The Importance Of Saving

cfrizz
cfrizz Posts: 13,415
When we had our board meeting in January we were informed that we had to bring our aluminum electrical wiring up to current standards if we wanted to keep the building insured.

So they are doing something called Copalum through out the building and each individuals unit.

My share of this cost is $8,128.80. The condo board have arranged to do a loan for those who want to pay even more. But I have no intention of paying anyone over 1000.00 in interest on a loan.

I am so thankful I don't have a 2 bedroom unit, it would have cost me over $10,000.00

Therefore, I have instructed Mike, my CFP to surrender the amount out of my mutual funds so that I can pay it off and be done with it.

Many of the residents flipped out when they heard how much it was going to cost to have this done, but we don't have a choice but to do it.

But when you own property, you should always have an emergency fund or access to other funds to handle this kind of problem. I'm glad that I do.
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Comments

  • honestaquarian
    honestaquarian Posts: 3,186
    Cathy
    Believe it or not I have been told many times that based on my audiophile proclivities I should own a house.
    I keep telling these people that if you cannot afford to keep a house, then you should not own a house!
    Same goes for a condo or apartment unit.
  • heiney9
    heiney9 Posts: 25,053
    Good advice Cathy. I have a house fund for upgrades and unplanned expenses. I rarely use it for anything else. What it does for me is it allows me to buy audio gear now and then but still have my house fund intact so no worries about those kinds of things.

    H9
    "Appreciation of audio is a completely subjective human experience. Measurements can provide a measure of insight, but are no substitute for human judgment. Why are we looking to reduce a subjective experience to objective criteria anyway? The subtleties of music and audio reproduction are for those who appreciate it. Differentiation by numbers is for those who do not".--Nelson Pass Pass Labs XA25 | EE Avant Pre | EE Mini Max Supreme DAC | MIT Shotgun S1 | Pangea AC14SE MKII | Legend L600 | BlueSound Node 3 - Tubes add soul!
  • lightman1
    lightman1 Posts: 10,776
    Wise choice, Cathy. Just make sure they present a clear and concise engineered plan of the scope of work.
    Does this include new main switch gear from the utilty? Are they upgrading ALL the sub-panel distribution? Are they going to rewire all of your branch circuits from said sub-panel? New outlets and up to code outlet boxes?
    I've had to turn away jobs because the HOA/General Contractor wanted me to "make it cheaper" on a building service upgrade. And they still stick to the original cost of bid to the resident owner.
    Catch my drift?
  • txcoastal1
    txcoastal1 Posts: 13,124
    Russ and I had a brief conversation on aluminum wiring at Skips, I get where he is coming from.

    Aluminum wiring is aluminum wiring. If these upgrades are not complete from end to end then it nothing but an uneducated money grab and nothing but a band aid if done in paritial ...IMHO....correct me if I'm wrong Russ
    2-channel: Modwright KWI-200 Integrated, Dynaudio C1-II Signatures
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  • heiney9
    heiney9 Posts: 25,053
    I mean audio funds are never taken from the house emergency fund.
    "Appreciation of audio is a completely subjective human experience. Measurements can provide a measure of insight, but are no substitute for human judgment. Why are we looking to reduce a subjective experience to objective criteria anyway? The subtleties of music and audio reproduction are for those who appreciate it. Differentiation by numbers is for those who do not".--Nelson Pass Pass Labs XA25 | EE Avant Pre | EE Mini Max Supreme DAC | MIT Shotgun S1 | Pangea AC14SE MKII | Legend L600 | BlueSound Node 3 - Tubes add soul!
  • lightman1
    lightman1 Posts: 10,776
    Spot on, Ron. The insurance company has a right to protect their underwriting.
    They don't want to rip that band-aid off of a hairy arm after the fact just because you had a small scratch.

