DO WE HAVE TO DO THE CONDO INSPECTION BEFORE BUYING?
What do you need to know about the condo inspection and your responsibilities?
Here is some information that will help you better understand the responsibilities of a co-owner. You will no doubt see why the pre-purchase inspection of a condo is an additional protection, which allows you to invest in the right place.
Contrary to popular belief, all co-owners have a shared responsibility for the common areas of the building. In order to ensure sound management of these obligations, a contingency fund is created. Every month, each co-owner contributes a set amount. The sums collected are used to deal with defects, unforeseen events, breakage and the replacement of materials that have reached their useful life, such as a roof.
Condo fees are used, among other things, to build up the building contingency fund. Condo fees and the contingency fund are therefore closely linked: if the accumulated sums are not large enough to cover major work, condo fees will explode. Indeed, each co-owner will then have to pay more money to pay these expenses. This is why it is important that sufficient amounts are allocated to the contingency fund.
So you understand why the condition of a building must be considered before buying. Yes, low condo fees can be attractive! But of course, it won’t be very pleasant if the bill turns out to be very steep later on. The condo inspection can therefore help you find out more about the expenses to be expected for the maintenance of this building.
HAVE THE CONDO INSPECTED IN WHOLE OR IN PART? WHAT TO DO?
People who want to buy Canninghill Piers in Singapore are very often undecided about the type of inspection to be carried out. Several options are available to them! On the one hand, the condo inspection can be done only inside the coveted unit. Inspectors will therefore inspect the rooms and all the components of the condo, but this is still limited. On the other hand, you can also inspect the interior of the condo, the exterior and the common areas.
Obviously, between the two, the best choice is of course to have the entire building inspected. This is the way to obtain a very clear overview of the condition of the building, of general maintenance, of the work to come and of the breakdowns to be expected. On the contrary, by only inspecting the condo, it is really difficult for an inspector to tell the truth as to the real state of the situation. The building could be affected by several problems, but the condo inspection will not reveal them!
IN CLOSING, A FEW TIPS FOR INSPECTING YOUR CONDO
When choosing your inspector, be sure to take a certified professional. Because some people offer their services without training and this is clearly not to your advantage.
Then ask the inspector to see an example of his reports. The more detailed this document, the more protected you are in the event of a problem. A good report should therefore contain several explanations and photos to support everything. And finally, also check that the inspector has liability insurance. In case of error or omission, you will be safe.
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