Just because you are purchasing a condominium, that doesn’t mean the condo corporation has personally inspected your unit. Even if the status certificate points to all signs that this is a good investment (more on that in a moment), it isn’t enough: you need a thorough inspection of your unit. This can cost a few hundred dollars and may not seem necessary at the time, but it is. At LJM Developments, we dare say it’s one of the smartest decisions you can make over the course of the buying process. Below are a few reasons why a condo inspection is so vital to know which condos are good investments and which Grimsby condo you should just walk away from.
First: find an inspector that specializes in condo inspections
Condominium inspections are different than home inspections. Whereas a home inspector can inspect essentially every nook and cranny of the property, condo inspectors have to play by a different set of rules. Condo inspectors visually examine the unit and look for problems certain elements of the unit (more on that in a moment) as well as outside the unit, such as the shape of the building’s hallways, garage, elevators, and more; condo inspectors also inspect your appliances This not only allows you to take solace in knowing if the condo needs a few too many repairs to be worth your while, but it can also help you to anticipate future maintenance woes down the road.
Status certificate isn’t enough
While the status certificate provides buyers with information pertaining to the financial footing of your particular unit and the owners of the condo as a whole, it isn’t enough. You need a thorough in-unit inspection – this will allow you to know exactly what is wrong with the unit (if anything). A good condo inspector will be qualified to inspect things such as electrical and plumbing systems, walls, ceilings, flooring, and your HVAC/A/C unit. They can also identify potential problems such as mold, cracked walls (which could be a sign of structural problems), spotting/warping floors and walls (a sign of water damage), and beyond. With this information, you can make an informed decision on purchasing the Grimsby condo that’s on your radar.
Inspections help you to anticipate future maintenance problems
We mentioned earlier that an inspection can help you to anticipate future maintenance woes for your Grimsby condo, but what does that mean for the owner? Although it’s true that your condominium is responsible for maintenance fixes, what if other units have the same problem? For example, if your condo inspector notices there are early signs of water damage this could be due to the developer choosing poor building supplies – if that’s the case, you can expect other units to have the same problem sooner than later which could increase your condo fees for a while. Little details like these can mean you’re going to have to pay more financially later down the road, so be sure you hire a proper inspector that can get this information during the inspection!
The perfect negotiating tool
Those few items that need to be repaired can save you big bucks when it’s time to negotiate a contract for your Grimsby condo. Don’t be afraid to be bold with the offer, either: after all, if your unit needs new wood flooring you won’t want to pay what was offered. Negotiate in a way where you’re not afraid to walk away. If the condo corporation can tell you’re not committed to the unit as-is, they will likely negotiate with you to come to a fair price for both parties.
A few hundred bucks is worth it
You cannot put a price tag on peace of mind – especially when you are considering purchasing Grimsby condo. It’s one of the biggest investments of your life, so you need as much good information as possible to know you are making the right buying decision. A good condo inspector will provide with the knowledge you need to know you’re making the right decision, and will also provide you with legal and financial protections. Combined with a good status certificate and a clean bill of health for your unit, you can confidently move forward with the buying process knowing you’re making the right decision!