Should we get an inspection?

no one regrets hiring an inspector!

Make sure it's a good inspector....a lot of them miss stuff

I never understand the inspector for a condo. If it a few years old most of the problems would have come out. Otherwise, it is likely that the appliances and what not may be screwy. I personally like to read (myself) the board minutes.

But then, a few hundred bucks may buy you peace of mind.

A lot of the boards don't have much info in the minutes, particularly for the smaller buildings. If it's a few years old and the board hasn't been incompetent then they likely have dealt with the developer at least to some extent. Our seller outright lied (in the contract) and said there were no assessments pending when one had been approved (leaking issues) before he put the unit on the market. The engineer (not inspector) we hired, highly recommended, said everything was fine BUT he was the one hired by our condo association to provide the report which was used against the developers and he never revealed that to us or our attorney. We're only out of pocket a couple of thousand, but I could imagine much worse scenarios now that I've been through this process.

AR, are you suing? Between the lying seller and the fellow owners who were behind on the mortgage, maybe you should be a renter?

An argument could be made, both for renting and suing. But no. Thus far I only take part In law suits in which I am named as a party by others.

The fellow owners behind on the mortgage is not an issue. The foreclosed property is on the market, with no such indication, at a very much non-discounted price. Sometimes an inflated market helps, sometimes it hurts. Winners and losers, which one will you be today?

I'm going to be a winner today, but it's 9:30, and tomorrow if Friday the 13th, so

I always have a terrific building inspector thoroughly review any unit (co-op or condo) from top to bottom before any contract is signed. It's the best peace of mind one can buy before contractually committing to purchase.

I would have the inspection done (unit and building, especially the facade), especially if it's a new conversion (not sure from the OP if that's the situation here). I can think of two newer conversions where serious defects were not caught and that have resulted in severe water intrusion and litigation. Please google Arris Loft condos in Long Island City (converted factory) and 2056 Fifth Avenue in Harlem (converted church rectory). Both of thsse buildings suffer from water intrusion and the owners in each have filed suit against the sponsor.

I can think of a condo conversion I've steered buyer clients away because of facade problems -- and another one that my boss hates. If you think you're broker can't or wouldn't flag something like that, then yes, hire an inspector. Cost is minimal compared to the hassle of a leaky building.

ali r.
DG Neary Realty

Thanks everyone for the responses, I've decided to hire an inspector. Sorry I wasn't clear, we are buying into a new conversion that is still under construction and we will be the first to live in our unit.

cdrm1980 & Ali R. - I am going to google Arris & 2056 5th, but am wondering what kind of facade issues would be specific to (assuming they are specific to) a conversion? The exterior is one of the few things that is not changing about the building so wouldn't any facade problems be unrelated to the conversion? Having said that, the windows are new and maybe there could be leakage issues if they are not properly installed.?

I'm thinking more that the standard for watertightness goes up for a residence -- if you have a building that serves as a warehouse or factory, and all the machinery's in the middle, you might not care greatly about minor window/wall water leaks, whereas if you have a couch or a painting over by that edge, you care deeply.

ali

A good inspector should be able to comment on the facade's stone-work and give you a feel for any work needed (think monthly assessments, or depletion of condo reserves). We walked away from a condo purchase based on such feedback. 12 months later (and for a year since), that building's been covered in scaffolding. Also, get a contractor with an infra-red camera to check for dampness (in shower, on roof deck, etc.). $500 is good value for the peace of mind.

Ali & nyc apt buyer - thank you for the advice.