As a first time buyer in NYC, you might be wondering if you should get a co-op or condo inspection done before signing on the dotted line.
This is a great question to consider, especially if you’re the extra cautious type!
Here’s what you should think about when making your decision.
Co-op and condo inspections do actually happen in New York City. But inspections aren’t considered a mandatory part of the process.
Because a lot of the information you’d want to know about the apartment and the building can be uncovered by the diligence process.
If a seller did renovations, your attorney can find out whether or not things are up to code based on building filings with the Department of Buildings.
And if there are any issues with the building itself, that’s likely to come to light when your attorney reviews board minutes and available information about pending capital improvements and assessments.
A final point to note – if something is actually wrong with the building, there’s less risk to you because the cost of repairs will be spread amongst the owners.
But if you want that extra level of assurance, go ahead and hire an inspector!
In certain scenarios, getting a co-op or condo inspection can be very, very helpful. Here are some situations where you should consider it.
Have more questions about buying your first home? Then download my FREE first time buyer guide which lays out everything you need to know from start to finish. Get it here.
Get my NYC First Time Home Buyer Guide FREE when you sign up for my monthly newsletter
By clicking Sign Up you're confirming that you agree with our Terms and Conditions.