Buying an apartment for sale can be one of the biggest purchases that you make in your lifetime. That’s why you need to be sure you’re buying what you think you’re actually buying; otherwise, you’ll end up buying an apartment for sale that’s less than you bargained for, even if you may not see any damage or repair work that needs to be done. The home inspection, or in this case, the apartment inspection, can potentially save you from buying an apartment for sale that has costly repairs. What does the “apartment” inspection check against?
The apartment inspection checks against both patent and latent defects. A patent defect is something that you can easily recognize with your own eyes, such as water stained ceilings, leaky pipes, or moldy walls. These are easy to spot even in the initial walkthrough. You will probably notice other patent defects on subsequent walkthroughs. It’s a good idea that you make a list of such defects and even take photos so that you can check it against the inspection report.
Latent defects are those defects that you can’t easily see with the naked eye. Examples would be mold under a carpet, foundation damage, dry rot, and asbestos. This is where the inspector comes in, as he has the tools and knowledge to check out these potentially serious defects. Sometimes you’ll have an apartment owner disclose such defects, while other times you might not, or the owner may not be aware of them himself. How will this affect the purchase of the apartment for sale? Once you have the inspection report in your hands, you can then decide to renegotiate your offer if substantial defects were found or choose to pay for the repair yourself. For example, if the report shows moldy hardwood floors, then you can either decide to repair it yourself (at your cost) or lower your bid by the amount it would take to repair the problem. Another option would be to walk away from the apartment and keep searching for a more suitable place. Your decision would really depend upon how much you’re willing to spend on repairs, how flexible the owner on lowering the price if needed, and how much you really like the place. |
