Pro
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Rising Star
Chief
This heat has me tired
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Rising Star
price hikes in coop maintenance fees over past 5 years; any new hikes slated to come in 2022-23; does coop assess fee on sellers; what is the reserve fund; what major repairs (facade changes; windows replacement; roof fixes; elevator replacement) are planned in next 2-5 years that Board is aware of;
This. What is going to kill you potentially are maintenance expenses you’ll have to pay for that you haven’t budgeted for.
Let me us know how it goes :)
Pro
1. Which amenities were closed during Covid?
2. Upcoming major repairs or upgrades leading to assessments?
3. Building rules?
4. Co op board members - who are they?
5. W/D in unit option?
6. Sublet policy?
7. How motivated is the seller? Have there been past offers that fell through?
8. Taxes
9. Buy as a single person but add a spouse later?
Enthusiast
OP, it's a great thread. Do you mind sharing what you learn from your visit today?
Rising Star
Imo, Number 9 should be asked to your agent. You can also ask about pet policies, renovation rules, and the owner occupancy %.
Chief
Why does 1 matter? Or do you mean are there any amenities that are still closed?
Do you have your own broker/agent? You should. They will know these kinds of things to ask and you’re not saving any money by not having one.
Pro
Curious if any amenities are still closed or restricted. Apparently the building has a gym and a few others.
I don’t have a broker/agent yet. I’m dipping my toes at this point. This viewing is going to be educational
As others have said above, step one is find a broker. They are literally free to you (seller pays fees for both the selling and buying agents) and will have a much more comprehensive list than what you can crowdsource here and will guide you in the process. Without one, you’re going to be flying blind (for no reason!) and will likely get overwhelmed.
Many of the questions you are asking will not be something the broker knows / can answer during the course of a 15 minute viewing and is usually done as a followup / discovery when an offer is being placed.
Pro
This was a really good showing. I learned that taxes are included in the maintenance cost for this building. I was showing 6 of 10 today for a unit that hasn’t been majorly updated in 40 years
No worries - everyone starts there at some point! That said, and don’t take this the wrong way, I’d advise you do (a lot!) more research and read up on NY real estate, how taxes / abatements work, condo vs co-op, etc - and engage a realtor to help with that - before going to more showings if you’re even somewhat serious about buying. Otherwise, you’ll end up asking a lot of questions about fundamentals at the showings and not have time to dig into the stuff that matters. You’ll also end up going to a lot of showings that don’t meet your needs and wasting your own time…