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Re: Important resale factors to consider when buying a condo
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Promote Jersey City as if it were the greatest place on Earth.

Posted on: 2012/6/20 12:55
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Re: Important resale factors to consider when buying a condo
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Great list, jerseymom!

Posted on: 2012/6/20 4:21
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Re: Important resale factors to consider when buying a condo
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i think jerseymom has hit the nail on the head, amazing list. i wish i had read it before i purchased!

the only thing i might add to her #16: what condition are the buildings finances in, how much is in reserves.

Posted on: 2012/6/18 2:30
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Re: Important resale factors to consider when buying a condo
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I would go back one step and think about whether a condo is your best alternative. Have you weighed owning a rowhouse/brownstone against owning a condo? This is a real option in DTJC. Not sharing decisions about your living arrangements, having a garden, etc. can mean a lot. Costs can be off-set by a rental unit occupied by someone you choose and can get rid of easily if you want more space. There will never be any more 19th century houses built, but most "luxury" rentals can be converted to condos with upgrades and paperwork.

Posted on: 2012/6/16 20:21
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Re: Important resale factors to consider when buying a condo
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With the benefit of hindsight, these are the things I WISHED I had known prior to purchasing a condo. They may sound a bit Debby-downer, but if I was buying again, I would check out every single issue carefully:

1. What is the condo board like? Are they a group of like-minded individuals working toward the benefit of your building or are they totally out of touch with residents?

2. What is the management company and maintenance staff like? Are they responsive to resident's needs? Can you get something minor fixed in-house (makes a difference if you're busy all of the time).

3. What is the vermin/pest problem like? Check into bedbugs, roaches, mice, etc.

4. Are any major construction or road development projects happening near the vicinity of your home that will keep you up at all hours, fill your house with dust, kill your quiet moments?

5. How long have your concierges and doormen been employed at your building (a few months - be careful/a few years - likely there's stability and a good working environment).

6. Make friends with a doorman/maintenance staffer prior to purchasing - buy them a beer and ask them to talk to you about issues in the building. Find out who your neighbors are from them...are they nice, noisy, crazy, chain smokers, ex-cons?

7. Check out the elevator and sewage issues - how are the maintenace issues? How old are the systems? Are the elevators functional?

8. Do you have security - long term or rent-a-cops?

9. Go to the basement or S level and take a whiff - sewage smell? Musty? Old water? Tons of mice traps? You'd be surprised what you see and learn.

10. Never buy on the first floor of a highrise - go high.

11. How close is your apartment to a well used exit/entrance, an entrance to a gym or amenity, the laundry room? It can be noisy!

12. Try to buy with in-condo laundry facilities. So much easier than sharing your laundry room with 100 other residents.

13. Try to buy 2+ bedrooms - easier to rent and resell.

14. RESEARCH online - research the condo board, the building, the developer to see if anything untoward has happened in your building in terms of construction, maintenance, etc. Go to apartmentratings.com to see what renters in your building have to say.

15. What is the percentage of renters to owners? High renters is a problem. How many of the units are in short sale or bankruptcy?

16. What have the special assessments been in the last few years to owners? What capital projects are coming up? Have the condo owners been assessed fines for anything recently (fire, elevator safety, etc.)

17. If you will even remotely consider having children, investigate the schools. If you plan on going public, really look at the schools carefully and have a solid Plan B, regardless of your public/private choices. Is the building kid-friendy?

18. Look very carefully at your condo rules - can you rent your unit out? Can you rent it out for a short term? What are move in/move out fees? What are the policies for bringing deliveries in? Can you have pets if you want them? Do they have any ridiculous rules that will drive you crazy?

Good luck!

Posted on: 2012/6/16 13:01
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Re: Important resale factors to consider when buying a condo
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dtjcview - those are very important factors. Just looking to see what others value.


ianmac47 and jklm - nice constructive comments, as always.

Posted on: 2012/6/15 23:23
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Re: Important resale factors to consider when buying a condo
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Quote:

vindication15 wrote:
Hey All,

Just wanted to see where everyone fell on important factors to consider when buying a condo. I know location would be #1 for most people but what is after that? Would be helpful if you could rank these:

Location, Amenities, Appliances, Condition of Unit - new or old, Type of cooling/heating, views from unit, developer assoc with building, management company of condo, potential for development.

Thanks All


Make sure you move into the high rise that has the BJs on the ground floor, so you will be sharing your parking garage with the Black Friday mobs every weekend... At least you won't have to cross the street to get to it.

Posted on: 2012/6/15 23:13
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Re: Important resale factors to consider when buying a condo
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I'd rate other factors higher. The first 3 can easily double how much you pay monthly on top of your mortgage.

1. Length of tax abatement if any and assessed property tax.
2. Flood zone placement and flood insurance requirement.
3. Condo maintenance fees.
4. FHA-loan eligibililty. Some condos aren't eligible if there are not enough comparable condos nearby.

For me when I purchased, the other factors I had in mind were:

1. Number of bedrooms/bathrooms. I wanted 2/2 as a minimum.
2. Space. The more the better.
3. Covered parking. Digging a car out of snow is no fun.
4. Light. IMO having good natural light is more important than views.
5. Building age and overall construction quality. I've known condos in JC that have disappeared into sinkholes.

The best guide though to resale, might be how undersold are the condos in the overall condo building?

Posted on: 2012/6/15 22:28
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Re: Important resale factors to consider when buying a condo
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I think the most important factor would be seeing catchphrases like "luxury living" in marketing materials so that I could feel confident in the value of the property I was purchasing.

Posted on: 2012/6/15 18:15
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Important resale factors to consider when buying a condo
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Hey All,

Just wanted to see where everyone fell on important factors to consider when buying a condo. I know location would be #1 for most people but what is after that? Would be helpful if you could rank these:

Location, Amenities, Appliances, Condition of Unit - new or old, Type of cooling/heating, views from unit, developer assoc with building, management company of condo, potential for development.

Thanks All

Posted on: 2012/6/15 17:47
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