Top Questions to Ask at an Apartment Viewing in NYC

Homebuyers searching for their new apartment in NYC often fall into the same traps. They only think about what color scheme they will go for, how many people they can invite for cocktail parties, etc. Instead, they should ask the listing agent more pointed questions about the building’s policies and legal standing.

Whether you’re relocating to the city for the first time or shopping for an upgrade, before you make an offer on a condo or co-op apartment, you’ll want to ask the listing agent some questions when viewing the property.

Top Questions to Ask When Viewing an Apartment to Buy in NYC

Here are some crucial questions to ask when viewing an apartment, no matter where you’re trying to buy. Do not hesitate to ask the right questions before you decide to submit an offer.

How old is the building?

Known for beautiful prewar buildings, New York City has many charming properties. However, there’s a fine line between historic charm and plain old. How long has it been since the utility systems, plumbing, wiring, and heating were upgraded; if viewing older resales. Fail to get the facts on this, and your dream home can quickly become a black hole for your wallet. You might also find our article about questions to ask a building management company helpful.

What is the square footage of the apartment?

When asking about square footage, keep in mind that there is no universal method for measuring it. You must know what’s, included when you ask for a number (usually a rough estimate). First, there’s the walls-out method where all space, even those taken up by walls, is included. Then there’s the walls-in livable space method, where the space taken up by walls and non-livable areas (closets and hallways) is excluded. Listing agents will sometimes overestimate the size, so hiring a drafter to measure it for you is the only way to be sure.

How friendly/reasonable is the board?

If you’re scoping out condos and co-op apartments, the building’s board will significantly impact your purchase and living quality. It helps to know whether or not they are reasonable and friendly. Naturally, if you ask the listing agent this, they’ll say very friendly, but you can look for clues in how they said it. It is where having your own buyer’s agent can come in handy. They can ask around and investigate to see if any of the board’s members are capricious or downright bonkers.

Is there any pending litigation in the building?

While larger buildings can often blunt the impact of delinquencies and litigation on their budget, smaller buildings usually can’t. You may choose to walk away or proceed with extreme caution if legal action is taken against the building. If it’s between the shareholders and the building, things can get highly expensive and unpleasant for all the owners. In addition, it can result in everyone’s monthly, common charges going up.

Unit ownership percentage: Primary User vs. Investors?

What percentage of the units are owner-occupied, and what percentage are owned by investors and rented out to tenants? Generally, buildings with a higher percentage of owner-occupants are more marketable when reselling the property.

What are the House Rules/ByLaws?

Ask for a copy of the house rules and bylaws; review them with your buyer’s broker and attorney. Be aware of any grandfather clauses that govern the property. For example, you may find that residents who bought the property after a specific date can’t rent out their unit, while those who bought earlier can.

How are the building financials?

Ask for a copy of the building’s financials. For example, how much money does the association or board keep in reserve, and how is it invested?

Are there any current or future assessments?

Compare assessments to other condo developments and co-ops in the area to determine if they are reasonable. Are assessments keeping pace with inflation? Is the board raising yearly assessments to build reserves to fund future repairs?

What is the reason for the assessment?

If an assessment is incoming, understand what the assessment covers. For example, the common areas, recreational facilities, Local Law 11 building repointing, trash collection, and snow removal are common activities paid for by condo associations and co-op boards. Be sure to find out what is not covered, as well.

Do you know the historical frequency of assessments?

Some assessments are unavoidable, but frequent, costly assessments may be a red flag indicating a building is in poor condition or imprudent financial policies with the board itself. Were there special assessments mandated in the past five years? How much was each owner’s share?

Is there a high turnover of sales in the building?

How many apartments have sold in the building in the past 12 months, and how often do they sell?

Is there any pending litigation on the building?

Is the board involved in any litigation? Lawsuits involving homeowners or developers can rapidly deplete association reserves.

Are you aware of any structural issues?

Has the building’s developer worked on other projects? Ask for an engineer’s report if the building was converted to condos or co-ops for another use. If the roof, windows, and bricks are in poor repair, they will affect the value of your housing investment and possibly your quality of life.

This information will help you decide if the condo or co-op unit is right for you; it will also give you insight into the condo board’s cooperation, organization, and helpfulness.

Is the building on a ground lease?

Any building on a ground lease does not own the land it is built on. If so, before proceeding further, you should determine when the lease expires and the renewal terms. If there are no pre-agreed terms for renewal, it would probably be better to start looking elsewhere. Renewing a ground lease can be very expensive, and if not renewed, the entire building could become forfeit.

What is the sublet policy for the apartment?

Knowing the sublet policy is essential even if you plan to remain in place for many years. The ability to sublet dramatically increases the marketability of the home. It can also be a good source of income if you decide to take an extended vacation. Make sure to ask for a copy of the sublet application. That way, you can see how easy/difficult it would be to sublet if you choose to.