New Construction VS Resale

Listing Updated：2022-11-08 22:14:55

When deciding to buy a Condo in New York, buying a new or second-hand home is a major factor to consider. Many people who want to buy a second-hand house may be influenced by the variety show "Almighty House Renovation King" or HGTV (House Hunters), and feel that they can buy a second-hand house to renovate and transform it into a dream house.

But in New York, finding a reliable designer, wrangling with decoration and management companies, etc., are all heady things.

There are many people who maintain the "non-new house" philosophy. After all, a new home can avoid the above problems, plus a new living experience, but the price seems to be a bit difficult to start.

Let Meiwo take you to a brief analysis of the advantages of new and second-hand homes in New York.

-01-

House Type

New York Condo is generally divided into 3 types, namely Prewar (before World War II), Postwar (after World War II), and Prewar (before World War II) >New Construction.

*Prewar: refers to a building built before World War II, a type of second-hand housing.

*Postwar: refers to apartment buildings constructed between World War II and 2000, a type of second-hand housing.

*New Construction: refers to new condos under construction or recently constructed after 2000. For remodeled buildings, the New York Department of Buildings (DOB) defines more than 110% of the floor area as new buildings.

What we mean by second-hand Condo usually refers to Postwar. This type of apartment looks ordinary from the outside. Smaller than the actual size, you need to purchase the designated compact size (small) washing and drying for the apartment by yourself. It's a bit of a hassle for first-time homebuyers.

Many of the cool and beautiful buildings in New York, like the glass facade (all glass buildings), are basically new condos. The exterior and construction work is pleasing to the eye, and the interior and public facilitiesamenities are impeccable.

-02-

Experience

New York's major new real estate is the king of volume, such as luxury gym, 24-hour doorman, children's room, etc. The selling point, as well as various black technology, smart home, soundproof wall, etc., make the details to the extreme. There are even buildings with heated spa, golf room, basketball hall, which is a great experience.

Many used condos have been refurbished and refurbished, and electrical and plumbing are updated and optimized. But amenity is usually not redesigned. If renovated, each resident will need to share the cost of the renovation. For those who are more concerned about public facilities, the experience may be slightly worse.

-03-

Additional cost

Closing Cost

If buying a brand new Condo, this transaction tax will be paid by the buyer, and the developer's legal fees will also be paid by the buyer. In addition, New York State imposes a 0.4% real estate transaction tax on home prices. It can be seen that the cost of transferring a new Condo will be higher than that of a second-hand house.

In fact, this fee can be negotiated with the developer, and some new buildings can also bear some real estate transaction tax.

Property Transfer Tax

New Condos will also have to pay a 1.825% property transfer tax, while second-hand properties are generally borne by the landlord .

Insurance

No matter whether you are new or second-hand, you need to buy home insurance. Condo building insurance only protects the public part of the building, while internal insurance is similar to personal property insurance, Personal liability insurance (to protect the personal safety of visitors) needs to be purchased by the buyer.

Mansion Tax

New York houses more than 1 million are subject to a mansion tax, usually 1% or more, and the mansion tax rate will be increased according to the price .

-04-

The cost of maintenance

The younger the building age, the less place you need to spend money. Although the price of second-hand housing is relatively cheap, it seems to be cost-effective. strong>Pay a large fee.

Condo is generally more than 10 years old, and there will be many potential items that need to be replaced, amenities, exterior wall maintenance, etc., the monthly management fee of the building may be due to this Hundreds more.

*For example, your own balcony is no problem, and you also need to share the maintenance cost of the building's exterior wall*

New houses generally do not have this problem. In recent years, the building itself is well built, and the later required less expenditure, the building's The >Administration fee will also not be incremental.

However, new buildings occasionally have some problems, resulting in increased management fees for the building after 1-2 years of occupancy. Therefore, it is especially important to choose a developer with a good reputation.