Buying a Used Apartment
Sorry if someone has already posted a link to this gem from the WSJ: http://online.wsj.com/article/SB10001424052748703683804574533633596413714.html#articleTabs%3Darticle Quote: “There’s nothing wrong with buying a condominium in a building that once housed rental apartments, as long as you keep two ideas uppermost in mind: First, you’re buying a used unit, and second, you probably won’t get a full…
Sorry if someone has already posted a link to this gem from the WSJ: http://online.wsj.com/article/SB10001424052748703683804574533633596413714.html#articleTabs%3Darticle
Quote: “There’s nothing wrong with buying a condominium in a building that once housed rental apartments, as long as you keep two ideas uppermost in mind: First, you’re buying a used unit, and second, you probably won’t get a full picture of the building’s defects until after you move in.”
As opposed to buying in a new development…
espestos problems aside, faults of an older ehabbed building are likely to be more easily visible than with a new development. Typically you’d need ask:
How old is the roof?
When was the brickwork last repointed?
How old is the boiler
What are the scheduled capital improvements over the next 5 years?
In a new development, you have no idea about the quality of workmanship for the foundation, the facade, the roof and the windows. Typically major flaws don’t show up until years 2-5.
Buyer beware of new construction hastily put up in a frothy market.
Use the NY Times for the Dining and Food section and the book review.
Somehow, my impression of WSJ staff was that they know what they are writing about… oh well, maybe that doesn’t apply to their advice columnists. The article was so out of touch with the Brooklyn (and NYC) realities; maybe they should have asked to respond one of their people who actually lives in New York City.
yeah, what a dumb article. Many of the most prestigious coops in the city spent time as rentals. Apthorp anyone?
the real lesson is that both new and old construction is going to have problems. if you want to own, then you have to be ready for it….
shows why you should never trust the horses asses writing for the wsj..
Well a new apartment is definately much better especially if you have that new Chinese made espestos lined sheetrock. It adds that extra touch of class the house needs.