On a condo inspection we typically inspect the unit, as well as common areas that are accessible and available. The general appearance of the property can give you some clues as to what's being taken care of and what is not. As in the photo, when they do not take care of the entrance brick work and hand rails, it's a red flag. It's amazing that buyers sometimes do not realize that they will "own" the common property and that it's condition is important. I have had Realtors say to them, " the association" will take care of that! Well , that may be true, but who is the association? It's all the owners including you. Yes they will take care of it, but will it be within the maintenance fee or will it be a special assessment? When you know the general condition of the building, you can then compare it to the maintenance fee and the reserve for the projects that they have planned. Then you can consult with your attorney on what is sufficient reserve, plans, risks etc. So please be sure that when you purchase a condo, you have the home inspector review the common property for an overview of its condition so you can make an informed decision. Otherwise you may get caught when the music stops and they hand out the "special assessments" with a loan application to pay for it!
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