The Real.Est List
Don't think about buying a new condo until you read this
Sure, pre-war buildings are charming, but there's something about many new condos that feels, well, cooler...particularly to anyone who has endured the limitations of NYC's vintage real estate.
We get it--even if we can't afford to live it. But for those of you who can, this week's SurvivalList is focused on new construction--in an effort to help you find the perfect condo.
Let's start with how to analyze a rendering (and avoid overpaying for some grossly overexaggerated or--gasp--non-existent feature) and how to understand tax abatements (including the 421a tax exemption program, which is kind of like winning a short-lived lottery).
Before you sign on any dotted lines, you'll want to check the developer's track record. Doing your research can diminish the chance of moving into a building with serious defects and becoming a new-construction cautionary tale.
Assuming the developers pass muster, it's time to make a deal. Check out our guide to negotiating concessions, tips on getting the punch list finished and advice on how to take advantage of one insider's trick that can keep the developer happy while saving you a small fortune.
For these, and more, posts on new construction, read our How to Buy a NYC Apartment guide, take a look below:
Finding the right new development
- Is new better than old? Prewar vs. new construction
- How to analyze a rendering
- The perfect condo
- Make sure you understand tax abatements
- Know what the 421a tax exemption is all about
- Check out the developer's track record
Learn from those who've gone before you
- My new construction nightmare
- Confessions of a preconstruction buyer
- Some people find the pain is worth it
Dealing with the developer
- "Splitters" can save you thousands
- Guide to concessions
- Getting punch list finished
- Does it make sense to sue for construction defects?
- Raising the money to sue a developer