When you’re ready to sell your condo, there are several things you need to prepare for. One of the most important is the buyer’s inspection. Though you won’t have to worry about an inspection until you have accepted an offer on your condo, it still pays to get ready for this important event even before the “for sale” sign goes up.
When your prospective buyer plans an inspection of your condo, their inspector will be checking out all of the condo’s major systems, just like in a home inspection on a freestanding home. But, in a condo inspection, things are just a bit trickier, and you must be prepared to answer some questions that don’t come up in inspections on single-family dwellings.
Owning a condo means that you are part and party to some shared spaces within the complex. In most cases, what you are solely responsible for includes the complete interior of your condo, including items such as the hot water heater and other major appliances, as well as condition of floors and drywall. Exterior areas of a condo are co-owned by the condo owners, usually as part of a condo association.
As the inspector looks at the exterior portions of the building and other items commonly owned, there will be financial questions asked, particularly if something is in need of repair. Prospective buyers will want to know about reserve funds on hand with the condo association to handle upcoming needed repairs and maintenance. No buyer wants to get into a condo that needs a lot of repairs that will likely require a big assessment after they’ve purchased.
To be prepared for the questions that come up about common areas and repairs or maintenance that might be needed, you should have access to the financial records of your condo association, including reserve funds on hand, assessments required during the last few years, and anticipated assessments. A little preparation will go a long way toward easing a buyer’s mind about the state of your condominium, both inside and outside.