5 Questions to Ask Before Buying a New Condo

by | Sep 8, 2016 | Real Estate

If you’re looking at condos for sale in Manhattan, you may be tempted to buy a brand new unit, such as the ones being built in Hudson Yards. These beautiful, sleek and modern condos offer a luxury that is rarely seen in existing condos. Before putting down any cash for a new build, however, there are some questions you should ask the developer. Here are the top 5:

  1. Do you give concessions? Some new condo developers will help absorb certain costs, such as the first few months of a condo fee, closing fees, or lawyer’s fees.

  2. What about a mortgage? While it’s not impossible to secure a mortgage for new condos, it can be trickier due to Fannie Mae regulations. Some banks do not give mortgages for dwellings that haven’t been constructed yet. Condo developers deal with issue by lining up ‘preferred lenders’ that give mortgages until Fannie Mae specifications have been met.

  3. What kind of retail will the building have? Many condo developments mix residential space with office and commercial space to make it more convenient for condo owners. Developers such as Hudson Park have integrated an entire village into their development, so you’ll have access to greenspace, cafes, entertainment and restaurants, all within walking distance.

  4. What kind of amenities are going to be included? As a condo owner, you’ll want a certain number of amenities, such as a swimming pool, games room, fitness center and storage unit. Hudson Park has all of these amenities and more.

  5. When Can I move in? This is probably the most important question of all. You’ll need to know when the condo will be finished and ready to occupy. This will help you plan ahead when it comes to giving notice to your current landlord.

Buying a new condo is an exciting venture, but it takes some planning and the right questions to make it an enjoyable process.

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