  • pitdogg2
    pitdogg2 Posts: 24,480
    I am surprised that stuff is still installed anywhere outside of high tension line power companies use. From my understanding that stuff was a bad fire hazard waiting to happen.
    If you own anything you need to save for repairs, emergency's and what ever else pops up. Better to have it and not need it than need it and not have it.
  • txcoastal1
    txcoastal1 Posts: 13,124
    It's not, these were installs from decades ago when someone thought they had a bright idea, along with wood shingles, and that card board cr@p siding
    2-channel: Modwright KWI-200 Integrated, Dynaudio C1-II Signatures
    Desktop rig: LSi7, Polk 110sub, Dayens Ampino amp, W4S DAC/pre, Sonos, JRiver
    Gear on standby: Melody 101 tube pre, Unison Research Simply Italy Integrated
    Gone to new homes: (Matt Polk's)Threshold Stasis SA12e monoblocks, Pass XA30.5 amp, Usher MD2 speakers, Dynaudio C4 platinum speakers, Modwright LS100 (voltz), Simaudio 780D DAC

    erat interfectorem cesar et **** dictatorem dicere a
  • pitdogg2
    pitdogg2 Posts: 24,480
    txcoastal1 wrote: »
    It's not, these were installs from decades ago when someone thought they had a bright idea, along with wood shingles, and that card board cr@p siding

    Yep i understand that completely. I would of thought it would if been corrected a decade and a half ago. I worked with some about 20 yrs ago. After 10yrs in the wall it was super brittle stuff. I sold it about 35yrs ago when I worked for Furrow building materials. It was one day when one of the electrician's told my it will be the next asbestos except building's will burn down instead of cancer. I work for an insurance company I'm just surprised it has taken this long for them to mandate it to be removed.
  • txcoastal1
    txcoastal1 Posts: 13,124
    Unfortunately not. There are large areas of north Houston, old prominent neighborhoods 1000's of homes that still have it. If the home has has no renovations, nor issues then it still has the wiring and still insured. :|
    2-channel: Modwright KWI-200 Integrated, Dynaudio C1-II Signatures
    Desktop rig: LSi7, Polk 110sub, Dayens Ampino amp, W4S DAC/pre, Sonos, JRiver
    Gear on standby: Melody 101 tube pre, Unison Research Simply Italy Integrated
    Gone to new homes: (Matt Polk's)Threshold Stasis SA12e monoblocks, Pass XA30.5 amp, Usher MD2 speakers, Dynaudio C4 platinum speakers, Modwright LS100 (voltz), Simaudio 780D DAC

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  • mikeyb128
    mikeyb128 Posts: 2,885
    I once lived in an old house built in 1920. It had old knob and tube wiring in the basement. You could see burn marks on the floor joists it was mounted to. I had an electrician friend come over and yes it was live! The fabric type insulation was crumbling onto the floor.

    I rented at the time, and there were zero smoke detectors in this house. It's scary to think you could be sleeping in an old house ready to go up in flames.
    2 channel:
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  • txcoastal1
    txcoastal1 Posts: 13,124
    mikeyb128 wrote: »
    I once lived in an old house built in 1920. It had old knob and tube wiring in the basement. You could see burn marks on the floor joists it was mounted to. I had an electrician friend come over and yes it was live! The fabric type insulation was crumbling onto the floor.

    I rented at the time, and there were zero smoke detectors in this house. It's scary to think you could be sleeping in an old house ready to go up in flames.

    Lol, me too
    Bought an old house in Galveston years ago, crawled up in the attic with no light...boom it got me and I could see in the dark for a split second

    Anyway there was no cloth on the wiring, just hots and grounds ran through the ceramic tubes. No wonder that the homes haven't burned to the ground especially with salt air catalysts
    2-channel: Modwright KWI-200 Integrated, Dynaudio C1-II Signatures
    Desktop rig: LSi7, Polk 110sub, Dayens Ampino amp, W4S DAC/pre, Sonos, JRiver
    Gear on standby: Melody 101 tube pre, Unison Research Simply Italy Integrated
    Gone to new homes: (Matt Polk's)Threshold Stasis SA12e monoblocks, Pass XA30.5 amp, Usher MD2 speakers, Dynaudio C4 platinum speakers, Modwright LS100 (voltz), Simaudio 780D DAC

    erat interfectorem cesar et **** dictatorem dicere a
  • Emlyn
    Emlyn Posts: 4,346
    The Copalum method replaces junctions and connectors only. The aluminum or copper clad aluminum wiring still stays in place but the points of failure are remedied with new connectors. Should be cheaper than doing a complete rewire with copper and people don't have to move out of the building.

