Chicago area Town Homes, Condos and Co-Operatives are available in several different types of building structures and settings. Our inspections are performed on the systems and components within the condo or townhome unit you are purchasing, as well as common areas and components that may directly affect your unit. Remember, when buying a new condo or town house you are also purchasing a percentage of the responsibility for the condition and maintenance of the buildings' common areas and components.
Each condo, co-op or townhouse building structure and setting determines which common areas or components are accessible to home inspectors and what components can be inspected. Access to a property's common areas and systems allows our independent residential inspector to complete a thorough townhouse or condo inspection. Our inspectors' professional experience gives Real Estate Inspectors Group the ability to make critical judgements concerning the condition of your multi-unit purchase by being able to determine what common areas or elements in your type of building should not be over looked and should be accessed.
The Process of Obtaining Relevant Information about your building may be affected by how your association handles property maintenance. For example, property maintenance may be under the direction of an outside management company, the building may have its own fulltime maintenance department, or maintenance operations may be under the direction of a member or members of the association. Some condominium communities have two associations. This is prevalent in buildings with both commercial and residential condos, where each association may be responsible for different systems or areas of a building.
Larger communities (e.g.: Mid-Rise and High-Rise condos) are more complex and may employ an engineering or architectural firm that conducts reserve studies. A reserve study determines budgeting and scheduling for a specific maintenance program. Estimated life expectancy of shared systems (such as heating, air conditioning, hot water, roofing etc.,) and time frame for replacement of the shared systems, is also provided. This type of building inspection is above and beyond the scope of home inspectors and requires the training and certifications of a professional engineer or architect. Evaluation of the common areas and systems for a condo or condominium in these types of buildings, would limit a home inspector as to areas in which access would be granted by the association. A reserve study, when conducted by a qualified professional is excellent protection for you. Still, it is an educated guess and will not guarantee that a major system will not break down and that an assessment won’t be in your future. Your best protection against future assessments is “Reserve Funds.
It is wise to obtain minutes from recent association meetings, view any recent reserve studies and inquire about budget and current funds available to your association before you purchase.
The Definition of What a Condo, Condominium or Cooperative is, has changed dramatically for Chicagoans over the past 20 years. Real estate developers are now purchasing older apartment complexes and factory buildings, gutting the interiors and converting them to condominiums and lofts. Sometimes existing shared mechanical systems are left in place and sometimes each new condo or loft unit is supplied with its own furnace, air conditioner, hot water tank and electric meter. This greatly reduces the number of shared systems in a building and provides more self sufficiency to each individual unit, lessening the over all responsibility of an association.
While appropriate inspections may have been conducted throughout the re-hab process by a city or county inspector, by the time a builder completes a project of this magnitude and transfers control to an association, the condition of the building and its’ components can change significantly. When you are looking to purchase a condo or loft in this type of building, an association may be newly formed or may not even be in existence yet. It won’t be likely that reserve studies have been conducted and reserve funds may be minimal or non existent.
Whenever possible and as a safeguard, a prudent evaluation of the condition of the roof, exterior walls, decks or balconies, as well any basement storage areas or parking facilities, is part of a quality inspection for a condominium, studio or loft in a rehab project in Chicago. You should inquire prior to the inspection of your unit, whether these areas can be made accessible to your home inspector for an accurate assessment of the over all conditon of your prospective investment. An inspection of the common areas, shared systems and interior of your loft or condo conversion is in order to protect you against undiscovered problems and unexpected assessments.
Pricing & Scheduling For Condo and Townhome Inspection
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