Condo Inspection and Condo Docs

[Street_Soldier]

So i searched and didn't find anything regarding this.

So if it worth doing a condo inspection?
From what I understand a condo inspection costs the same as a home inspection $400-$600 but since its a condo there is a lot less things to check. Is this worth doing?

Is this something that I will be able to do myself?

Also condo documents. Should I get a professional to review these documents?

I know someone that is on the condo board in this building and she tells me that the condo is good condition. The building is relatively new built within the last 4 years.

[Jeremiah]

Built in the last 4 years means fuck all.

I'm going through hell right now with my condo.

A couple months ago they gave me a $8000 special assessment to be paid within 1.5 months.

Structural repair not covered under the new home owner warranty.

Building was built ~5 years ago.

Inspection, I didn't get, and didn't have any difficulties, but my documents were read over by a family member and its normally all pretty standard stuff.

[yycdawson]

In my opinion, condo inspectors are crap. The simply run the dishwasher, washer / dryer and the sink plus a sample of outlets. All crap anyone can do. The only really critical things in a condo that you have control of is the furnace and the hot water tank. To have the furnace inspected, I would actually call a furnace service company (some of the do it, just call around). The hot water tank, generally you should be able to find an installation date. If it's only a couple yrs old, you're probably fine. If it does leak and need replacement, it's only a $500-700 to get a replacement and installed (depending on what model you get).

Getting your documents reviewed are a must in my opinion but you should never 100% rely on the condo reviewer since you're the one on the hook at the end of the day. So, you should read them as well and if it doesn't smell or feel right, walk away. It's been a few yrs since I owned a condo but the only thing that matters is the size of the reserve and how much is contributed per yr. Maybe look at it as a $ per unit or number of yrs the reserve can sustain 0 contributions per yr before you have to take a special assessment.

[89coupe]

The first thing you should find out when buying a condo is how large the reserve is.

So many people buy condo's with low condo fee's thinking they are going to save money when really they are running the risk of fucking themselves.

Hence the example above.

[ExtraSlow]

I had an offer in on a condo once, and had both a professional review of the documents (condo-check, I think) and an inspection of the condo itself.
the inspection was totally worthwhile, as he found an improperly secured handrail, in the unit, wrecked concrete walkway outside, and the deck sloped into the wall instead of shedding water away. It was already rotten.
I had already been through the place, and I hadn't seen any of these issues. Was a ten year old building, so I wasn't expecting much to be wrong.

After the documents were reviews, found out the board didn't have enough reserve fund to fix the defects we'd already found, let alone if anything additional would happen.

Walked away from that deal, and was very happy that we spent the money on those services.

[Street_Soldier]

So i m leaning towards doing the inspection myself.
Most of the appliances are new I should have to worry about those. What should i consider when inspecting the condo?

From reading what you guys are saying it seems the main issue i should be worried about is the condo itself.
My friend does accounting for the condo and has direct access to information.

Does anyone know how much it costs to get condo documents reviewed?

[89coupe]

Www.condopapers.com to get any info they may not have. The reserve is extremely important to know. I would say 75% of the condos out there don't have enough reserve to make repairs if needed.

What happens then is the bill is sent to the individual owners and you are forced to pay it.

[Unknown303]

If you have a decent lawyer for the closing they may sometimes look over the docs for you as well. That's what my lawyer did for me.

[bignerd]

When they do a condo inspection they will be checking the sprinkler systems, the elevators, foundations, roof, exterior, common areas, parkades etc... they are not just checking your unit... There is more likely to be something wrong with the building itself than your actual unit.

Yes have the condo docs checked, there can be big surprises in those. I read from everything about special assessments, the reserve fund, problems with contractors, complaints from tenants, issues between people on the condo board etc...
Even if your friend does accounting for the condo, he does not necessairly have the permission to just hand out financial documents for the condo or to share that information due to confidentiality reasons, if the condo finds out he shared this he could be in trouble. People who inspect condo documents read minutes from the board meetings(they go back several years), annual reports regarding income, debts, budgets etc.. they also review spendature reports. Your friend may do the accounting, but that doesn't mean they understand what is going on with the condo.

Considering this is one of the largest purchases of your life, now is not the time to cheap out if you are serious about this unit. As well, I would want to be damn sure the building is sound before I spend $XXX,XXX on a condo in a building that I share with X amount of other people and that I have little to no control over in regards to maintenance, care, etc...

[barmanjay]

Originally posted by Street_Soldier
So i m leaning towards doing the inspection myself.
Most of the appliances are new I should have to worry about those. What should i consider when inspecting the condo?

From reading what you guys are saying it seems the main issue i should be worried about is the condo itself.
My friend does accounting for the condo and has direct access to information.

