Why Don’t Buyers Typically Do a Home Inspection in NYC?

Why don't buyers typically do a home inspection here in NYC? We'll explain why in this video.

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So, most buyers in NYC do. Not undergo a home inspection as part of the typical purchase. This might sound unusual because in the rest of the country an inspection is a critical part of the home buying journey. But in New York City inspections are uncommon, and the reason is that the majority of the housing stock that buyers are purchasing into consists of condos and co-ops.

Condos and co-ops are a form of shared ownership where of course you have a building with many other owners and you typically have a building managing agent somebody who oversees the day-to-day activities of the building. You oftentimes have on-site super in the case of medium and large-sized buildings. So in other words, you have you know a lot of people who are tasked with taking care of the building everything outside of your particular unit and of course you have the condo or co-op board which is making these managerial decisions in terms of capital improvement projects, getting updates from management in the super about how to keep the building in good order.

So the reason why inspections are less common in New York is because there's really not that much to inspect. Now if of course you're buying a townhouse or a multi-family or a freestanding house obviously in that case an inspection is quite important and always done, and this is because you as the owner have complete responsibility over everything inside
and outside the structure that is on your lot.

So think for example about the roof, the boiler, the facade ,the fire safety sprinkler system. All of that is your direct responsibility if you're buying a townhouse multi-family home and so forth, whereas if you're buying a condo or co-op all that stuff is handled by many people whose primary job it is is to ensure that everything is going smoothly and things are maintained throughout the building.

Some buyers say well hey can my inspector you know go down to the boiler room go check out the roof in my condo building so that i know you know whether there's going to be assessments in the future if I am to buy the property? The answer is you know sure your inspector can
definitely go look at the common elements look at the boiler room if there is access. This is particularly important in the case of smaller and fairly-new boutique new construction buildings from smaller developers.

In the case of like an estate sale if you're buying an apartment that is a total mess and a wreck and it hasn't received any love or attention in decades that's a scenario where an inspector
might be a good idea. It might also be a good idea to have an inspection done if your apartment contains meaningful outdoor space like a roof deck terrace or if it's a ground floor apartment due to the additional risks associated with outdoor space or being very low or very high up in a building.

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