If you are planning to buy one of the condos for sale in Irvine, there are some basic steps that you need to take before investing your hard earned dollars. You need to know about the Homeowners Association of the complex you are buying into and check all the necessary papers and the financial costs per month. It is also essential that you inspect the property that you are planning to buy.
Assess the HOA (Homeowners Association)
Once you have made an offer, the next step would be to evaluate a resale certificate. You can determine and assess the HOA by this certificate. Find out if the association is maintained properly and they manage the budget sensibly. If there are running low on funds and there are outstanding dues for ages, then it means that the HOA is in deep waters. If you invest in condos for sale in Irvine with such shady HOAs, then you are buying into a lot of financial problems as well. The associations which seem to hide information from you are also not a very good sign. It means that they have something to hide and they will also give you problem in the long run as well.
HOAs that exhibit an upbeat approach to building maintenance are usually very clean. You don’t need to go into a special assessment in such places if you don’t want to.
Type of Inspection
There are two types of inspections available for Condos.
- Full inspections
- Interior Only Inspections
Full Inspections
When you hire an inspector for a full inspection of your condo, it means that he will check every nook and cranny. Compared to a commercial inspection, a full inspection may not be as thorough or comprehensive but it is still very effective. The inspector would inspect and examine any attics or nooks and crannies attached to your prospective home. Along with the interior, the exterior will be given a thorough inspection as well. The roofs, basements, and garages will also be investigated.
Interior Only Inspection
Just like the name interior only inspections are limited to the interiors of the condos for sale in Irvine. The exteriors are not included in such inspections. If the condo you are interested in a very large tower, then interior only inspections are best suited to your needs.
Special Assessment
A special assessment is required when you cannot glean much information from HOAs. However, it does not mean that the condo or that building complex is not good enough to live in it. It just means that it needs a little more investigation and after that you can decide whether you want to invest in it or not.
Your Objective for Inspection
Your main objective when you opt for an inspection before buying one or more condos for sale in Irvine should be to gather all the information you can get from all the available sources. A team consisting of an expert real estate agent, your home inspector and yourself has to work on gathering all the information about the condition of the condo you are investing in.