Apartment Viewing Tips for Buyers in NYC [2020] | Hauseit®

What questions should first time home buyers
ask and what should they look out for when viewing apartments in NYC? Keep watching for a collection of the most
relevant questions to ask and points to remember. The viewing is not a home inspection Home inspections are uncommon for condo and
co-op apartments because the homeowner is only responsible for the interior of the apartment. So don’t expect to start checking out the
building’s boilers and furnaces! While home inspections are common for townhouses
and free-standing houses, they are unnecessary for most re-sale apartments in NYC. This is because the building’s management
company will be responsible for maintaining the exterior and any common interior areas
of the building. The cost will be split among all owners within
the building depending on their pro rata share of ownership, paid through monthly maintenance,
common charges or assessments. Ask the listing agent for the square footage This is especially important for co-op apartments
where the size is often not listed. Keep in mind that listing agents may inflate
the actual square footage, especially if you ask them for an estimate verbally. It’s best to make your own estimation of
size after you have seen a few comparable condo listings where the size is listed. For condos and other real property, you can
verify what you’re told by checking out the property tax bill on the Department of
Finance website. Ask if the board of the apartment building
is friendly Your real estate attorney may be able to gauge
how reasonable the board is by reading through the building’s board meeting minutes. What is the sublet policy? The sublet policy often is not listed online
so you will have to ask the listing agent for it. This will be important even if you plan to
live there full time for many years. That’s because the ability to sublet your
apartment dramatically improves the marketability of your home. Are there any upcoming assessments? Assessments are additional levies on the owners
of a building for unexpected maintenance costs, repairs or simply to top up a depleted reserve
account. Is there any pending litigation? Litigation, especially when it’s between
shareholders and the building, can be extremely messy and expensive for all owners. Which direction do the windows face? Depending on where you are in the city, if
the windows face south or north, you may be able to get direct sunlight throughout much
of the day. If the windows face east, you will get direct
sunlight in the morning but no sunlight late in the day. The reverse is true if your windows face west,
you will to see the sun set but won’t see it in the morning. Is the apartment building on a ground lease? If there is a ground lease, that means the
building doesn’t own the land. If that’s the case, you’ll need to figure
out when the lease expires and what the terms for renewal are. Obviously if there aren’t any pre-set terms
for a renewal rate and the ground lease expires soon, you should be extra careful as it could
be significantly more expensive to renew the lease! Have an experienced guide you through the
purchase process for free, plus save $20,000 or more on your closing costs through a Hauseit
Buyer Closing Credit. Learn more at www.hauseit.com

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