Owning a condo in New York is a smart investment – in situations where all appropriate background checks have been done. However, buyers and real estate investors are sometimes blinded by the ‘unbelievably good’ deals and fail to see the traps that can come with these deals.
Before you commit your hard-earned money (or mortgage loan) into your first or next condo in New York, or put all you savings into the next condo available for sale in NYC, here are some things to cross off your checklist to ensure that you are making THE right decision.
1. Read and Understand the Total Package: Buyers are often too excited by the promises and deals offered by real estate agents and property managers. It is important that buyers know exactly what is available in the property and service package before signing up. When you get in and you’re not getting what you were promised, the only thing you can use as evidence for getting redress or compensation is what is provided in your contract.
2. Ask for Detailed Information on the Common Areas and Community Facilities to be shared: the last thing you want is to find out that what you thought was private is actually owned by the community (e.g., parking spaces, surrounding grounds and gardens, etc.)
3. Know the Quality of the Construction and the Construction Materials Used: having this knowledge will help you save a lot of money on repairs and replacements that bad or poor quality building materials can cost you. Beyond the financial costs that can be incurred, buyers also need to ensure that their lives and property are safe and secure (bad construction can cause collapse and low-quality electrical appliances can pose great danger to adults and children alike or cause fire outbreaks).
4. Ask for a Written List of Defects in the Property – and know the realistic estimates of repairs that are likely to be needed to get the property back to tip-top functionality. These will help you avoid unexpected ad unavoidable expenses in the future.
5. Be sure that the condo you want to buy is suitable for your needs, your budget and your earnings. These three requirements must be met to ensure that you do not end up with more than you can handle. If your savings can buy the property, can your future earnings maintain it? If you are buying with a mortgage loan, can your future earnings pay off the loan so that you do not lose your property to bankruptcy or foreclosure?
Buyers looking to buy condos for sale in NYC will always find good deals if they know what they need, look in the right places and ask the right questions. If you are unsure of doing this by yourself, get the right people to help you reach the best investment decisions.
