Latest news with #structuralrepairs
Yahoo
6 days ago
- Business
- Yahoo
Homebuyer faces $300K repair costs on new build - Here's the city's response
Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below. Katherine Graff moved into a newly built home in Morganton, North Carolina in May 2023. In less than two years, her brand-new home has already cost her $40,000 for structural repairs. And based on recent engineering inspections, she believes it could cost her up to $300,000 more — despite a home inspection before she moved in. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 5 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how 'I'm never gonna get my money back from this house. All my retirement, everything. I mean, this is your biggest investment of one's lifetime and it's gone,' Graff shared with WCNC Charlotte reporters. Within a month of moving in, Graff says she noticed carpenter ants coming through significant gaps in her home's siding. When she went into the home's crawl space, she noticed even more issues with the foundation and structure of the home, including large gaps and misaligned pillars. Complaints to the builder and government agencies went nowhere Graff has experience in building. She's worked in brand new buildings, including schools and hospitals, 'pulling wire,' a term often used to refer to the work electricians do to pull wire through walls when running electricity. Graff reached out to builder Timothy Truitt of CMTT Properties and Belmont Builders, but he responded with resistance. 'He pretty much said, 'Nope,' and sent me a letter from his lawyer telling me not to contact him anymore,' she said. Graff then filed a complaint with the North Carolina Licensing Board, which is currently investigating. Graff also contacted Burke County officials for help but felt ignored, as they took no meaningful action or updated their procedures. The situation worsened when Graff discovered Truitt might not have had a valid license when construction began. While county inspection sheets showed work started in September 2022, state records revealed the builder's license wasn't valid then, and the county didn't conduct a license search until a month later. This raised serious concerns about the legitimacy of the builder's actions. Buying property can sometimes be a risk, but there are ways to get into the real estate market without too many headaches. With First National Realty Partners (FNRP), for instance, you can diversify your portfolio through grocery-anchored commercial properties, without taking on the responsibilities of being a landlord. With a minimum investment of $50,000, accredited investors can own a share of properties leased by national brands like Whole Foods, Kroger and Walmart, which provide essential goods to their communities. Thanks to Triple Net (NNN) leases, accredited investors are able to invest in these properties without worrying about tenant costs cutting into their potential returns. Read more: Rich, young Americans are ditching the stormy stock market — How to protect yourself from similar struggles WCNC Charlotte contacted Burke County Manager Brian Epley, who explained that construction projects are contracts between homeowners and builders, with the county ensuring code compliance with North Carolina and Burke County standards. He confirmed the county investigated the property and forwarded their findings to the NC License General Contracting Board, but they have not yet received any results. To protect yourself when purchasing or building a home, consider these tips: Verify the builder's credentials Hire a reputable inspector Report builder issues to local authorities and licensing board If all else fails, be prepared to take legal action. Filing a civil case may force the builder or the builder's insurance company to pay for updates and repairs for structural issues. Currently, Graff is urging county officials to improve their processes and prioritize citizens over builders. Hassle-free property ownership For accredited investors, Homeshares gives access to the $36 trillion U.S. home equity market, which has historically been the exclusive playground of institutional investors. With a minimum investment of $25,000, investors can gain direct exposure to hundreds of owner-occupied homes in top U.S. cities through their U.S. Home Equity Fund — without the headaches of buying, owning or managing property. With risk-adjusted target returns ranging from 14% to 17%, this approach provides an effective, hands-off way to invest in owner-occupied residential properties across regional markets. If you're not an accredited investor, crowdfunding platforms like Arrived allow you to enter the real estate market for as little as $100. Arrived offers you access to shares of SEC-qualified investments in rental homes and vacation rentals, curated and vetted for their appreciation and income potential. Backed by world-class investors like Jeff Bezos, Arrived makes it easy to fit these properties into your investment portfolio regardless of your income level. Their flexible investment amounts and simplified process allows accredited and non-accredited investors to take advantage of this inflation-hedging asset class without any extra work on your part. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Car insurance in America now costs a stunning $2,329/year on average — but here's how 2 minutes can save you more than $600 in 2025 Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
11-06-2025
- General
- CTV News
Structural assessment report released on Elizabeth Ziegler Public School
