Question: Should You Get An Inspection On A Condo?

Should you do an inspection on a condo?

Some prospective buyers feel that a condo inspection is unnecessary since their homeowners association (HOA) will cover many issues.

A full inspection may sound superior, but it’s not necessary or advised in all situations.

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Do you do a home inspection on a condo?

A condo home inspection is a process in which you hire a certified home inspector to assess the health a condo unit. … Some inspectors may also spend some time inspecting the common elements (we’ll cover that later) even though they are the responsibility of the condo building. The inspection is a visual one.

What does a condo home inspection include?

The inspector evaluates and reports the condition of the structure, roof, foundation, drainage, plumbing, heating system, central air-conditioning system, visible insulation, walls, windows, and doors. Only those items that are visible and accessible by normal means are included in the report.

Is living in a condo worth it?

Condo fees play a huge role in pushing buyers away because it’s an additional monthly cost that could become a bad investment over time. Other, meanwhile, argue that condos are worth it because even single-family homeowners pay costs for maintenance and upkeep without getting the services offered in condos.

Is buying a condo better than renting?

Why it pays to buy a condo “They’re often half the size of an average detached home.” That makes them easier to furnish, clean and manage. What’s more, condos are often cheaper than houses in the same area. “Like rentals, many are located near city centers, as well. And condos require less maintenance.

What is looked at in a home inspection?

Here’s what to expect during a home inspection: A home inspector will look at a house’s HVAC system, interior plumbing and electrical systems, roof, attic, floors. windows and doors, foundation, basement and structural components, then provide a written report with results.

How much do home inspectors make in California?

The average salary for a home inspector in California is approximately $73,000 per year. How much does a home inspection pay? The average fee for a home inspection in California is $420. The amount you charge for a home inspection will vary based on age and square footage of the home.

How do I get my home inspection license in California?

In California home inspectors are currently not required to obtain a home inspector license, however they are regulated by a trade practice act. California Trade practice act (Chapter 338) enacted in 1996.

What should I expect from a condo inspection?

What to Look For Before You Buy Your CondoMold (spots on the walls or windows)Cracked walls.Water damage, including warped or sloping floors and walls.Strange or unpleasant smells.Adequate water pressure.Check to make sure the electrical systems are all working properly.More items…•

Can Hoa inspect my condo?

An HOA might also have the right to enter an owner’s unit to inspect for a violation of the development’s rules or regulations. Typically this is allowed only if the HOA has good reason to believe a violation is occurring. … Most HOAs are hesitant to enter an owner’s unit to inspect for rule violations, however.

Why you should never buy a condo?

Less Space and Flexibility. Another one of the reasons not to buy a condo is that you have less space and flexibility in how you use your place. Some condos offer owners extra storage space or possibly a basement, but you’ll still likely have a smaller, more compact living environment than you would in a house.

Why a condo is a bad investment?

Owning a condo harbors more financial obligation than single family homes and gives you more uncertainty when it comes to estimating unexpected expenses that you might incur. The best rule is to always overestimate your expenses when buying a condo for investment.

What are the benefits of a condo?

A condo is usually less expensive than a free-standing house. Condos are much smaller in square footage, and maintenance is typically cheaper because you’re only responsible for the interior of your home. You don’t have to worry about landscaping, the roof or the exterior walls. The condo board or HOA covers those.

What should I know before buying a condo?

Here are five factors to consider when buying a condo.Location, Location, Location. They say the three most important rules in real estate are: “location, location, location.” You likely won’t live in your condo forever, so you’ll want to think about long-term resale value. … Amenities. … Condo Rules. … Reserve Funds. … Size.

How much money should you put down on a condo?

How large of a down payment will you need for a mortgage on a condominium? The short answer is 3 percent to 20 percent of your unit’s purchase price, with 10 percent being common for those buyers who must rely on conventional loans to finance their units.

Do condos go down in value?

Yes, condos generally appreciate in value. … But, if you’re trying to decide between a condo or a house, keep in mind that a single-family home is usually going to grow in value faster than a condo will. For example: From 2017 to 2018, the median price for condos grew by 3% while single-family homes grew by over 5%.

Is building inspection necessary?

There are three good reasons why you should get a building inspection report done before you buy a property: so you will know in advance what the problems are. so you can use the information to try and negotiate a lower price for the property i.e. you may have to pay to repair some of the problems.

Does seller have to disclose inspection?

Court decisions in California for decades make it very clear that sellers (and their real estate agent) have the duty to disclose prior inspection reports on a listed parcel that are in the possession, custody or control of the seller regardless of who initially paid for the report.

How much does a home inspection cost in Texas?

General home inspection The average cost of a home inspection in Texas is about $350-$600 and varies based on the size of the home.