10 Questions to Ask Before Buying an Apartment in NYC

Buying an apartment in New York City is a significant decision, whether it’s your first home or an investment property. With the city’s unique real estate market, asking the right questions is essential to ensure you’re making an informed decision. At BRN Partners, we’re here to guide you through the process, helping you uncover the details that matter most. Plus, with our commission rebate program, you’ll save thousands, making your purchase even smarter.

Here are the 10 most important questions to ask before buying an apartment in NYC:

1. What Are the Total Monthly Costs?

Understanding the full financial picture is critical. Ask about:

• Maintenance Fees (for Co-ops): These cover building expenses and property taxes.

• Common Charges (for Condos): These typically include building maintenance but exclude property taxes.

• Taxes and Assessments: Ask if there are upcoming tax increases or special assessments that could impact your budget.

We’ll help you calculate the total costs to ensure your dream home fits your financial plan.

2. What Are the Building’s Financials Like?

The financial health of the building is just as important as the unit itself. Questions to ask include:

• Are there reserves for future repairs or emergencies?

• Is the building running a deficit?

• How frequently do maintenance fees or common charges increase?

BRN Partners will help you review the building’s financial statements to avoid costly surprises.

3. What Is the Sublet Policy?

If you plan to rent out your apartment in the future, you’ll need to know the building’s sublet rules. Ask:

• Are there limits on how long or how often you can sublet?

• Are there fees associated with subletting?

This is particularly important for co-ops, which often have strict sublet policies.

4. Are There Upcoming Renovations or Assessments?

Building improvements can enhance your property value, but they can also lead to temporary disruptions or increased costs. Questions to consider:

• Are there planned renovations to the building?

• Who is responsible for funding them—owners or the building?

We’ll help you determine if these changes align with your long-term investment goals.

5. What Are the Building’s Rules?

Each building has its own set of rules that may affect your lifestyle. Ask about:

• Pet policies: Are pets allowed? Are there size or breed restrictions?

• Renovation policies: What’s the process for making changes to your unit?

• Quiet hours: Are there restrictions on noise levels?

We’ll guide you through these considerations to ensure the building suits your lifestyle.

6. What’s the Application Process Like?

Co-ops and condos often have rigorous application processes. For co-ops, you may need to provide:

• Tax returns and financial disclosures.

• References and a personal interview.

For condos, the process is usually less invasive but can still involve background checks. We’ll help you navigate these steps with ease.

7. What’s the Resale Value or Investment Potential?

Understanding the property’s long-term value is crucial, especially if you plan to sell or rent in the future. Ask:

• How has the property appreciated over time?

• What are recent sales trends in the building or neighborhood?

Our team at BRN Partners will provide insights into the property’s market potential.

8. How Accessible Is the Neighborhood?

Location is key in NYC. Ask about:

• Proximity to public transit, schools, parks, and grocery stores.

• Neighborhood amenities like restaurants, gyms, and cultural institutions.

We’ll help you evaluate how the neighborhood fits your lifestyle and needs.

9. What Are the Building’s Amenities and Maintenance Standards?

Amenities can greatly impact your living experience. Ask about:

• Doormen, fitness centers, storage rooms, or laundry facilities.

• Building maintenance: How responsive is the management to repairs?

We’ll help you assess if the building’s amenities and services align with your priorities.

10. Why Is the Seller Moving?

Understanding the seller’s motivation can give you leverage during negotiations. Ask:

• Are they relocating for work?

• Do they need to close quickly?

We’ll use this information to help you craft a winning offer and potentially negotiate better terms.

Why Choose BRN Partners?

Buying an apartment in NYC is a complex process, but with BRN Partners by your side, you’ll have the guidance and expertise to make confident decisions. From identifying the right questions to ask to negotiating on your behalf, we’ll ensure the process is seamless and stress-free.

And with our commission rebate program, you’ll receive half of our commission back after closing—money you can use to cover closing costs, renovations, or simply enjoy your new home.

Ready to Start Your NYC Real Estate Journey?

Contact BRN Partners today to begin your search. Let us help you find the perfect apartment while saving you money every step of the way.