Why Condos Need a Home Inspection
According to the Toronto Real Estate Board Market (TREB) Watch February 2018, condos make up more than 30% of TREB sales, and the average price for a condo apartment is $529,782. The most recent numbers from condo.ca are even higher, showing us average sold price of $584,205, with an average price per foot of more than $700.
Anyway you look at it, a condo is a very significant investment. After 40 years in home inspection in Toronto, we understand that condominiums are different than houses. However, we also understand that inspecting condominiums is critically important. That is even more true today with buyers having to put every available financial resource into a down payment. There is no money for sudden unexpected expenses like failed heating and cooling systems, appliance breakdowns, shower stall leaks, water damage, mould and thousands of dollars of costs to replace Kitec piping, for example.
At Carson Dunlop, we have home inspectors who are specially trained to assess condos. They do not inspect the condo as if it were a home but recognize that it is a very different type of dwelling in the inspections are performed accordingly. Our condo inspections include:
- An inspection of, and consultation on, the systems within your unit, focusing on their current condition and how they should be maintained
- A detailed investigation of all major appliances
- A check for manufacturer recalls on appliances.
- A detailed inspection report (link to sample report) that documents the condition of systems, components and appliances, including illustrations, photos and maintenance advice
- Membership in the Carson Dunlop homeowners Association with many value added benefits
A condo inspection also helps you understand your property so you can know where to turn off the water in an emergency, understand how to clean the clothes dryer exhaust duct, change the air filters, etc. think of your condo inspection as a course in homeownership.
Purchasers of new condos in Ontario are protected by a government-mandated 10-day cooling off period. There is no such protection for purchasers of resale condos. You can access Consumer Protection Ontario’s guide to Owning a Condo here.
A Carson Dunlop condo inspection also makes you eligible for the unique Home Care Plan – low cost insurance against mechanical breakdown of heating and cooling equipment and your appliances.
The cost of a condo inspection is roughly 1/20 of 1% of the purchase price. Our fees start at $312 – a very small price to protect one of life’s largest investments. You wouldn’t buy a car without taking it to a mechanic to check it out. It makes infinitely more sense to get the information you need to make great decisions about your new condo.
Scheduling an inspection is easy. Simply go to www.carsondunlop.com and Book Your Inspection online or call us at 416-964-9415.
What do other people think? Here are some articles on the subject: