Pre-purchase inspections of condos have become commonplace. You should however note that despite their general similarities to typical home inspections, they entail several unique aspects that are particularly important. In the case of a condo, in addition to learning the condition of the unit and its utility functions, the prospective buyer needs to understand the status of the entire building and its property.
Traditionally, an inspection does not go beyond the ‘four walls’ of a home, but in condominium inspections, the extended factors must also be evaluated if the buyer wants to understand the true value of the purchase. After an experienced condo inspector looks for indications of a healthy superstructure and/or signs of damage due to neglect or inferior construction, he should offer a candid opinion on the condition of the whole property.
Once the physical aspects of a condo are inspected, a condo buyer still needs to initiate a legal investigation of the financial health of the condo organization in order to verify that reasonable funds exist to protect, repair or improve the complex.
After all, a condo unit buyer is also becoming a part owner of the entire facility.