- Sublets– What’s the sublet policy? It’s important to know before you purchase what options you will have. Certain buildings restrict subletting to a specific period while others only allow a certain percentage of apartments to be rented at once.
- Amenities– Are all of the amenities included? Free amenities can decrease your expenses.
- Washer/Dryer- Does the building allow in-unit washer/dryers in this apartment? Specific apartment lines in certain buildings can be restricted so it’s important to double check this.
- Pets- Any pet restrictions based upon size and breed? Dogs are allowed in a higher percentage of coop’s/condos than rental buildings but some of them restrict sizes and breeds or only allow you to have one dog.
- Renovations– Any restrictions on renovations? There are a number of buildings that only allow renovations during the summer and restrict the amount of apartments that can be renovated at the same time.
- Assessments– Are there any current assessments and when does they expire? Assessments are a temporary increase in expenses for an owner. They usually fund a building improvement. However, if you were to buy towards the end of an assessment than you get the benefit of the improvement without having shared the cost.
- Boiler– What was the last time the boiler was upgraded? This is very important when buying in a small building as a new boiler will increase your maintenance or common charges.
- Flip Tax– Who pays the flip tax and what’s the percentage? It’s important to know if you will be hit with an additional tax when buying or selling.
- Litigation– Any current lawsuits in the building? A building with a few current lawsuits is a red flag.
- Seller– Why is the current owner selling? Most real estate brokers will answer this but if not than it would be a reason that would give me a red flag.