Condo inspection, condo inspection cost, condominium inspection, NJ, New Jersey home inspectors

Condo Inspection


A condo inspection is not exactly the same as an inspection of a single family home because the buyer of a condo does not have the same inspection concerns as the buyer or conventional residential or commercial real estate

Buying fee simple real estate is in some respects easier because one knows one is buying the land, the home all improvements and the like. When one buys a condo in a high rise building one is buying the interior of the unit plus a share of common areas such as roofs, driveways, exterior grounds and parking garages

While most people buying a condo are told do not worry about the common areas such as roofs, driveways, exterior grounds and parking garages it is not at all true. As problems develop with common areas of the dwelling some one will have to pay to cure them. If the condo association does not have the money in reserves to cure the problems they will send out a special assessment letter demanding all the condo owners contribute to the necessary repairs.

Condo inspections should be similar to inspections of single family homes because of there are problems with the common areas condo buyers should be made aware of them as part of the condo inspection process.

While some condos share large boilers other condo owners have their own heating units. Some condos have central hot water other condo owners have their own water heaters. Professional experienced home inspectors are able to determine what the problems and conditions are and during a condo inspection they can tell the condo buyer what is going on and what to expect.

Many years ago when performing a condo inspection I found the exterior of the units to be in very poor condtion. Despite the representations of the owner that corrective actions are under way my buyer found out the condo association was bankrupt due to legal actions by other condo owners and the only way the conditions would be cured is by special assessment of the existing owners.

Skimping on a condo inspection is one way to cost yourself quite a bit of money in the future as problems occur. A condo inspection must include a thorough inspection of all the interior components of the unit plus some type of inspection of the exterior and the common elements.

As a condo inspector I have been told many times by home owners and realtors not to worry about the common elements because the condo owner is not responsible for them. While this is true to some extent it is not the whole truth. A condo owner can not have repairs performed on the common elements, however they have a proportionate share of the financial responsibility for all necessary repairs.

This can become a huge issue. There is one condo association in my area that had a huge retaining wall fall down. Luckily no one was hurt however the cost of removing and replacing the retaining wall is likely to be a few hundred thousand dollars. A home inspector who did not take the time to drive around the block would not have noticed the fallen wall and would not have made his client aware of the problem.

The owner assured the buyer it was no big deal and would be paid for by the association. All was well till I insisted the buyer contact the Association where they found a special assessment was planed. Especially since they were buying the home from a condo board the member the buyer should have been made aware of the problem and of the financial issue that was about to have a huge impact on their ability to purchase the unit and to pay for it.

The above information was provided by TWI Systems Copyright 1995-2005 1-800-553-5660

 

File last updated May 16, 2012 * Copyright © 2012 All rights reserved by: Accurate Inspections, Inc. A New Jersey home inspection firm 56 Woodland Drive, Woodland Park (formerly West Paterson) NJ 07424 973-812-5100 providing New Jersey Certified Home Inspections in NJ, by New Jersey Licensed home inspectors. Inspector of record Michael Del Greco, New Jersey Home Inspector License GI 0121.

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