Buying a Boston high rise condo can be a dream come true, but not all real estate purchases are completed without stumbling across at least a few bumps in the road. When buying a Boston condo, there are several common inspection red flags that may arise. For example, the inspector may find issues with the electrical system or signs of a previous water issue that was not properly fixed. Older Boston condominiums may have asbestos or lead-based paint. These are only a few of the more common things that could be noted in an inspection report for a condo. If you’re not sure how to handle these issues, there are a few options to consider.
Ask the Seller to Repair the Property
The most common course of action for a buyer to take is to negotiate for the seller to repair the property before the closing date. In some cases, the repair process can take weeks to complete, which could potentially move the closing date back. However, you will be able to buy the condominium with confidence knowing it has been properly repaired.
Split the Repair Costs
Some sellers are not keen on making repairs to a property that will no longer be theirs. Others may not have the funds available to pay for the full cost of repairs. One way to combat this is to negotiate a fair split for the repair costs. For example, if the property needs a new HVAC unit, you can pay half the price for the unit yourself and take ownership of a loft with a brand new system under warranty.
Negotiate Reimbursement for the Repair Work
In some cases, your lender may require the repairs to be made before closing. However, if the lender has no requirements and you are the concerned party asking for the work to be done, you can always do the work yourself after closing. For example, you can ask for a repair allowance of a few thousand dollars so the seller pays for the repairs. This way, the closing date can remain the same.
Walk Away from the Transaction
There are some instances when an inspection reveals that a property is in very bad condition, and the buyer no longer wants the property as a result. If the inspection report was completed during the contingency period, you may be able to walk away from the transaction with minimal cost to you. Your real estate agent can advise you about the best steps to take. Each transaction is unique, and you may be faced with a tough decision after reading the property inspection report. A smart idea is to discuss your primary concerns with your Boston condo agent. An agent’s experience and insight can be helpful when trying to determine how to proceed.
Whether you’re looking at Boston Beacon Hill condo or condos in a high rise luxury condo, make sure to get the property inspected. You’ll also want a trusted agent by your side who can guide you through the buying process. Call Ford Realty at 617-721-9504 to see the latest listings on the market
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