Condo Inspection Question

[Superesc]

I have a coworker who have a question regarding condo inspection. Any help / experience will be much appreciated.

"I have just bought a condo, which is in an older building that has recently been converted from rental units and completely renovated, and has 20 units in total. I've been trying to find an inspector that will look at the specific unit as well as the building itself - such as the boiler, roof, etc. However, in my search I have only been able to find inspectors who will do one or the other - either the unit or the building - not both. I don't want to have to hire two inspectors to do this, has anyone had this problem? I'm wondering if it's worth it to go ahead and hire both, or if one or the other is most important and to just do that one. Thanks,"

[HRD2PLZ]

Generally in an apartment condo you would hire an inspector for just the actual unit. The boiler, etc should be part of a regular maintenance program through the condo board. One of his conditions of purchase was probably a review of the Condominium Documents, in these documents there should be a "Reserve Fund Study" which would highlight the amount of capital in the reserve fund as well as the estimated timeline for replacement. IMO the review of the condominium documents is just as important as an inspection and there is a few reputable condominium document review specialists in the city. I recommend this to all of my clients who are purchasing condominiums.

[Kloubek]

Sound advice from Hrd2Plz. As a member of my condo board, I would suggest the exact same thing. So in short, if the reserve fund is in line with what the reserve fund study (which is independent) suggests, the condo corp is generally in good shape. This means any assumed replacements in the future should be covered without any special assessment required.

IMO, it is not really necessary to get an inspection done on the unit itself. Since any major things should be covered by the condo corp, any issues with the unit would be largely cosmetic. Furthermore, any issues the previous owner would have had with his/her unit would likely have been brought up to the condo board, and therefore recorded in the minutes.

[Superesc]

Cool! Thanks for the quick input!!

[Akagi Redsuns]

Originally posted by Kloubek
Sound advice from Hrd2Plz. As a member of my condo board, I would suggest the exact same thing. So in short, if the reserve fund is in line with what the reserve fund study (which is independent) suggests, the condo corp is generally in good shape. This means any assumed replacements in the future should be covered without any special assessment required.

IMO, it is not really necessary to get an inspection done on the unit itself. Since any major things should be covered by the condo corp, any issues with the unit would be largely cosmetic. Furthermore, any issues the previous owner would have had with his/her unit would likely have been brought up to the condo board, and therefore recorded in the minutes.

Wouldn't you still want to have the boiler's and structure inspected to ensure it's in good repair and will not to need to be replaced ahead of the reserve fund's schedule? Hate to be hit with a special assessment if the renos was done hastily and incorrectly needing immediate repair.

[extm88]

I work with a lady who does just that.
She goes beyond what the home inspectors do and she takes data about all components that could have a problem down the road. IE boiler room/elevator etc. I believe its around $400 however i suggest all clients purchasing a older condo or renovated one do so. She studys what is in the reserve fund and figures out if you might have a special assessment down the road.

ex/ Roof is getting very old and is going to cost $50,000 to repair in 2 years. Reserve fund has $20,000. She breaks down the math over the years and finds out what you could be looking at in the future for a assessment.

Let me know if you want any of the contact information from her.