Important Things You Need To Know About The Condo or You Are Buying Before You Buy It.
Don’t walk blindly into a big purchase! Whether the condominium is in a new or vintage structure. Hiring a home inspector may save you a lot of heartaches and thousands of dollars in the future. — (Caveat Emptor! – Let The Buyer Beware!)
A Holistic View
It’s the perfect condo – it comes with a parking space! You have taken a good look at the contract, but what about the building that surrounds that perfect condo?
The Building’s Board Minutes
When considering an condo for purchase, start by asking to see the board minutes. You should know that not everything is in the minutes. Items may have been left out of the minutes, not for any malicious reason, but sometimes the management or building managers do not have the construction expertise to analyze the building systems or that perfect condo. Since you have unanswered questions about the building, this is a good time to hire a building inspector to help you uncover any problems that would affect the condo and its livability.
The Building’s Infrastructure
A home inspector will help you understand the mechanical and electrical systems that support the condo. An aging infrastructure including the boiler, water heater, plumbing system, or electrical systems will work if they are well maintained, or become a constant interruption in your daily living. One area to look for is whether the building has or may develop dampness issues. Is there evidence of a previous flood from a mechanical failure such as a pipe leak or burst? Is the location prone to a natural flood disaster? A home inspector could advice you on these issues.
Who Owns the Problem?
The major building systems like the boiler, sewage drain lines, electrical boxes, etc, are typically the cooperatives or condominiums responsibility. The systems and appliances within the apartment are the unit owner’s responsibility. So when is an apartment problem a building problem, or your problem? Does the co-op/condo reserve fund have enough money to pay for the repair or replacement? A structural problem in the apartment will be a building issue that may influence the long-term costs of owning the apartment. Therefore, when a building maintenance issues are discovered, they should be discussed and negotiated before contract, and not after closing.