Month: January 2024

When Should I Hire an Inspector For a Condo?

Posted on by Lauren Bozarth

As prospective homeowners navigate their home-buying journey, many often ask, “When should I hire an inspector for a condo?”

We’re here to help answer that question and further equip you to close the deal on your dream place successfully.

The Right Time for an Inspection

The timing matters when it comes to setting up a condo inspection. This crucial step should take place right after you go under contract on a property but before closing the deal.

Here are several reasons why a condo inspection is conducted during this timeframe:

  • Due Diligence: An inspection allows the buyer to thoroughly assess the condition of the condo and identify any potential safety issues or needed repairs before finalizing the purchase.
  • Negotiation Leverage: If the inspection reveals any issues or defects, the buyer may have grounds to negotiate with the seller for repairs or a reduction in the sale price. This negotiation is often more effective before the deal is closed, as the seller may be more motivated to address concerns to ensure a smooth transaction.
  • Peace of Mind: Knowing the condo’s condition before closing can relieve a buyer’s anxiety. It reduces the risk of unpleasant surprises after the deal is finalized, helping the buyer confidently move into their new home.
  • Protecting Your Investment: Purchasing a condo is a significant financial commitment. By inspecting the property before closing, buyers can proactively identify potential problems that may affect the property’s value or their ability to live comfortably in it.
  • Contingency Period: Many condo contracts include a contingency period, during which the buyer can conduct inspections and back out of the deal without penalties if significant issues are discovered. Inspecting during this period allows the buyer to exercise their contingencies based on the inspection results.
  • Understanding Maintenance Needs: An inspection can provide valuable information about the current state of the condo and its components. This information is helpful for planning future maintenance and repairs, allowing the buyer to budget accordingly.

Other Common Condo Inspection Questions

Here are other queries we often receive regarding condo inspection:

  • Is hiring an inspector required for a condo? While it’s not legally required, real estate professionals highly recommend that condo buyers conduct a thorough inspection as part of their due diligence and for the above reasons.
  • What types of issues can a condo inspector help uncover? They can bring to light various issues, including structural problems, plumbing and electrical issues, HVAC system malfunctions, water damage, mold, and other potential concerns that may affect the property’s value or the buyer’s living conditions.
  • What are the benefits of a professional condo inspector? A licensed and experienced inspector provides an unbiased evaluation of the property along with the knowledge of what to look for and how to identify discreet issues.
  • What is the estimated cost of a condo inspector, and is it worth it for condo buyers? The cost of a condo inspection can vary based on factors such as location and property size. On average, condo inspections may range from a few hundred to over a thousand dollars. While there is a cost involved, we consider this step worth every penny.

Along with addressing, “When should I hire an inspector for a condo?” hopefully, the other information helps you triumphantly move forward in the home-buying process.

For further confidence in this substantial purchase, let our team of licensed and experienced professionals support you!

Learn More: The Homebuying Process

An Overview of What is Checked During a Condo Inspection

Posted on by Lauren Bozarth

If you’re preparing to secure your dream home, it’s beneficial to understand the inspection step of the process, particularly what is checked during a condo inspection.

Keep reading to learn the ins and outs!

What is a Condo Inspection?

A condo inspection is a thorough examination of a condo unit to assess its overall condition and identify any potential issues. It helps a buyer determine any red flags or extra steps needed before closing on the property. This inspection is typically conducted by a qualified home inspector or a professional with expertise in building inspections. 

What is Checked During a Condo Inspection?

During a condo inspection, the inspector will examine various components of the unit, often including the following:

  • Structural Elements: This involves checking the condition of the walls, ceilings, floors, and other structural components to ensure they are sound and free of defects.
  • Mechanical Systems: Inspectors will assess the functionality and condition of heating, ventilation, air conditioning (HVAC) systems, plumbing, and electrical systems.
  • Appliances: It’s important to check the condition and operation of appliances included in the condo, such as stoves, refrigerators, dishwashers, and others.
  • Interior Features: This includes evaluating the condition of doors, windows, flooring, and other interior elements.
  • Safety Concerns: Inspectors will look for potential safety hazards, such as electrical issues, trip hazards, or other safety concerns.

After the inspection, the inspector typically provides a detailed report to the buyer, highlighting any issues found during the inspection. This information is valuable for buyers to make informed decisions about the purchase and may be used in negotiations with the seller.

It’s important to note that condo inspections are not mandatory, but they are highly recommended for buyers to ensure that they are aware of the property’s condition and potential maintenance or repair needs.

Other Common Home Inspection Questions

  • How are condo inspections unique? Condo inspections don’t always involve scoping out the exterior since these areas are made up of common areas often covered by the homeowners associations. However, some inspectors take a proactive approach and still inspect the shared spaces to ensure everything’s in proper order and there are no noticeable risks for a major special assessment down the road. Also, if your property includes personal outdoor space, then the inspection will likely include this. 
  • Why should I inspect a new condo? Although a new condo minimizes the risk of issues, it’s still worth being proactive and ensuring there are no hidden issues before moving in.
  • How do you inspect a condo yourself? If you opt out of hiring a professional inspector, prepare yourself with a condo inspection checklist. Bring this list and critical eyes with you to your prospective place before the closing.
  • How long does a condo inspection take? Inspections typically take between 1 and 3 hours, depending on the size of your condo and how many inspectors are on site.
  • Should I waive an inspection on a condo? We highly advise against waiving an inspection. They provide early awareness of current or potential issues in the home, offering not only a timely heads-up but also an advantageous negotiating strategy. This allows you to request the seller to take responsibility for covering the expenses associated with any necessary repairs.

