Condos have been around forever. They are a great way to attain home ownership with little maintenance of the property. You basically only own the unit you live in. There are generally assessments that are paid monthly. These fees cover items that you might or might not use like lawn care maintenance, pool, sun deck, cleaning services for hallways, elevator services, doormen, parking attendants, water, heat, electric and anything that could be used in a multi-unit building. We were hired for a home inspection in Mount Prospect, Illinois recently.
When we inspect a condo, we inspect all the public areas that we are allowed to have access to. This was definitely the case at the home inspection in Mount Prospect. We were granted access to the roof of the 8 story multi- unit building by the maintenance company. This is great for are client because we want to make sure there aren’t any potential issues on the roof that could form into a special assessment. A special assessment is a fee that will need to be collected by every owner of each unit in the building to pay for the items in need of attention.
The issues with the home inspection in Mount Prospect was there was a chance that there was going to be a special assessment for the remodeling of the hall ways and front foyer. There was going to be a 1 time payment of $1700.00 dollars that would be due after the voting of the condo association. I got this information while talking to some of the neighbors at the home inspection in Mt. Prospect, Illinois.
That is one of the major issues I’m diligent on trying to establish. I don’t know of any of my past clients that have $1700.00 burning a hole in their pocket to spend without notice. So if you are planning to buy a condo, make sure to have your inspector ask these questions to protect your bottom line.
If you are buying a condo and need help with possible special assessment and what to look for contact us at~ www.pinnaclepropertyinspection.com Jim Kolke