Do You Need a Home Inspection When Buying a Condo?
If you’re in the market to buy a condo in North York or in Scarborough, you’re probably wondering if arranging a home inspection for the condo unit is necessary. When it comes to condos, they generally are easier to maintain than houses, however, obtaining a home inspection for the condo can give you a peace of mind before firming up on a significant purchase.
So, What Does a Condo Home Inspection Cover?
A condo inspection is a thorough examination of the interior of a condo unit, including all visible components and systems. The inspector will assess the unit’s condition, identify any defects or safety hazards, and provide a detailed report to the buyer. Here are the areas a condo inspection typically covers:
- Walls, floors, and ceilings
- Windows, doors, and locks
- Plumbing, electrical, and HVAC systems
- Appliances and fixtures
- Balcony
A condo home inspector will not be checking the overall condo and common elements. This is when a Status Certificate comes in handy – this report will inform you of the structural condition of the condo building and any large maintenance/repair work being done to the building.
How much does a condo inspection cost?
The cost of a condo inspection depends on factors like location, square footage of the unit, age of the unit, and the extent of the inspection. In Ontario, the average price typically ranges from $400 to $600.
Is a Condo Home Inspection Mandatory?
No, a condo or even a house inspection is not mandatory and is up to the homebuyer if they want to arrange for one before going firm on a deal.
Some buyers may choose to skip the inspection to speed up the process to secure the deal. Especially in a competitive market, the less conditions in your offer the more attractive it will be to sellers.
…But Is It Smart To Skip a Condo Inspection?
A common misconception about condos is that maintenance and repairs for plumbing, electrical, and HVAC systems are minimal since they’re handled by the condo corporation. While it’s true that the condo corporation is responsible for maintaining common elements, this doesn’t mean your individual unit is immune to its own issues.
Skipping out of the condo home inspection is risky and may lead to unexpected expenses in the future. Hiring a licensed home inspector who has experience with condos and preconstruction condos will help know exactly what you are paying for and potentially spot items that may be very costly in the future.
We suggest arranging for a home inspection, especially for older condos and in a slower real estate market where you may have the opportunity to add this condition in before firming up the deal.
If you are considering buying a condo or house in North York or Scarborough and want to know the best approach to ensuring you’re making a good investment, reach out to us today!