Monday, 2 July 2012

Importance of performing a home inspection prior to buying a condominium

If you are in the process of buying a condominium, you should definitely plan to perform a thorough home inspection prior to sealing the deal.  New condo buyers often believe there is nothing they can do about problems in a building.  Nothing could be further from the truth. Overlooking easily identifiable problems can result in regret, especially if the entire cost falls on you.

A comprehensive condo home inspection is vital to making a good decision and spending your money responsibly. Before you choose to buy a condo and hire a home inspector, walk through the property with your own checklist.

Like any other home inspection, you'll want to know what it includes:
  • ü  heating and central air conditioning systems
  • ü  interior plumbing
  • ü  electrical systems
  • ü  the roof
  • ü  visible insulation
  • ü  walls, ceilings
  • ü  floors
  • ü  windows
  • ü  foundation
  • ü  appliances

A qualified Home Inspector will provide you with accurate and detailed information regarding the condition of the condo and its major systems, which will include some or all of the above items. A Home Inspector will also review the common elements of the condo. This is to ensure that the maintenance has been satisfactory and to inform the condo buyer about any major repairs/replacements that may require attention in the future.

Although the condominium association may be responsible for the repair and maintenance of all common and limited common areas of the condominium association; it is still in the buyer’s financial interest to be informed of possible problems that may result in a substantial building-wide assessment.

It is vital to be present during the home inspection process. Your investment of time during the inspection could prevent potential problems in the future. Being educated about your condo, and its future maintenance requirements, is one of the most valuable components of a home inspection.

A condominium is a building like any home, and it has repair and maintenance requirements. Although condominium apartments may be smaller than a residential home, it does not make the inspection any less important. 

With the recent dramatic increase in condo prices, a home inspection will always be worth the investment.

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