Think you don't need a home inspection when purchasing a condo?
You may be mistaken.
Just because a condo is part of a building’s common property and overseen by a council and management company, it does not necessarily mean there are not issues you should be aware of when purchasing. Not all strata maintenance and repair programs are equal.
Homes are like automobiles, each is a complex set of systems that have to work together to provide you the service they are supposed to. In the case of a vehicle, transportation. In the case of a home, shelter and a safe place to live!
Your car requires regular maintenance (oil change, wiper blades or break pads replaced) and repairs as necessary (broken water pumps). Homes also require regular maintenance and sometimes repairs. Caulking around windows needs to be replaced, gutters need to be cleaned, boilers need to be serviced, and components need to be fixed when they break. If the council or management of a condo/strata property is not taking care of these things, issues can arise. These maintenance and repair items can impact your individual unit and may cost you a lot of money in special assessments if things are not attended to in a timely and professional manner.
A good home inspector will look at both the individual unit as well as aspects of the building and provide you with an assessment whether regular maintenance and repairs have been attended to.
As well, don’t forget to ask for the depreciation report from the management of the building. Many condo buildings have professionals come in every few years to do an assessment of the condition of the building and its systems and provide cost estimates regarding necessary maintenance and repairs. Additionally, the depreciation report usually spells out funding options to ensure you don’t get nasty surprises in the form of special assessments to fix things you weren’t aware of or council did not budget for.
Buying a condo? Give us a call. We are here to help you make the right choices. Whether it is a condo, a house, or a townhouse, an inspection is a must before purchasing.