Thanks for the response! I do agree that this project sounds like "a giant repair" because of the reason (termite/water damage) we are taking on all this work, but I will add a bit more detail to clarify my confusion on trying to separate repair cost vs improvement cost. The 25 year old Roof has some issues (both water damage and design at the edges) that made it such that replacing the "old" roof was better off than repairing the current given the age. To me I just feel that the new roof is an improvement where the current roof (shingles) is at the end of its' expected life anyway. However, the damaged lumber under/at side of roof seems like a repair. So, some roof related labor is for repairs and some for the new roof. The labor cost is not broken down enough in order to assign some to repair and some to improvement.
The current windows have to be removed in order to repair the termite damaged lumber that holds them in place. Nothing really wrong with some of the current windows however, HoA rules mandate that only "bomb proof hurricane" windows can be used when any window is repaired/replaced. So, we have to discard current windows and get fancy new ones. The new windows (crazy expensive with the hurricane rating) seem to fall into the improvement bucket since they are indeed adding much value to the property for resale. But again, no real way to break out labor cost that went into repairing surrounding lumber vs labor that was for install of new window.
Same story with the new siding as it is a crazy expensive upgraded improvement vs the old siding. But replacing the water damaged insulation behind the siding seems more like a repair. Again, no way to break down labor cost.
I'm currently leaning towards just taking my total HoA assessment ( which will be around 60K ) and taking my best guess at assigning some dollar amount (based on the sq foot of my unit) to each new asset (ie. roof, siding, window, etc.) that can be depreciated over time and the remaining I will expense as repair work. If this were a single family home it would be a little easier to pinpoint cost, but the challenge here with a condo is you have a shared roof, siding, etc. and also some (not sure how much ) of my assessment money is going to common area building repairs / improvements.
Thanks again for the opinion and help.
