Condo Purchase - Home Inspection Needed?

[Nir]

Hi All,

Would you add a home financing condition to an offer to purchase a Condo in Toronto (say 20 yrs old)?

I always included one but for old Plexes elsewhere so not sure about newer Condos in Toronto.

THANKS.

ps. I thought someone asked a similar question but just could not find it.

 

[Thomas Beyer]

QUOTE (investmart @ Jun 12 2009, 04:24 PM) Would you add a home financing condition to an offer to purchase a Condo in Toronto (say 20 yrs old)?
your title asked for "home inspection" .. your text asked for "home financing" ! What is it ?

I`d say yes to both for an older property .. AND inspection of condo by-laws and minutes of last 2-3 years as they usually mention major issues in board meetings (i.e. discussion re roof leaks, new boiler, new garage door .. etc ..)

 

[Nir]

Thanks Thomas,

Yes I mentioned both terms although one requires the other - a home inspection condition required home inspection

If I understand correctly, you believe a home inspection is not necessary in most cases for newer condos.
what about 30-40 yrs old Condos - are they also fine WITHOUT a home inspection?

Checking minutes of last 2-3 years is a great reminder/tip!

Regards,
Neil

 

[Mike Milovick]

Hi Neil;

That is not correct. You need a home inspection on any real estate purchase. If you are not getting one because the property is "new" you are not being represented by your Realtor properly. If you are buying straight from the Builder, they are going to discourage you from having one because, hey, "you are covered by Tarion (in Ontario)."

On any real estate purchase you need a home inspection. No exceptions.

My experience has been that a new condo can have just as many deficiencies as an older property.

Mike

QUOTE (investmart @ Jun 13 2009, 12:18 AM) If I understand correctly, you believe a home inspection is not necessary in most cases for newer condos.
what about 30-40 yrs old Condos - are they also fine WITHOUT a home inspection?
Regards,
Neil

 

[Nir]

Thanks Mike, great input although I believe there are REIN investors who do not include a home inspection condition when buying Condos (in nice buildings in downtown Toronto for example). I guess statistically they are correct NOT putting it as there is minimal risk of problem. but you are right too - you never know and to be on the safe side...

 

[GaryMcGowan]

As Mike mentioned: Any real estate transaction requires an inspection. It is up to you the buyer to have the inspection done and it is a good business practice to always do one. $275 - $500 is money well spent and could prove to save you $1000`s down the road.