When buying an apartment condominium, it’s essential to know what you’re signing up for. Just like with any household, there are a number of factors to consider beyond just the location or layout before moving into the condo of your dreams, which is why it’s important to know the full story behind your prospective new home.
Let’s take a look at the facts. Currently, Canada has an incredibly high volume of new and existing construction condominiums available on the market. With such a glut of properties, many sellers may be cutting corners on construction or not performing proper maintenance or upkeep on older units to keep them in livable condition. Not all problems can be easily spotted during a walkthrough, so even if there are no outward signs of water damage or wear, issues may be hiding just behind the walls.
So what to do? Know before you go. Before you sign any contracts and commit to a condo, contact an inspection agent who will ensure you’re getting the quality property you deserve. An inspector will walk through the property with you and explore all of the visible components to look for hidden leaks, soft spots, amateur renovations, electrical issues or other symptoms of problems that may not be apparent to the average person. Structural concerns can also be a problem with some buildings, and an inspector will look for any signs of weakness or wear that might impact the condition of your prospective living space.
If you do not get an early inspection and discover something needs to be fixed, you may have to make the repairs yourself after the fact, which can cost thousands of dollars, depending on the problems found. Having your home inspected will help identify these hidden concerns and affords you an opportunity to negotiate with the seller to make necessary repairs or adjust your offer accordingly.