Myrtle Beach - 25 April, 2005 -

The real estate market in the Myrtle Beach area is dominated by the sale of condominiums. In fact, in 2004 condominiums represented 56% of all residential sales, according to data from the Coastal Carolinas Association of Realtors. Bill Kruszewski, Myrtle Beach-area director of HouseMaster , one of the leading home inspection companies in the U.S. and Canada , suggests having a condo regularly inspected to avoid costly repairs or potentially hazardous conditions. "Periodically inspecting and documenting the conditions of the major systems in a condo can offer peace of mind, allow owners to budget for repair needs, and reduce liability should the unit be rented or leased," says Kruszewski. Many investors see the benefits of the individual ownership of a condominium unit combined with joint-ownership of common facilities, such as pools or playgrounds. While maintenance and landscaping are generally included in monthly maintenance fees, it is crucial that the unit undergo regular inspections, both at the time of purchase and periodically thereafter. Buyers may assume that a unit does not need to be inspected because it is part of a common property, but, Kruszewski warns, "Just like buyers purchasing their own single family house, a home inspection of a condo will give the buyer a written report on the condition of many of the condominium's interior systems and appliances so that he can determine if the condition is reflected in the list price or if major repairs are needed. "For example, buyers purchasing a condominium are sometimes unaware that while certain aspects of the routine maintenance of common elements are handled by an elected board and common reserve fund, many problems that arise particularly on the interior of the unit will often have to be resolved with additional money beyond the monthly maintenance fee, that comes directly out of the new owner's pocket," explains Kruszewski. He finds common repairs, which are typically the responsibility of the owner, include: Leaky plumbing fixtures (that could result in mold and/or leaks in adjacent units) Faulty or deteriorated heating or air conditioning systems Water heaters and built-in appliances at the end of their service life Non-functioning smoke detectors Defective GFCI shock protective outlets Kruszewski adds, "Living this close to the ocean brings its own specific set of repairs and maintenance issues. Many exterior air condition units are housed on the rooftops of condominiums and have reduced life expectancy and poor efficiency due to salt corrosion and deterioration." In fact, some repairs, like leaking water heaters or plumbing, may have to be made quickly in order to avoid damage spreading to other units, since walls and/or floors often directly connect to adjoining units. Defective or improperly wired outlets or shock protective devices may also pose a safety hazard. If a condominium is not properly maintained, an owner may also find himself liable for any damage or injury to a tenant or his belongings due to defects that develop in the unit. Kruszewski suggests buyers of a multi-building complex should know the age of buildings or development and what major repairs have been made over time. And, he says, it's important to keep in mind that although an investor may not be directly responsible for repairs to common elements, such as exterior roofing or siding, these elements may still hold a financial impact for the investor. Since all units are typically built around the same time, when one building begins to have problems, often, all other units follow. "When the roof of one unit goes, it is likely that many others will follow suit," adds Kruszewski. "Ultimately, a condominium inspection should be performed when a property is purchased, then routinely inspected every few years to ensure all systems are operating and well-maintained, and for the safety of all involved," concludes Kruszewski. HouseMaster has franchises in more than 370 cities in the United States and Canada . The company has collectively performed nearly 2 million inspections since 1979. For additional information on buying a condominium or home, visit www.housemaster.com or call HouseMaster 's Myrtle Beach location at 888.496.4663 or 843.280.7132.

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