What Buyers Forget to Check: Insider Tips for NYC
If you’re planning to buy an apartment in the next year- save this list There are a few things that many new buyers often forget to check when buying their first home. Although many wouldn’t necessarily be deal-killers, they can be used for negotiating leverage. Here are a few:
1: Assessments-
Not just current- But have there been any in the past, and what were they for? Knowing how your building dealt with expenses in the past will add some insight as to how they run things.
💡Have your agent and attorney request the assessment and maintenance HISTORY- not just the current minutes from the last board meeting. Some boards may not talk openly about future considerations - but they can’t hide what’s been done.
2: Noise (Internal/External)-
Nothing is worse than paper thin walls, elevator dings, AC units that squeal, dogs down the hall that bark at every hallway sound, etc etc…..
Sirens may be a part of city life- but being on the ambulance route to a hospital or on the path of a firehouse will exacerbate any sensitivities- and ‘City Windows’ can only do so much…
💡 Be sure to visit the apartment 2 or 3 times- and DURING THE HOURS YOU WILL MOST OFTEN BE HOME- (after work, mornings on weekend, times you are typically home)
3: Water Pressure-
It’s very hard to improve- and future renovations may be subject to efficiency codes that will only add to the challenge.
💡Roll up your sleeves and run the shower, and test the kitchen sink!
4: Utility Bills-
How is the building providing heat, electricity, etc. and what swings have there been in prices?
💡 Get a copy of the last 2-3 years bills if possible and see if there have been any dramatic changes, and find out what drove them. Could it happen again?
5: Clarify What is included in the Purchase-
Ask about Fixtures, Wine Fridges, Window Treatments, etc - basically, ask and confirm anything that is not nailed down!
Remember- your purchase price will set the bar for this investment. Knowing these items will help you negotiate from a position of strength and help reduce any surprises that will add to carrying costs in the future.
Still have a question? Please contact me at 917-975-9531 or sturner@bhsusa.com
