When you’re buying a condo there’s a lot to look at. A single detached home where the nuts and bolts are pretty much evident and available to an inspector is relatively easy compared to the issues facing a condo buyer. With a condo there are the added issues of financial management on top of the structural issues.
So here goes. You’ve looked at condo that you like quite a bit. It's the best you’ve seen from your perspective – best finishings, best price, layout, amenities – it's a perfect fit. You look over lovingly to your REALTOR, while gushing and ask what they know about the complex.
They suggest getting condo docs and reviewing them, but that’s not really your schtick, then it happens (the dangerous assumption that is).
- You assume that since quite a few people live there already, and that there have been a number of recent sales that someone smarter then you must have reviewed the documents and therefore everything should be ok.
I can’t tell you how wrong this is. Even if someone smarter then you has bought there and did all their due diligence and then some, something may have happened in the time that has transpired since they bought. No matter how recent the sale.
For example, I sold a condo in a complex last summer and at the time everything looked great. If any one was to ask me about that complex that would be my recollection, notwithstanding the fact that since then the condo association has filed a significant (in the millions) statement of claim against the developer for structural deficincies.
Sometimes there are problems that are harder to find – inadequate reserve fund, or maintenance deficiences for example. This is why some condo buyers are now opting to have a professional condo document review company audit condo documents.
You can file this under the parental advice sub heading of Just because someone else jumps off a bridge doesn’t mean you should. So the next time you have that loving feeling remember there is no substitute for adequate protection.
I hear you loud and clear! The problem with so many customers is that they make it an emotional purchase and have a hard time thinking with their heads. Hence the reason for inflated pricing and bidding wars.
I hope that with the current economic fearfest, people will be motivated to look long and hard at the contracts they’re signing and stop rewarding companies for cutting corners at the expense of their customers!
We are personally experiencing this right now. We are renting a 4 plex in Stony Plain while we build our acreage home. The suite we moved into was brand new, super cute on the outside, dark siding cedar shakes, etc…the inside same thing, nice flooring, great outward appearance. After living here three months, the stairs are literally about to cave in, upon inspection my husband who is a framing noticed that there were only 3, count them 3 nails supporting the landing of the stairs. The drywall is completely cracked going up the stairs. The bathroom sink can be moved 1 inch either side and it’s currently bubbling from water exposure. The arborite on the island, literly came off two days ago. That’s right, it was screwed in with 3 screws too, but they popped right out.
Look deeper than the fancy finishing and hardware. Inspect the framing and foundation! Get a proper inspection done before you buy! So glad we’re renting this place!
a testament to building too fast with unskilled labor …
I hear bulldozers off in the distance … they sound about 30 years away.