Boston Condo Management Home Inspection
Condos can be great to live in if you can get a good deal but do remember that you need to get a home inspection done before you sign on the dotted line. The only issue which can pop up is that you probably have no idea of the type of home inspection you need. This is why we are sharing this guide on what it entails and how you can get through it.
Most buyers aren’t aware that the homeowners association is responsible for the building. This means that they gave to take care of the area outside your unit and is funded by the money you pay so that the building keeps getting maintained. Just make sure that you don’t get a condo which has low reserves, low monthly dues and no maintenance. This means that there is a lot of maintenance liability there and you won’t be able to get out of it.
The way they make up their unfunded maintenance liabilities is by assessing the owner of each condo unit. It is followed by a one-time charged so that they can proceed with maintenance. The problem with the backlog of maintenance is that it can triple the value of the maintenance and it adds more risk for you.
Boston Condo Management: What to look for
So when you make an offer for a condo, review the resale certificate properly as it will allow you to check out the overall health of the HOA. Also look for the reserve study as it includes the costs associated with capital improvements needed to the building.
You will get an idea of how well funded the maintenance budget is like by going through it. So if you see a reserve study without much information, you can be assured that the building is high risk. Buildings with the proper documents present a lower risk of special assessment.
Furthermore you can also inspect the envelope study where the HOA hires an engineering firm to perform a detailed inspection of the outer area of the building.
Type of Inspection
You can only get two sorts of home inspection services when buying a condo. One is the full inspection which checks every inch of the place while the interior inspection does not include attics, crawl spaces, exteriors, roofs, parking garages or other common areas. The reason why you can only do interior only searches is because they are only suited to large towers where the home inspector can’t contribute much because of the inaccessibility.
Buildings which are easily accessible can easily be inspected so you don’t have to resort to an interior inspection. They also give you a good idea about the state of the building.
We hope you liked our post “Boston Condo Management Home Inspection”.