New Construction is bad news?

There are lots of things to look out for in new construction, but remember, everything was new once, and some of the brownstones in Brooklyn have a lot of problems. I would agree that getting a full on inspection from a firm like Rand is a good idea, but make sure that this is the place you want before you shell out $2,000 for an inspection. Things to watch out for: 1\. Make sure all appliances work. 2\. Get an outlet tester and test every single outlet in the place. 3\. Make sure all the outlets in the bathrooms and near the sink in the kitchen are safety outlets (they’ll have reset buttons). 4\. Make sure that any air conditioning units can be easily removed for servicing. 5\. Check the security of the building. 6\. Make sure the sponsor is actually planning to sell all the units, and not just a few. 6\. Ask about extended warranties on all major appliances. 6\. Do not buy an apartment on the top floor or an apartment that has a terrace above any part of the indoor living space.

bkmatthew

in Construction 13 years and 9 months ago

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spaceaddict | 13 years and 9 months ago

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I am weighing my option of getting a place accessible to Bushwick L train. It is a brick new construction, I actually much prefer an old well maintained houses but price is an issue.

What are the cons of buying a brand new construction? Is it really a bad idea in terms of re-sale value?

daveinbedstuy | 13 years and 9 months ago

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Unless you really have some solid information that the builder has a good reputaion for quality work and there are examples of that, I’d steer clear.  New construction of course is a relative term.  If it’s just finished, run.  if it has been ther 4-5 years and an inspection reveals no problems with roof, pointing, curtain wall (if there is one), boiler, windows, foundation, then it probably has withstood a long enough test of time.

stencil | 13 years and 9 months ago

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You realize you’re asking about new construction on a site that’s, in general, very fond of old buildings called brownstones, right?

Only you can answer that question – if you like the place, go for it.  Get an inspector and enjoy.  If you really want an “old well-maintained house” then you should be searching for that, though, or you’ll never be happy.

I live in new construction and I love it, but I’m not much of a fixer-upper.

winelover | 13 years and 9 months ago

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perfect answer stencil.  i like new way more than old, and have been really happy in a new construction condo.

littlestmonster | 13 years and 9 months ago

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Get an inspection from Rand Engineering. It will be expensive but it is totally worth it, they just saved me from making a tragic investment. And, check the developer. If it is a Hasidic operation, run.

callalily | 13 years and 9 months ago

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In Bushwick, condos are less expensive in absolute terms than a whole house but more expensive on a per-square-foot basis, whether new construction or not. As for whole houses in Bushwick, I haven’t seen any difference in price between new and old construction. Certainly I would not say a new place is cheaper, though that’s an interesting idea. You can get a two- or three-family in move-in but bad condition needing work for about $400,000\. You can get a three-family in fantastic original condition needing no work for about $600,000\. I would say your best bet is definitely the no-work option, unless you have a lot of cash and time on your hands. If you don’t mind living in a railroad floor-through, you’ll have quite a bit of rent to put toward the mortgage. I would say normally that a whole house in Bushwick will appreciate much faster than a condo, since there is more room up to go, but on the whole, I would expect Bushwick to appreciate more than the average neighborhood in NYC because of the rapid gentrification going on there right now, a la South Williamsburg. However, I’ve been expecting a rise in prices in Bushwick for five years now, and I have not seen them, so perhaps I am mistaken. Your biggest challenge will be finding a place in good condition. I would say two or three pop up for sale every year. So just keep looking. Exactly which subway stop are you looking at? That matters.

callalily | 13 years and 9 months ago

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If you are buying a whole house, you must schedule an inspection for your own protection. They run about $900\. Make sure they are licensed structural engineers as well as licensed inspectors. Very important. Don’t use anyone recommended by the real estate agent. Make sure you have your own independent lawyer too. Don’t get a subprime loan or anything that isn’t a 30-year fixed.

callalily | 13 years and 9 months ago

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If this is your first place, often buying an apartment first is a good idea. It’s easier in terms of maintenance. On the other hand, don’t expect great resale value right now in this environment. Don’t buy any place you if you intend to move in more than five years.

callalily | 13 years and 9 months ago

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Is it cheaper than renting? Buy it.

callalily | 13 years and 9 months ago

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If it’s in good condition and well-built, I mean.