Whether you’re buying or renting a condominium or renewing your condo’s insurance coverage, a building inspection is something you might already have considered, advises JTS Management, a leading property management company.
After all, a thorough condo inspection is the first step before you go ahead with any of the above.
But if there’s one thing that you’d be curious about, it is what kind of inspection you should get.
More specifically, should you choose a four-point or a full condo inspection?
You see, the difference between the two can be confusing for both new and old condo owners/tenants.
For instance, while a balcony inspection service might be included in a full condo assessment, I can’t say the same for four-point inspections.
And that’s exactly why I’ve broken these inspections down for you in simple terms. I’ve explained which inspection and post-inspection condition assessment report is right for your needs and why it matters.
So, read on and know everything about four-point vs. full condominium inspections.
What is a four-point condo inspection?
Let’s start with the most sought after inspection by condo owners and associations, i.e., a four-point condo inspection.
As the name suggests, this inspection focuses on four main areas or systems of your condo unit, namely:
- Electrical wiring
- Plumbing
- HVAC
- Roofing
Herein, a building inspector carries out a visual examination of these four components, checking their overall condition and age.
For instance, an inspector will the following during a four-point inspection:
- Closely assess the wirings for any exposure or damage
- Examine pipes for leaks or outdated materials
- Test the HVAC unit
- Assess the roofing for its integrity
When do you need a four-point inspection?
A four-point inspection is usually sought by insurance companies when you seek a new insurance or go about renewing your existing converge.
You see, the four building components that I mentioned earlier are most likely to need repairs or replacements, especially as your condo ages. So, insurance companies require a four-point inspection to make sure they don’t end up covering a building that could become a potential liability.
The idea here is simple: To identify any issues or potential future problems in these key systems. This way, insurance companies will know what you’re getting into before finalizing the purchase or insurance policy.
Note: If you’ve got an in-house steam sauna facility like a steam room, the electrical and plumbing inspection will cover it as well. Meaning, you need not hire an inspector separately for your steam sauna.
What about the duration and cost of a four-point inspection?
A four-point inspection is relatively quick. So much so that it only takes around 45-60 minutes, on average, to complete an inspection.
Also, it goes without saying that it is way less expensive than a full inspection. That’s because a typical four-point inspection only costs between $125-$175.
What is a full condominium inspection?
As you might already have figured out, a full condo inspection is much more comprehensive compared to a four-point inspection.
You can think of it as a top-to-bottom assessment of every visible system and component within your condo unit.
In fact, if the condo association has called in for an inspection, the inspection team will assess the entire condo building and not just your individual unit.
So, in addition to the four-point inspection items like electrical, plumbing, HVAC, and roofing components, a full inspection will also examine:
- Structural integrity of walls, ceilings, floors
- All windows, doors, cabinetry, and built-in appliances
- Attic, basement, and crawl spaces if accessible
- Exterior elements like siding, trim, walkways, railings, etc.
- Safety components like smoke detectors and fire suppression systems
- Evidence of current or previous water damage, leaks, mold, etc.
- Insulation and ventilation
- Any signs of termites or other wood-destroying insects
In short, every nook and cranny of the condo will be inspected thoroughly during the inspection.
Now, at the end of the inspection, the inspector will also provide photos documenting any issues found, as well as a detailed report summarizing their findings. Also, they’ll suggest potential repairs or replacements that might be required.
When do you need a full condo inspection?
Most commercial real estate experts recommend getting a full condo inspection if:
- You’re purchasing a resale condo, especially one over 10-15 years old
- You’re planning on getting a 40 year recertification
- You want to get a complete picture of the condo’s condition in order to negotiate repairs
- You waived the inspection contingency to win the purchase bid
- You’re planning to renovate or undertake major upgrades that could uncover other issues
- You have concerns about the condo’s overall structural integrity and want an assurance
What’s the duration and cost of a typical full inspection?
As you can imagine, a full inspection is way more time-consuming. So, a typical inspection for condo units can take 2-3 hours to complete.
Also, it’s more expensive with the average cost of complete condo inspection ranging between $300-$500. However, the exact cost will depend on the condo’s size and complexity.
Nonetheless, while more costly upfront, a full inspection also provides an unparalleled peace of mind.
That’s because, without a full inspection, you could be stuck with expensive surprise repairs and headaches down the road.
To sum up
When it comes to protecting your condominium and the big-ticket investment you’ve made, it makes sense to spend a few hundred dollars and secure a peace of mind.
A four-point inspection is good enough for insurance purposes and I can’t agree more. But for a complete analysis, a full condo inspection is well worth the additional cost. More so, if you’re purchasing an older resale unit.
