks from the beach and even closer to great restaurants. Click on the image below for more info this property:
