Wednesday, October 28, 2009

Condo Inspection - Newer Construction

Should you get your newer condo inspected? The answer is YES. Even though, newer high rise and low rise buildings carry warranties, it may take sometimes a long time before you can get the builder to fix any deficiencies. If I was buying, I would definitely hire an inspector. The costs can vary but the average inspection is around 400.00 dollars.

I have recently worked with a client who was buying a condo in a newer downtown high rise. Upon inspection, we found that 3 electrical plugs that didn’t work, a worksmanship deficiency when the building was constructed. The problem could be as simple as a broken wire connection or more complex where the entire line would have to be rewired which would involve removing part of the drywall and so on. To make the story short, the cost to fix it could be as little as couple hundred dollars or as much as couple thousand. In such case the buyer may proceed with the purchase if the seller agrees to further price reduction because of the false wiring. The question is how much should you ask for, which in this case is hard to assess. Well, my client was ready to walk away. However, after further conversation with the other party, the sellers agreed to fix the problem. Peace of mind for my client, definitely worth to spent that few hundred bucks.

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