Thinking of purchasing a new luxury condo in Jersey City, Hoboken, or along the Hudson River? There are many advantages to buying a condo, whether you’re a luxury investor or a buyer searching for your dream home. And with so many beautiful new construction luxury condos currently in-progress, planned, or recently finished in the area, there are many new options for luxury living.
Condos are an Ideal Real Estate Investment in Jersey City & Hoboken
Condos are especially great for first-time buyers and luxury investors, as they don’t require the same level of responsibility as single-family homes or townhomes, and for investors, are easier to manage from long-distance. Condos are managed by a condo association that handles all the maintenance and upkeep of the building and its exterior, as well as the landscaping and property.
Here’s are some handy tips for buying a new construction condo.
8 Handy Tips for Buying a New Construction Condo
1. Explore Your Options
Take a look at various new buildings in the area to determine which features and amenities each offers—and which are important to you. This includes building’s amenities, as well as home sizes, features, and overall style.
2. Don’t Overlook the View
Views are extremely important to many buyers and can greatly affect the resale value of your investment, as well as your overall happiness with your home, if you plan to live there. Hudson River and Manhattan views are preferable to city views, but city views are just fine as long as they don’t contain garbage pickup areas or traffic-heavy garage or building entry views. And keep in mind that southern exposure lets in lots of sunlight, which is warm in the winter but hot in the summer.
3. Choose the Larger Floorplan
When considering between two floorplans, choose the larger of the two. Studio and 1-bed condos are in less demand and can be more difficult to sell. Also, many condos overstate their square footage, including part of the hallway outside. Find out if this is the case. If storage is limited within the home, find out if the building offers additional storage to residents.
4. Ask the Pesky Questions
Find out all the details from the builder. What energy-efficient features, appliances, and amenities are present in individual homes and throughout the building? What are the heating and cooling types? How is noise limited between units? What are future development plans for the building, the property, or around the area?
5. Don’t Forget the Unfinished Details
If the condo isn’t yet finished, ask whether or not you could make changes to things like placement or walls or doors, or possibly add features and upgrades. Ask about plans to reduce the ceiling height to compensate for electrical, heating, or duct work. Find out where the heating unit or hot water heater will be located. All these things can reduce your overall space.
6. Consider the Building Amenities
If it’s a high-rise building, is there an elevator? What about security? On-site parking or valet services? Storage? What about a club room, lounge, or business center? A gym or pool? A rooftop deck or grilling area? Find out which are important to you and make sure your building has those features.
6. Determine Costs of the Condo Association
Definitely ask about condo dues—but remember that with new buildings, these are an estimate, as the actual cost of running the building and its amenities is unknown. Ask about hidden costs, or costs that could be tacked on at a future date. Find out about property taxes and whether they’re included in your condo fees.
7. Ask About the Completion Date—and Be Prepared to Be Flexible
If the building isn’t finished, ask if the builder has a hard completion date, and when it will be move-in ready. Be prepared to make other temporary arrangements if you will be moving out of your current home on a specific day.
8. Hire an Expert Hoboken or Jersey City Luxury Realtor
The #1 most important thing you can do when buying a new construction condo in Jersey City or Hoboken is to work with a Realtor who knows the local luxury market like no other. A good buyer’s agent is an invaluable resource and can help you know what to look for, which questions to ask, and which “deals” to walk away from.
If you’re searching for that expert luxury real estate agent in Jersey City, then it’s time to contact NJ Luxury Group. We’re here to help you learn more about buying a luxury home in Jersey City or Hoboken, explore the area, discover its beautiful condos, and find the perfect place to live or invest.