While it’s crucial to know what is checked during a condo inspection, there are other considerations to keep in mind when buying a Chicago condo. To ensure a smooth and successful process, team up with our experienced team of real estate professionals today!

Learn More: The Homebuying Process

What Can Buyers Demand at Final Walk-Through? A Checklist Before Closing

Posted on by Lauren Bozarth

The final walk-through is a pivotal step in the home-buying process, happening just before closing to ensure the property is in expected condition.

This blog will help equip any prospective buyer and answer the common question posed at this stage of the journey, “What can buyers demand at final walk-through?”

Understanding the Purpose of the Final Walk-Through

The final walk-through serves as a last-minute check to ensure the property is as it should be before ownership is officially transferred. Buyers should use this opportunity to verify that any negotiated repairs or improvements have been done satisfactorily. Additionally, it’s a chance to make sure that appliances are in working order and the overall cleanliness of the condo meets expectations for move-in.

Checklist for the Final Walk-Through

As you complete the last walk-through, also make sure to walk through this checklist

  • Repairs Completed: Confirm that any repairs agreed upon during negotiations have been executed to your satisfaction.
  • Cleanliness: Ensure that the condo is clean and ready for occupancy. Pay attention to details like floors, countertops, and overall tidiness.
  • Appliance Functionality: Double-check that all appliances, such as the dishwasher, refrigerator, and stove, are in good working condition.
  • Utilities: Test utilities, including lights, faucets, and heating/cooling systems to ensure they are functioning properly.

Addressing Outstanding Concerns

If, during the final walk-through, you discover any issues or areas of concern, it’s crucial to address them promptly. Buyers should request solutions for any unresolved issues, whether it be a commitment to further repairs or an adjustment to the closing agreement.

Helpful Tips and Reminders:

Along with keeping the checklist handy, consider these pointers during your final walk-through.

  •  Documentation: Keep records of any agreements, repair requests, or communications related to the final walk-through. This documentation can be valuable if issues arise later.
  • Clear Communication: Maintain open communication with your real estate agent and the seller. If there are concerns, articulate them clearly and promptly to ensure they are addressed before closing.
  • Reviewing Documents: While the final walk-through primarily focuses on the property’s physical condition, it’s also a good time to review any relevant documents. Ensure that you have all the necessary paperwork and that there are no surprises.

Knowing how to answer, “What can buyers demand at final walk-through?“ will help ensure your property is pristine before you close on it.

For any other questions or support during the home-buying journey, partner with our experienced and knowledgeable brokers!

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The Ultimate Condo Walk-Through Inspection Checklist

Posted on by Lauren Bozarth

For buyers, a thorough inspection is a crucial step that helps avoid unexpected issues and ensure everything is as expected. 

In this post, we’ll provide an in-depth condo walk through inspection checklist to provide extra preparation and peace of mind.

The Purpose of an Inspection Checklist

Condo buyers should prioritize conducting a thorough walk-through inspection before finalizing their purchase, and having a comprehensive checklist is crucial for this process. The checklist serves as a systematic guide to ensure that every aspect of the condo is thoroughly examined, emphasizing safety and assessing overall conditions. 

A well-organized checklist ensures that no crucial aspect is overlooked, empowering condo buyers to make informed decisions and negotiate any necessary repairs or adjustments before closing the deal.

Condo Walk Through Checklist

Before moving forward with a home purchase, take advantage of this condo walk through checklist :

  1. Bring your checklist: 
    • Make sure you have it handy, either printed or written down, to bring it to the inspection.
  2. Take photos and video:
    •  Capture visual documentation of the entire condo, both the interior and exterior.
    • Focus on any existing damage or potential issues, such as cracks, leaks, or signs of wear and tear.
    • These visual records serve as valuable references during negotiations and can be crucial in case of disputes.
  3. Review the walls, ceilings, floors:
    • Inspect for cracks, water stains, or any structural abnormalities.
    • Check the quality of paint or wallpaper for signs of poor maintenance.
    • Evaluate the condition of the flooring, looking for damages, uneven surfaces, or signs of pest infestation.
  4. Take a second look at windows, doors and balconies:
    • Test windows for proper sealing, functionality, and signs of drafts.
    • Check doors for easy opening and closing, and ensure appropriate locking mechanisms.
    • Assess the structural integrity and safety of balconies, looking for visible damages or hazards.
  5. View the appliances:
    • Check for signs of wear, rust, or leaks in kitchen and bathroom appliances.
    • Find out the age of major appliances to estimate their remaining lifespan.
  6. Ask questions about recent repairs and the state of things:
    • Inquire about any current maintenance or repairs on plumbing, electrical systems, and HVAC.
    • Check for water pressure in faucets and inspect pipes for leaks.
    • Test light fixtures, switches, and outlets to ensure they function correctly.
  7. Inquire about shared amenities:
    • Verify the condition and functionality of shared amenities like elevators and patios.
    • Ask about scheduled maintenance or recent improvements in shared spaces.
  8. Be sure to review and inspect the exterior and inquire about any recent repairs:
    • Examine the exterior of the building for signs of damage, such as cracks or water damage.
    • Seek Information about recent repairs to the building’s structure or exterior features.
    • Check the condition of common areas outside, including parking lots and landscaping.
  9. Take note of any agreed-upon repairs and review them:
    • Confirm that any previously agreed-upon repairs have been addressed.
    • Review the quality of completed repairs and ensure they meet the agreed-upon standards.
    • If repairs are pending, inquire about the timeline for completion and documentation of the agreed-upon changes.

We hope this thorough condo walk through inspection leaves you feeling more equipped to move forward with your home purchase. For extra confidence and support, team up with our experienced team of brokers today!

 

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