Moving into a condo is an exciting endeavor, but it is one that requires thoroughness and thoughtfulness.
Before you finalize your big condo purchase, be sure to take advantage of a condo inspections checklist.
What to Look for Before you Close on a Condo
As you prepare for the big move, it’s essential to have a detailed inspection checklist to run through.
While everything may look good on paper, you don’t want to miss any potential problems or red flags.
Here are a few things you want to pay close attention to as you inspect your future home:
- Exterior: While the homeowner association is generally responsible for the upkeep of the condo’s exterior, you want to ensure that everything looks properly maintained. Pay attention to the quality of the roof, landscaping, sidewalks, and condo details outside of the unit.
- Interior: Make sure that the inside of the unit is in tip-top shape. Be attentive to the walls, flooring, and windows. Make sure that the shared walls provide adequate soundproofing.
- Electrical System and HVAC: A home inspector or electrician can check on the electrical and HVAC system in your unit to ensure that everything is working correctly before your move-in date.
- Plumbing: Plumbing issues can be expensive, so it’s critical to confirm that pipes, toilets, and skinks are all in good shape prior to closing on your unit.
- Common Areas: Check to see that all of the shared spaces are maintained. Amenities like fitness centers or pools should be clean and in good condition.
What Questions to Ask Before You Close on a Condo
Before closing on your condo, familiarize yourself with your future condo association’s rules and regulations.
It’s also important to ask any unanswered questions you may have.
Here are a few common, and essential questions you should have answered before finalizing your condo purchase:
- Do I fully understand the condo association fees? Make sure it’s clear how much your monthly dues will run and what exactly those costs cover.
- Is there a condo special assessment? Find out if you will need to budget for an additional cost to cover a special assessment. These are fees allocated for the association’s reserve funds required by some condos.
- What do I need to bring to the closing? Be prepared for the day of your closing. Double-check that you have everything you need to seal the deal.
- Is there a rental cap? A rental cap is the maximum number of units in a condo development that be rented at any one time. If you do have any interest in renting your unit, you want to know if that is a possibility based on the condo association’s rules and regulations.
Things to Know About LLCR Condo Inspections
At Luxury Living Chicago Realty, our licensed brokers are there to walk you through the entire buying process, including the inspection.
We will help you ask all of the right questions and ensure that your property is move-in ready.
During COVID-19, condo inspections can be done remotely. Our inspectors will send all documents digitally, including detailed photos and descriptions so you know every inch of the property.⠀
For more questions or to move forward with your condo purchase, connect with one of our experienced team members today!