Is a home inspection needed

[stugotsms]

Most are bought on speculation and after living there for a year put them up for sale and pocket the profit on the sale tax free.

True, the condos I'm looking at have not gone up that much. Most are just trying to get the money back. The builder price was high. Condo prices are not going to move any higher, if anything there are going down since they have over built everywhere. The yonge sheppard area has many many new condos.

 

[DATYdude]

A couple of points

If you have an exclusive agreement with an inspector, it only means that you must use him IF you have an inspection done, you can still choose NOT to have an inspection done.

Home inspectors are not ususally trained to investigate mold problems, you need an environmental expert for that.

From the sounds of it you should NOT buy this condo if this type and number of problems have come out in only one year. There are a lot of really bad builders out there.

THE BEST ADVICE I CAN GIVE YOU (and I have worked as a lawyer for condo developers!) IS FIND A CONDO BUILT BY A REPUTABLE BUILDER. This is your best protection. Tridel and Monarch are two good builders, and there are many others. Do your research. There are lots of units on the market now, you should be able to find something good in your price range.

You can also talk to other residents of the building (especially tenants, who are likely to be more honest) about how the building is.

 

[stugotsms]

Thanks for the tip. This builder is menkes. I think they are alright. They have quite a few projects in the area. If there is mold in a unit, who fixes the issue, the building or me?

 

[Svend]

I'd stay away.
The mold could be an indication of a poorly constructed unit which is difficult to fix. There are plenty of other places out there.

 

[stugotsms]

I'd stay away.
The mold could be an indication of a poorly constructed unit which is difficult to fix. There are plenty of other places out there.

I actully don't know if there is mold there.

 

[puckinbuff]

Trust a real estate agent?

As a buyers agent, you should always recomend an inspection.

As a sellers agent you would discourage an inspection. Many selling agents fear the deal falling thru, and in fact, many do fall thru at inspection.

Keep in mind, they work on commissions only.

 

[Gentle Ben]

As a buyers agent, you should always recomend an inspection.

As a sellers agent you would discourage an inspection. Many selling agents fear the deal falling thru, and in fact, many do fall thru at inspection.

Keep in mind, they work on commissions only.

My Ex had a real Estate license and was very part time with it, She had another career that was fulltime , several of her freinds were in the Real Estate business full time, I recall there were many times they would suggest to homeowners and strongly recomend to potential purchasers they get an inspection, especially on older homes and ones that were obvioulsy in poorer repair.
It helps limit the liability of unhappy clients suing everyone & their brother after closing.

 

[wop]

Just so you know

A home inspector does not assume any liability for things that are wrong or go wrong with the house or unit inspected.
Having said that, a Home Inspection, when done correctly in the presence of the purchaser, can be an informative and valuable experience.
Good luck.

 

[KBear]

I recall there were many times they would suggest to homeowners and strongly recomend to potential purchasers they get an inspection, especially on older homes and ones that were obvioulsy in poorer repair.
It helps limit the liability of unhappy clients suing everyone & their brother after closing.

This is the case, often the home inspection clause is written in the offer, and it would be the purchaser that would have to strike out the clause if they did not want it for whatever reason.

But with a new condo, there is little to inspect. The money spent on the inspection might be better spent on buying insurance/warranty that would cover the appliances/AC/furnace.

Have you checked out where your parking spot is yet?

 

[chicagotim]

A home inspection on a condo will cost a couple hundred bucks. Compare that to your purchase price, probably in the hundreds of thousands. If you don't get an inspection and there's a major problem with the wiring, plumbing, the roof, AC, etc, you're f^&ked, you have no recourse. May I suggest that, since your real estate agent is making a few grand in commission, you insist he or she picks up the tab (or splits it with the selling agent). But hire your own inspector, someone licensed and insured. Don't go with anyone your agent recommends, their loyalty is compromised.

 

[WhaWhaWha]

A condo is not like a house. Most of the mechanical functionality is the responsibility of the corporation. Things that you are responsible for include the interior walls, flooring, and doors, electrical fixtures, faucets and taps, appliances and cupboards. Traditionally, the corporation is responsible for all electrical outlets, the front door, the main water shutoff, and any seals, glass panes, window frames, etc.. that seperates your unit from the outside.