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Do I Need A Home Inspector When I Buy A Toronto Condo?

When I am selling a house one of the most important parts of the home buying process is the home inspection. A home inspector will look at your home from basement footings to the shingles on the roof and everything in-between.

He will provide you a detailed report on the electrical and water systems and let you know if the windows need work. He will let you know what needs urgent action and what needs to be looked at some time down the road. You may even get some information that means you want to get the seller to make some miami beach ( repairs before closing.

Occasionally he will give you information that may make you fall out of love with the home you just fell in love with a few days before. You may even walk away if your agreement allows it (ensure you get your Realtor to explain carefully what your rights are when making that offer).

But do you need an inspection when you buy a Toronto Condo? The answer is most likely not but with some exceptions.

Why do I say your likely don't need an inspection? Because most of the major elements that they will inspect in a home are going to be covered and repaired under you monthly condo fees.

These fees will most likely cover the mechanical element in the building such as the heat and air conditioning. The building will replace the windows and repair the roof if needed. The common areas such as the gym and pool are maintained by property management and repaired when needed and if the parking lot needs repair they will do that too.

So if you hire an inspection he is probably going to charge you between $300 and $500 and all he's really going to check is the if the water runs and the electrical systems are ok. If there was a problem with either it's very likely going to cost you much less to hire a plumber to fix the leaky tap or the electrical socket that's not working.

However they will ONLY be able to do this If you are buying into a well run building, and the key to this is not a home inspection but the status certificate (see my article on Status Certificates for more info about what this is and how it helps you).

So I said you most likely wouldn't want a home inspector but are some inspections when you MAY want to consider an inspection.

If your are buying an older condo and some or all of the mechanicals (air-conditioning, hot water tank and heating) are part of your unit and you are responsible for you are buying a Condo Townhouse. Even though most major elements will be covered in the condo maintenance fee here are some major parts that may need attention that are not covered such as the electrical and water you are buying in an older building that looks like it needs some repairs and the status certificate shows a low reserve fund (see my report on status certificates to see what this is) or you may be stuck with a special assessment (an additional payment on top of your monthly condominium fees to cover costs of repairs, often for a short period of time but they can be pretty hefty).

So make sure before you buy your Toronto Condo you check with our Realtor and ask them if this is a building that may need inspecting, but don't be surprised of the answer is no.

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