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January 31, 2007
To Inspect or Not to Inspect?
Hi there,
We're first time co-op buyers and wondering whether it's worth spending the money to inspect the apartment we hope to buy at 111 Hicks. We've been warned that the inspector won't be able to get to every bit of the building and since we'll technically just own shares, not the apartment, why bother? Please advise...saving every $ at this point helps!
Comments
I used an inspector and am glad I did for my co-op purchase. Cost me $300. A couple of people bought at the same time. I was the only one who bought in knowing that the roof would probably need replacing, the water heater would need replacing, etc. This affected my decision on buying. I bought and I think I got a good deal. You may only owe shares but your shares pay for upkeep of the building. Money is tight but what if you move in and find out the building needs a new roof, big repair, maybe a big assesment. You may own shares, but the p.l. could say you are responsible for the electrical upgrades to your unit. Do you know how good the electrical is? Can you run the microwave and the dishwasher at the same time without blowing a fuse?
I'd do it.
Posted by: Alisa at January 31, 2007 4:34 PM
don't be penny wise and pound foolish. $300-400 during the home buying process is so insignificant, i can't think of any reason not to have an inspection.
Posted by: Anonymous at January 31, 2007 4:40 PM
Problems in the basement, leaks, termites, issues with the HVAC, roof, structural issues ... all reasons to have an inspection. Those big problems will become your problem if they need to be fixed once you are part of the co-op. And you will have to pay to have these problems fixed with increases to your maintenance and assesments if there are problems in the building. Pay now or pay later..
Posted by: Anonymous at January 31, 2007 6:04 PM
when I bought a coop, I didn't bother.
especially with one like 111 hicks, whatever
you "discover" is probably already well
known in the building.
Posted by: Anonymous at January 31, 2007 8:24 PM
If you get the annual shareholders report and meeting minutes from the co-op these kinds of big ticket items are often mentioned. Save your $ for interior renovations and repairs.
Posted by: Anonymous at February 1, 2007 12:08 AM
Definitely ALWAYS do an inspection.
If a few hundred bucks is an issue for you right now, think about how it will be if there's anything that needs fixing. Even non-big-ticket items such as the ones above can be big ticket during the first year of homeownership - things inside the apartment that won't show up in meeting minutes like plumbing and electrical work, mold/moisture, termites and other vermin, etc. would all run you WAY more than the inspection cost... not to mention possible big-ticket items that aren't in the coop board minutes because they haven't been inspected.
Remember, the seller is off the hook once it's yours, and why would you be worried about $300-400 if you're buying a place for anywhere between a half million to a million bucks?
Besides, inspection reports can be very, very good negotiating tools.
Posted by: Anonymous at February 1, 2007 10:31 AM
Um, if you were buying a car, you'd look under the hood, right?
Posted by: Anonymous at February 1, 2007 2:19 PM
Totally, definitely, always do an inspection, for crying out loud! It's a few hundred bucks! Do you know what to look for in a commercial boiler, tuckpointing, elevators, toilet quality? They're far from perfect, but I've always found them a very helpful source of info in the process.
Posted by: anon at February 2, 2007 12:37 AM
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