Part of the exterior of Elizabeth Ziegler Public School in Waterloo appeared to be missing on March 4, 2025. (Dave Pettit/CTV News) The Waterloo Region District School Board released the results of its structural engineering assessment of Elizabeth Ziegler Public School on Wednesday. The report detailed the extensive repairs needed to the Moore Avenue building, which was built in 1931, after months of testing and consultation. The board closed Elizabeth Ziegler Public School on March 3, citing concerns about the façade of the structure. Many of the students were transferred to Sandowne Public School to resume in-person lessons, while others attended classes in portables installed at Elizabeth Ziegler. On April 1, it was also announced the school would remain closed for the 2025-2026 school year. Elizabeth Ziegler Public School in Waterloo A fence blocked off access to Elizabeth Ziegler Public School in Waterloo, Ont. on March 4, 2025 due to structural testing. (Dave Pettitt/CTV News) Structural assessment The report from Witzel Dyce Engineering lists several concerns. In particular, the school needs a new interior steel frame to support the structure. 'The deterioration of the existing headers, roof joists and floor joists poses safety concerns to any occupants inside or around the building,' the report reads. 'Repairing the deteriorated structural members is a critical step to reinstating occupancy for the school.' Structural engineers also identified other issues, including cracks, corrosion and deterioration of building materials. Elizabeth Ziegler Public School Crews work on the outside of Elizabeth Ziegler Public School on March 12, 2025. (CTV News/Colton Wiens) It recommended the installation of additional foundations, removal of the roof to create proper drainage and replacement of window supports. 'After the steel frame is installed, the exterior masonry walls can be repaired, reinforced and restored,' the school board said. The report also included recommendations to bring to the building up to current code standards, including resistances to seismic activity and an elevator. The school board said the proposed repairs would extend the life of Elizabeth Ziegler Public School, improve future maintenance and ensure the safety of students, staff and visitors. School board's decision The Waterloo Region District School Board said it will be moving forward with repairs to Elizabeth Ziegler Public School. 'We are working with the Ministry of Education to finalize the funding source and seeking approval for the restoration from the City of Waterloo, Municipal Heritage Committee and Building Services,' they said in Wednesday's release. The school board did not share the projected cost of the project. Elizabeth Ziegler Public School in Waterloo, Ont. on April 1, 2025. (Sidra Jafri/CTV News) Elizabeth Ziegler Public School in Waterloo, Ont. on April 1, 2025. (Sidra Jafri/CTV News) What's next Several steps must be taken before construction can begin. The school board said a design report for the restoration and repair of Elizabeth Ziegler Public School will have to be presented and approved by the City of Waterloo Heritage Committee and Building Services. They also need to secure a funding source with the Ministry of Education. These two tasks must be addressed before the school board said it can provide a timeline for the project. Also, based on the amount of work needed, they reiterated that Elizabeth Ziegler Public School will not reopen in time for the 2025-2026 school year. The Waterloo Region District School Board said they will provide families with an update on June 25.
CBS News
29-05-2025
- Business
- CBS News
Uncovered documents reveal decades-long structural issues as Modesto HOA pushes $4 million assessment
MODESTO — Homeowners at Walnut Orchards Condominiums in Modesto are facing a sudden $25,000 special assessment to repair structural issues with decks, stairs, and landings. But decades-old records show these problems may not be new. The Walnut Orchards Homeowners Association (HOA) claims the repairs are necessary due to age and deterioration, stating: "The property was built in 1981. There's no way we can confirm the maintenance performed since then." However, a 1996 engineering report obtained by CBS13 reveals that many of the same issues were already documented nearly 30 years ago, including rotted balconies, unsafe stair landings, and water damage. That report estimated repair costs between $2 and $6 million at the time. In 2019, the current HOA board approved a reserve study estimating most balconies had a remaining life of 25 to 30 years. That same board is now claiming that 77 out of 80 balconies need immediate replacement. Despite this shift, a 2025 budget disclosure filed in September 2024 stated no special assessment was anticipated and that reserves were sufficient to fund major repairs. Just months later, the HOA began pursuing a $3.96 million special assessment, with designs already completed and contractors reportedly selected. Monthly HOA dues have risen nearly 80 percent since 2020, from $325 to $582 per unit. But reserve fund health remains virtually unchanged, increasing from 26% in 2019 to just 26.5% in 2025. While the HOA claims 41.7% of monthly dues go to reserves, no documentation has been provided to reconcile that with stagnant reserve growth. Management company Common Interest, which oversees the property, maintains that the community has been regularly maintained. But a video filmed in April shows workers saying the roofs and gutters had never been cleaned prior to that day. One is heard saying, "By the looks of it, I don't think so." Some residents fear they could lose their homes if the assessment proceeds. Ballots determining whether the community will take out a loan to pay the assessment are scheduled to be opened on May 28. CBS13 has reached out to Common Interest and HOA board representatives multiple times since March but has received no comment.