Does anyone know how much it costs to get condo documents reviewed?

I cringe at that.

There is no "main" thing to be worried about

How the board is run and the finances are a HUGE deal as well as the maintenance and condition of the building,.. not only that,.. whats behind the walls in your condo? hidden moisture? heat loss?

I would suggest a building/property inspector with a thermal imaging camera,

Also, get the docs read by someone who is in the business of researching and going through condo docs.

So what if your friend does accounting for the condo,.. do they know what a condo should be required to have a healthy reserve fund and etc? How many condo boards have they done accounting for? Does it make them as expert? I think not.

[Street_Soldier]

Can someone recommend a condo doc review place?

[stealth]

Take my advice... DO NOT buy a condo.

Condo fees suck. Special Assesments suck even more. Following the rules of the condo board blows.

If you can, save up more and purchase a house, or something with no condo corporation.

[Street_Soldier]

Yeah I kinda already did thus the thread. I was originally going to purchase a house but decided not to. I thought about it for awhile and thought what would be best for me in my current situation. A house would be great and all but I'm not financially secure enough to take on that kind of mortgage (I want to live in the downtown / inner city area). The houses in the areas I mentioned are out of my price range or are complete trash. The condo fee I m paying is not the best but I'm willing to pay the price for the convenience. As for the special assessments, hopefully my condo doc person takes their time and lets me know the situation. This is a risk I'm willing to take. The risk would be the same if i bought a house too. You never know for sure if the house you are buying needs to have the appliances, water tank, furnace, roof, windows replaced. The best you can do is get an inspection and hope to have all the details.

As for the thread. I found a pro home inspector and a pro condo document person.

[MaxxLee]

Some places do offer all utilities ( heat, water, electricity) included in there condo fee correct??

[Kloubek]

In a condo, that is sometimes true. (You're usually on your own for electricity though) In a townhouse, usually 100 percent the owner.

[Street_Soldier]

From my limited experience I probably looked at around 20 condos of those 20 only 1 of them offered everything so its uncommon.
Of those 20 only 1 of them did NOT include utilities. (So you'd have to pay water, gas, electricity)

The rest like Kloubek said include everything except electricity.

[Jeremiah]

Originally posted by 89coupe
The first thing you should find out when buying a condo is how large the reserve is.

So many people buy condo's with low condo fee's thinking they are going to save money when really they are running the risk of fucking themselves.

Hence the example above.

Uhh fuck you? Thanks for the uneducated assumption as always.

The reserve fund was actually quite high when we purchased. Our condo fees are not cheap either.

But over the past years, it has diminished due to irresponsible owners, and when they have to take on a project thats ~$2,000,000 I wouldn't expect the reserve fund to be that high as to cover the entire cost.

Also, looks like they're suing because the work that was/is supposed to be done should be covered under the new home owner warranty, but they haven't received any response so hopefully I just fronted the cash, and it gets paid back with interest.

But I'm not counting on it...

I will never buy a condo again. I feel like I'm renting with a mortgage, so many fucking rules. Pet Policies, Parking Policies, Patio Policies (I got fined $100 for having a garbage bin on my patio because its not furniture) etc, Its a fucking nightmare IMO.

[in*10*se]

Originally posted by Jeremiah


Uhh fuck you? Thanks for the uneducated assumption as always.

The reserve fund was actually quite high when we purchased. Our condo fees are not cheap either.

But over the past years, it has diminished due to irresponsible owners, and when they have to take on a project thats ~$2,000,000 I wouldn't expect the reserve fund to be that high as to cover the entire cost.

Also, looks like they're suing because the work that was/is supposed to be done should be covered under the new home owner warranty, but they haven't received any response so hopefully I just fronted the cash, and it gets paid back with interest.

But I'm not counting on it...

I will never buy a condo again. I feel like I'm renting with a mortgage, so many fucking rules. Pet Policies, Parking Policies, Patio Policies (I got fined $100 for having a garbage bin on my patio because its not furniture) etc, Its a fucking nightmare IMO.

sound like you live in the solarium? 15ave 1st? if so... sucks to be you. if not... well.. still 2M on the hook is just as bad.

[JordanLotoski]

Get the condo docs reviewed, it's like buying a home built in the 1960's and not getting a home inspection. They will go over everything in detail, point out any of the problems.

Contact Val at condo review
403-258-3627

Good luck

[Jeremiah]

Originally posted by in*10*se



sound like you live in the solarium? 15ave 1st? if so... sucks to be you. if not... well.. still 2M on the hook is just as bad.

Naw I live in Pointe of Prestwick in Mckenzie Towne.

Condominium First is the worst condo management company ever and Pointe of View are the worst home builders of all time.

This is not an opinion this is a fact.