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I'm buying a condo & have been quite particular on the community & location within the complex. I'll be paying approx. $100k. If the place is only 4 years old why would I need an inspection? If something were wrong with the place I wouldn't be able to get the price reduced anyway. I figure the largest problems would be plumbing or air conditioning & I'd be able & willing to pay $5-10k for repairs. (Remember it's a condo, so there's little to look at, right?) So why waste a couple hundred dollars on an inspection? Thanks for your opinions.
I'd say you'll probably be safe, but if it was me I'd want an inspection anyways. You have to consider that any future buyers (when you sell) will likely have an inspection done. It's nice to know where you stand today since likely any future buyers will have an inspection and expect price adjustments for any major issues. If your inspection found any major issues today, you'd be able to walk.
I think skipping an inspection is penny wise, pound foolish.
I don't get it. You're spending $100k on the condo...and are willing to spend up to another $10k for repairs, if needed...but you're being cheap about a few hundred for the inspection.
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If your inspection found any major issues today, you'd be able to walk.
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^ what he said. Yes, 99% chance everything's fine, but you're taking a tiny risk at being stuck with a huge liability. If you have a high net-worth and such a liability wouldn't be a severe impact to your overall financial position, then by all means take the wager and skip it. But if not, it's rational to get the inspection.
I'm buying a condo & have been quite particular on the community & location within the complex. I'll be paying approx. $100k. If the place is only 4 years old why would I need an inspection? If something were wrong with the place I wouldn't be able to get the price reduced anyway. I figure the largest problems would be plumbing or air conditioning & I'd be able & willing to pay $5-10k for repairs. (Remember it's a condo, so there's little to look at, right?) So why waste a couple hundred dollars on an inspection? Thanks for your opinions.
If you are comfortable without an inspection then you run with your comfort level. There are good reasons to have an inspection and these are just some to think about. These are of course predicated on the hope you have a good Inspector.
If you Inspector is equipped with thermal imaging they can scan for insulation issues, water penetration problems and/or leaks affecting your unit, HVAC duct leakage causing you conditioned air loss.
Although the roof is usually a common area type expense it can still affect your unit. Also if the roof is beginning to deteriorate, and the condo association has not noticed it, then you could be receiving unexpected assessments for repairs.
There might be other typical common area problems that the Inspector would find that the association was not aware of.
Even though it is fairly new does not necessarily mean it was properly built. Hopefully it was but there could be electrical, plumbing or other issues that are occurring inside or outside of the unit that could cost you later.
There are other good reasons for having it inspected but these are just some to think of. Again if you are comfortable without an inspection then you just run within your comfort zone.
Some great responses!
I am an inspector and I developed a one hour educational topic/powerpoint for inspectors called " Its Only a Condo!" I could go on and on about the wisdom of having condos and town homes inspected.
When you interview potential inspectors make sure they inspect the exterior, the garage, and (if possible) the roof. Many inspectors merely disclaim these aspects of a condo or town home siting HOA responsibility which is a real disservice to the home buyer: you should only use an experienced inspector that does inspect those features. Make sure the garage is accessible for the inspection and all the utilities are on and functioning!
I can't imagine a worse financial decision. Save a few hundred bucks vs. the potential of having thousands of dollars worth of issues you can walk away from.
I'm buying a condo & have been quite particular on the community & location within the complex. I'll be paying approx. $100k. If the place is only 4 years old why would I need an inspection? If something were wrong with the place I wouldn't be able to get the price reduced anyway. I figure the largest problems would be plumbing or air conditioning & I'd be able & willing to pay $5-10k for repairs. (Remember it's a condo, so there's little to look at, right?) So why waste a couple hundred dollars on an inspection? Thanks for your opinions.
Good question. I have purchased several recently. I initally had inspections but have foregone those recently. If you know you will be buying regardless, then I wouldnt worry about. It might be helpful in identifying problems that you were unaware.
If the place is only 4 years old why would I need an inspection?
What???? How about because the place was built defectively! Just because it's a "condo" doesn't mean the builder didn't mess-up, intentionally ignore the building codes or even commit fraud. There could be all kinds of things wrong EVEN THOUGH IT IS somewhat NEW.
Wouldn't you want to know that there's no insualtion in the walls? It would lead to high insulation bills or hearing every sick and disgusting noise from your neighbor's condo. It's very possible.
Wouldn't you want to know that there's water intrusion, and ultimately mold, beneath the windows because of improper penetration sealing? It's very possible.
Wouldn't you want to know about wiring that was installed incorrectly causing a safety hazard? It's very possible.
Wouldn't you want to know that chinese drywall is eating away at the copper wires, copper pipes, HVAC system and ultimately your lungs? It's common in houses built during the boom in some areas of the country.
These are all issues that could cost a little or a lot to fix. Do you want to take the chance that the lousy $400 for an inspection that you're saving is enough to cover the costs of repairing the items I mentioned?
If you want to take the chance, go for it. However I agree with most of the previous posters - Penny Wise and Pound Foolish.
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