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December 11, 2007
Inspection for Co-ops & Condos?
Do buyers usually get an inspection when purchasing a co-op or a condo? Or are inspections mainly restricted to houses?
Comments
Only for houses--the big ticket items that you can't see on a walkthrough are covered by the coop board. So why waste $ on an inspection?
Posted by: guest at December 11, 2007 8:33 PM
Yes, you get an inspection for a coop.
Posted by: chill225 at December 11, 2007 8:48 PM
How about for a condo (NOT new construction)?
Posted by: guest at December 11, 2007 8:58 PM
Actually, if you're buying a co-op or condo in a smaller building, you should *definitely* have an inspection. You're becoming part owner of the entire building, and if it's only, say, 4 units (like a converted brownstone/townhouse), then you'll be responsible for a significant portion of any big-ticket costs. It's good to know that up front, and an inspection can tell you that.
Posted by: guest at December 11, 2007 9:30 PM
Agree with the last poster; it is imperative that you find out the condition of a small building before buying. I backed out of a unit in a 7-family based on myriad issues brought to light by the inspection and it was probably the best $600 I ever spent.
Posted by: guest at December 11, 2007 10:02 PM
What's the cost of an inspection vs the hundreds of thousands that you are paying for the co-op or condo?
Posted by: nosleeptil at December 12, 2007 12:04 AM
Yes, an inspection is money well spent. We've used Heimer for three apartments, and they were very thorough. In each case, they pointed out issues (electrical, roof leaks) that were not apparent.
Posted by: guest at December 12, 2007 3:43 PM
INSPECT your new condo too!
i did. found out that the construction was terrific (felt good about that), but that some of the late finishes were not. got the sponsor to make changes prior to closing.
saved me money.
Posted by: guest at December 12, 2007 5:09 PM
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