    One of the risks of owning a condo is all owners have to chip in to correct problems that occur anywhere on the property. And, no choice of individually negotiating a better price on the work. From what I understand of the Copalum method it can only be done by certified contractors.
  • lightman1
    lightman1 Posts: 10,776
    pitdogg2 wrote: »
    txcoastal1 wrote: »
    It's not, these were installs from decades ago when someone thought they had a bright idea, along with wood shingles, and that card board cr@p siding

    Yep i understand that completely. I would of thought it would if been corrected a decade and a half ago. I worked with some about 20 yrs ago. After 10yrs in the wall it was super brittle stuff. I sold it about 35yrs ago when I worked for Furrow building materials. It was one day when one of the electrician's told my it will be the next asbestos except building's will burn down instead of cancer. I work for an insurance company I'm just surprised it has taken this long for them to mandate it to be removed.

    Cost versus ROI.
  • lightman1
    lightman1 Posts: 10,776
    Emlyn wrote: »
    The Copalum method replaces junctions and connectors only. The aluminum or copper clad aluminum wiring still stays in place but the points of failure are remedied with new connectors. Should be cheaper than doing a complete rewire with copper and people don't have to move out of the building.

    One of the risks of owning a condo is all owners have to chip in to correct problems that occur anywhere on the property. And, no choice of individually negotiating a better price on the work. From what I understand of the Copalum method it can only be done by certified contractors.

    And thank you.
  • F1nut
    F1nut Posts: 49,709
    Time to move.
    Political Correctness'.........defined

    "A doctrine fostered by a delusional, illogical minority and rabidly promoted by an unscrupulous mainstream media, which holds forth the proposition that it is entirely possible to pick up a t-u-r-d by the clean end."


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  • lightman1
    lightman1 Posts: 10,776
    F1nut wrote: »
    Time to move.

    Give her time to evaluate, Jesse.
  • ken brydson
    ken brydson Posts: 8,640
    Cathy
    Believe it or not I have been told many times that based on my audiophile proclivities I should own a house.
    I keep telling these people that if you cannot afford to keep a house, then you should not own a house!
    Same goes for a condo or apartment unit.

    Unless your rent is equal or higher than a mortgage payment. Why pay someone another persons house payment...
  • cfrizz
    cfrizz Posts: 13,415
    edited March 2017
    Emlyn nailed it. To completely rewire would cost a fortune that no one could afford. This building was built about 52 years ago when aluminum was used.

    The board did this the right way and had an engineering study done with qualified people and we are having the work done by professionals. My guess is the city will probably come through to inspect afterwards.

    As for me moving? Not going to happen, there is no way I can afford anything out there now, and more than likely any building I moved into is facing the same thing that we have to do.
    Marantz AV-7705 PrePro, Classé 5 channel 200wpc Amp, Oppo 103 BluRay, Rotel RCD-1072 CDP, Sony XBR-49X800E TV, Polk S60 Main Speakers, Polk ES30 Center Channel, Polk S15 Surround Speakers SVS SB12-NSD x2
  • motorhead43026
    motorhead43026 Posts: 3,892
    Should Read "Before you buy, ask what the dwelling is wired with and plumed with"
    2 channel: Anthem 225 Integrated amp; Parasound Ztuner; TechnicsTT SL1350; Vincent PHO-8 phono pre; Marantz CD6005 spinner; Polk SDA2BTL's; LAT International speaker cables, ZU Mission IC's and power cables all into a PS Audio Dectet Power center.

    Other; M10 series II, M7C's, Hafler XL600 amp, RB-980BX, Parasound HCA-1500 amp , P5 preamp, all in storage. All vintage Polk have had crossover rebuilds and tweeter upgrades.

    The best way to predict the future is to invent it.

    It is imperative that we recognize that an opinion is not a fact.

