Hello Good evening!

Im writing because I am curious about buying a condo in Brooklyn. I am in my mid 20s and this will be my first time buying. I need to know what are some important aspects in buying a condo. What are my responsibilities outside of my mortage and maint’ fees. What are some costly problems that I may run into? Any tips any one. Please share

gyaw123

in About Brooklyn 12 years and 10 months ago

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gyaw123 | 12 years and 10 months ago

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Thanks everyone I appreciate all the tips and advice

slopemope | 12 years and 10 months ago

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starting at zero knowledge, go to amazon and buy The New York Co-op Bible.

daveinbedstuy | 12 years and 10 months ago

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Be VERY CAREFUL about buying any new construction.  These pages are chock full of examples of shoddy workmanship…roof leaks, window leaks, facade issues, etc.  make sure you do your homework on the builder/developer.  If the building is over 5 years without these issues, probably a good testament to better quality.

brokelin | 12 years and 10 months ago

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…because you will not be able to compare listings to one another unless you know the differences.  also, you may decide one or the other is better for you. coops are cheaper to buy, as closing costs are less, and usually what you will see more of if you like old, small buildings, like brownstones, as condos in them are fewer, unless it is a recent conversion.  newer construction, like last twenty five years or so, will be condos.  condos have the advantage of being able to rent out more easily if you move, and to sell to whomever you want when you sell.

brokelin | 12 years and 10 months ago

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Good list. Expanding a bit…there are two types of buildings, large and small.  really small, like four units, are usually self managed and a lot more work, similar to living in a small coop.  also, they may have low reserves, and instead choose to just assess owners the cost of building projects when done.  In addition to mortgage, you will pay common charges…maintenance is for coops.  In a condo, you will also pay your own property taxes…in a coop, the building pays them from your maintenance.  If you are new to NY and using condo as a generic term for owned apartment, your first step is to learn the differences between coops and condos.

daveinbedstuy | 12 years and 10 months ago

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Find out the following: 1\. Have there been recent assessments and for what??  Usually you look for a new roof, recently repointed brickwork, window replacements, lobby refurbishment, hallway refurbishment, a new boiler.  If none of these have been done recently you will want to know when they are scheduled next.   2\.  How big is the cash reserve?  Is it enough to cover emergency work like roof leaks, etc. 3\.  How many units are owner occupied vs. rented out? Your mortgage company will want to know.