Things to Consider When Purchasing a NYC Luxury Condominium or Co-Op

When purchasing a luxury condominium or co-op in New York City, there are always numerous factors to consider. Some important factors to always keep in mind include the building's physical condition as well as the building's financial stability. Questions to ask when assessing the building's physical condition:

  • When was the last time work was done on the façade? Are there outstanding issues related to the façade?
  • When were the aforementioned items last repaired? When are these items next set for maintenance?
  • What is the condition of the plumbing?
  • How old is the boiler?
  • When was the last time work was done on the building’s electrical and HVAC systems? Are there outstanding issues related to the building’s electrical and HVAC systems?
  • When was the last time work was done on the common areas?Are there outstanding issues related to the common areas?

 

Questions to ask when assessing the building's financial condition:

  • How large are the building's cash reserves? How does it compare to other similar buildings?
  • Are the management fees and maintenance fees for the building reasonable?
  • Are there any upcoming scheduled repairs that could endanger the current cash reserves?

 

Of course, these are not the only factors to consider. However, it will be much easier to gain comfort when assessing the quality of your future purchase. Good luck and happy hunting!