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  • lightman1
    lightman1 Posts: 10,776
    Again, Cathy. You are a board member. Emlyn makes a point in the legal aspect of junction boxes. I have seen what copalum methods do in a junction box.
    No guff. Just make sure.
  • lightman1
    lightman1 Posts: 10,776
    Emlyn.. you make good points. Just have you ever stripped a building and made sure each tennant had power?
  • cfrizz
    cfrizz Posts: 13,415
    Russ, I am not on the Board...Thank god. Been there, done that, once was enough!
    Marantz AV-7705 PrePro, Classé 5 channel 200wpc Amp, Oppo 103 BluRay, Rotel RCD-1072 CDP, Sony XBR-49X800E TV, Polk S60 Main Speakers, Polk ES30 Center Channel, Polk S15 Surround Speakers SVS SB12-NSD x2
  • warren
    warren Posts: 756
    If you follow some one else's rules, your responsibilities are yours not theirs..
    Some final words,
    "If you keep banging your head against the wall,
    you're going to have headaches."
    Warren
  • rpf65
    rpf65 Posts: 2,127
    Should Read "Before you buy, ask what the dwelling is wired with and plumed with"

    Very hard to get that info.

    I've preformed property inspections, behind licensed property inspectors. They miss a lot. I'm an HVAC guy, and see plumbing and electrical issues, as well as my own area missed. Not just here and there, virtually every time I go to a home that is on the market.

    I highly recommend that anybody who is buying a home, even if newly built, the hire reputable people, who specialize in that field, to inspect their property.

    Last week I gave a couple a $2500 price on an issue he's been trying to get corrected for 3 years. Told me that it was looked at 5 times, and it couldn't be fixed. Took me about 10 minutes to see the problem, come up with the repair solution, and figure out the pricing.

    If he would have called us when the builder, their contractor couldn't solve the issue the second time, it would have cost him nothing. In Texas you get 2 years on HVAC on newly built homes. Yes, it may have cost him a couple of hundred for me to go there and write everything up, but my time and knowledge isn't free, in this instance.

    Point is get in touch with a reputable company to inspect each aspect of your home, before or shortly after purchase. Get a roofer for you roof, a plumber for the plumbing, etc. I have never understood why people don't want to spend a thousand or so call individual specialists to thoroughly inspect their a house when their easily going to spend 200 times that amount, or more, on buying the thing.

  • tonyb
    tonyb Posts: 32,902
    In Cathy's case, since she doesn't want to move, and to Russ's point thrown in.....make sure that 8k cost to you isn't bumped up from what the contractor is charging the association. Sometimes associations like to make money on these deals for themselves.

    How many units are we talking about anyway ? That 8K price seems high to me for junctions and connectors only. I'm no electrician, but I do own a decent sized home and 8k could probably re-wire my whole house.
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  • Msabot1
    Msabot1 Posts: 2,098
    Cathy...pig tailing that type of connector requires certification in the use of the special crimp tool used to do the job....Just not any electrician is authorized to make that type of connection...Make sure the HOA you are dealing with knows this and makes the company contracted to do the work is FULLY authorized and certified to perform it...
  • brettw22
    brettw22 Posts: 7,621
    Moral of the story is don't buy old ****.......I think.
    comment comment comment comment. bitchy.
  • honestaquarian
    honestaquarian Posts: 3,186
    Cathy
    Believe it or not I have been told many times that based on my audiophile proclivities I should own a house.
    I keep telling these people that if you cannot afford to keep a house, then you should not own a house!
    Same goes for a condo or apartment unit.

    Unless your rent is equal or higher than a mortgage payment. Why pay someone another persons house payment...

    Because I do not have EIGHT THOUSAND DOLLARS for this sort of repair. Or a new HVAC system that a good friend had to buy once. I've been in the same apartment since 1996 and my rent is LESS THAN EIGHT HUNDRED DOLLARS a month. AND I'm a block from a subway station!
  • tonyb
    tonyb Posts: 32,902
    800 a month.....you need a rent increase, lol
    HT SYSTEM-
    Sony 850c 4k
    Pioneer elite vhx 21
    Sony 4k BRP
    SVS SB-2000
    Polk Sig. 20's
    Polk FX500 surrounds

    Cables-
    Acoustic zen Satori speaker cables
    Acoustic zen Matrix 2 IC's
    Wireworld eclipse 7 ic's
    Audio metallurgy ga-o digital cable

    Kitchen

    Sonos zp90
    Grant Fidelity tube dac
    B&k 1420
    lsi 9's