Why You Need a Home Inspection Before You Purchaser a Cooperative Unit
Prospective cooperative unit purchasers need to have a home inspection before entering into a contract just like purchasers of houses and condominium units. True, the cooperative corporation is responsible for the building’s common areas, including entrance, hallways, roof, etc., and any repairs to those areas are paid for by the corporation and its shareholders (including you!) However, any necessary repairs, leaks, termites, etc. inside your future unit will be your responsibility, not the corporation’s. So, you should know if any defects exist – and how much they will cost you to fix – before you sign the contract of sale.
The purpose of a home inspection is to identify required repairs of which you, as proposed Purchaser, should be aware before you sign a contract of sale. If you know what needs to be fixed and how much the repairs will cost, you can make a good decision as to whether you want to purchase that home. While a home inspection may be waived, it is not advisable. Home inspectors are trained to see faulty areas of your unit which may not be noticeable to the lay person. Inspectors are licensed by New York State and look at the structural integrity of the unit so you make an informed decision.
Without an inspection, you are entering into the contract blind as to your exposure for necessary repairs. Your home is probably your most important and expensive asset. Getting a home inspection before purchasing a cooperative unit is a smart decision.