When I am
selling a house one of the most important parts of the home buying process is
the home inspection. A home inspector
will look at your home from basement footings to the shingles on the roof and
everything in-between.
He will
provide you a detailed report on the electrical and water systems and let you
know if the windows need work. He will
let you know what needs urgent action and what needs to be looked at some time
down the road. You may even get some
information that means you want to get the seller to make some repairs before
closing.
Occasionally
he will give you information that may make you fall out of love with the home
you just fell in love with a few days before.
You may even walk away if your agreement allows it (ensure you get your
Realtor to explain carefully what your rights are when making that offer).
But do
you need an inspection when you buy a Toronto Condo? The answer is most likely not but with some
exceptions.
Why do I
say your likely don't need an inspection? Because most of the major elements
that they will inspect in a home are going to be covered and repaired under you
monthly condo fees.
These
fees will most likely cover the mechanical element in the building such as the
heat and air conditioning. The building will replace the windows and repair the
roof if needed. The common areas such as
the gym and pool are maintained by property management and repaired when needed
and if the parking lot needs repair they will do that too.
So if you
hire an inspection he is probably going to charge you between $300 and $500 and
all he's really going to check is the if the water runs and the electrical
systems are ok. If there was a problem with either it's very likely going to
cost you much less to hire a plumber to fix the leaky tap or the electrical
socket that's not working.
However
they will ONLY be able to do this If you are buying into a well run building,
and the key to this is not a home inspection but the status certificate (see my
article on Status Certificates for more info about what this is and how it
helps you).
So I said
you most likely wouldn't want a home inspector but are some inspections when
you MAY want to consider an inspection.
1. If your are buying an older
condo and some or all of the mechanicals (air-conditioning, hot water tank and
heating) are part of your unit and you are responsible for them.
2. If you are buying a Toronto Condo
Townhouse. Even though most major elements will be covered in the condo maintenance
fee here are some major parts that may need attention that are not covered such
as the electrical and water systems.
3. If you are buying in an older
building that looks like it needs some repairs and the status certificate shows
a low reserve fund (see my report on status certificates to see what this is)
or you may be stuck with a special assessment (an additional payment on top of
your monthly condominium fees to cover costs of repairs, often for a short
period of time but they can be pretty hefty).
