Buyer’s Guide To New Condominium Developments
So you’re looking into some condos. Great! To be more specific, a new building, complete with a stylish layout and modern amenities. While these condos can turn out great, they also come with plenty to think about before making any purchases, ranging from the obvious to smaller details you may not think of. Before you’ve made up your mind, here are a few things to think about on your way towards purchasing your dream home.
Let’s address the elephant in the room. When looking into a condominium, it’s almost a guarantee that the newer the building, the higher the cost. The real estate market, like most other things, tends to place a premium on new developments. According to market data new condominium developments sold for more than two times that of co-ops during the first quarter of 2018. Granted, that was almost a year ago, but the point still stands: new often means pricier. With that being said, it may behoove potential buyers on a bit of a budget to not go after the biggest and the boldest condos on the market. Instead, Manhattan Real Estate Broker David Aharoni suggests “looking for buildings that have been around for a year or two, enough to see the initial price surge to adjust to something more reasonable.” In addition, look into whether the price is negotiable, and on the flip side, whether you’ll be paying for extra building amenities or any other surprise costs.
Know Your Apartment
Often when a condominium is in the process of being built, developers will show potential buyers an off-site model. While this can be nice, it still isn’t the same as the actual property itself. When the building is closer to completion, ask to be given a new tour. Typically, one of the units will have been designed and furnished for this purpose. In addition, it helps to see the little details in play. As Mr. Aharoni notes, “Things such as lighting and floor design - is the kitchen too narrow, etc. - can go a long way in how you see your future home. Be sure to ask questions as well, especially given that the building is just being completed, or is relatively new. Investing in a condominium is a huge commitment; no stone should be left unturned.” It can also help to ask when move-in dates are possible, as that will give you a timeline to go by.
Know Your Surroundings
While the apartment is of the utmost importance, it also helps to know the building as well. Simple stuff such as testing out sound barriers and ventilation systems can go a long way in determining whether the condo is a fit for you. Asking around, if the condominium has other residents at the time of your tour, is a useful exercise in getting a feel for the area. One crucial aspect that is often overlooked is whether the condominium is mixed-use, which can lead to an increased maintenance fee. For those who want to pied a terre or sublet, finding out whether it is permitted to lease the condo is a big deal as well, since building policies vary and can restrict such arrangements.
For more details on where to look for and how to go about purchasing a condominium you'll want to contact the sales office at our sister company Park Avenue Properties. Feel free to ask our experts any pressing questions you may have relating to your next condominium purchase.
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