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Anyone have experience buying a new construction condo and/or cash purchase?

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Tine73

Member since 3/06

22093 total posts

Name:
*********

Anyone have experience buying a new construction condo and/or cash purchase?

I have a few silly questions....

My mom is most likely going to buy a new condo. It's still in the construction phase and will be done in a few months.

1. The realtor said that since all of the units are not complete she would be able to make a few modifications. For example, she wants a shower stall instead of a tub in the full bath, and in the 1/2 bath, she wants the plumbing capped off and she does not want the toilet/sink installed so she can use it as storage instead. He said that "it shouldn't be a problem"

Do I just ask for these items to be listed in the contract to ensure they are done?

2. Since this will be a cash sale, are there any other expenses that she will incur and does a closing take place just like you would have if you were financing it?

3. Anyone have a good real estate attorney in the Plainview/Woodbury/Bethpage area?

Thanks!!

Posted 1/15/12 11:08 PM
 
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BsMomma2014
Fly high little one

Member since 6/10

2662 total posts

Name:
nicole

Re: Anyone have experience buying a new construction condo and/or cash purchase?

I personally would never buy something before it was built completely. We went to contract on a condo as it was being built and the builder went bankrupt. We had to sue to get our deposit back, it was a true nightmare. FM me for more details


Our lawyer is in syosset, micahel bigianni don't hVe the number with me but could get it if you want

Posted 1/16/12 12:56 PM
 

CAMCaps
Live Laugh Love Run

Member since 6/07

4922 total posts

Name:

Re: Anyone have experience buying a new construction condo and/or cash purchase?

Get EVERYTHING in writing. When the builder is trying to sell you something, they will promise you everything. After you close, it may be a very different story - this is what happened to my ILs. Most things they had in their contract so it was a non-issue for them, but many of their neighbors were not as lucky.

Posted 1/16/12 6:19 PM
 

Tine73

Member since 3/06

22093 total posts

Name:
*********

Re: Anyone have experience buying a new construction condo and/or cash purchase?

Posted by MrsVan2010

I personally would never buy something before it was built completely. We went to contract on a condo as it was being built and the builder went bankrupt. We had to sue to get our deposit back, it was a true nightmare. FM me for more details


Our lawyer is in syosset, micahel bigianni don't hVe the number with me but could get it if you want



Thanks so much - I will google him. The condos are just about finished. I', not worried about them going bankrupt but I'll definitely do a little research on them.

Thanks!

Posted 1/17/12 1:11 AM
 

snowprincess
My happy babies

Member since 3/06

3428 total posts

Name:

Re: Anyone have experience buying a new construction condo and/or cash purchase?

We bought our condo preconstruction


all changes should be added to the contract as addum - mettering where they are in building -there may be an added fee -we even had a drawign for indicating the different flooring -we swapped out carpet for wood floor

also if there is a condo fee - see what the condo fees are around -the ones they state are usually about 80% of the real condo fee

also know exactly what is part of the fee - and have it in writing- does the condo fee include certain maintenance like filters for the HVAC system -some do and swapping them out- it is better if is included becuase then evey unit is maintained properly

also iif there is a pool or gym is that included in the condo fee

Posted 1/17/12 10:44 AM
 
 

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