The Market

What I wish I knew before I bought this place

By Margot Slade  | April 14, 2011 - 7:05AM

Over on, experienced buyers are swapping hindsight.  In answer to "what are the things you wish you had known?" come these responses:

  • "That 'case by case basis' actually means 'absolutely not.'"
  • "How difficult it can be to get renovations approved in a co-op."
  • "How important it is to have a good lawyer. I wish I had gotten better advice going in."
  • "Check and recheck for any water issues within the building"
  • "Landlease is bad!"
  • "How little to actually listen to sponsor demands. They tried to restrict who came to participate in the walk-through and watched over me like hawks when I did it. I took my sweet time and told them off, but wish I had forced the issue and brought in someone else as well. May have caught some minor things I missed."
  • "Consider that taxes can rise and result in a shortage spread to refill future escrow and that maintenance costs tend to only go higher with time. Consider that bldg improvements and assessments will come and go. Consider that your monthly nut likely will have its own inflation rate."  
  • How much the experience of living in a building can vary from a "B" to an "A" building. Also, how strongly my satisfaction with living in a neighborhood correlates with having a good diner nearby, and not really anything else "everyone" says about the quality of the neighborhood. 


Related posts:

Inside Story: Our new construction nightmare

Confessions of a preconstruction buyer

The 7 worst places to live in a building

How to analyze a rendering

The top 7 construction defects, and how not to be a sucker

Your next place: 9 questions that separate the New Yorkers from the rookie

The perfect condo

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