A lot of individuals while buying condo conversions do not see that the property they're purchasing is different from a newly constructed unit. This usually means the financial exposure for repairs and replacements can be much greater.
New condos, built from the bottom up, are constructed with the construction materials of now and have to conform to the current stricter building codes. If you are looking for newly built condos then take a look at Upper East Side new condominiums by 40 East End.
The status of converted condominiums may fluctuate. An elderly apartment complex converted into condos may have wear and tear and may have structural faults unknown at the final. These issues can turn into a real deterrent in the future.
Newer apartments which have been converted to condos in the past few years were likely constructed under the most recent building codes and possess new building components, mechanical systems, and interior finishes. All these really are a safer bet and you will want to find out the year the original structure was built.
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Many older buildings are converted as well. A few converters gut an apartment building, down it to its"shell," and then rebuild it, installing new plumbing, mechanical and roof systems.
Buyers beware. Are you looking for a fully renovated building that has been taken to the shell, or are you buying a building that someone just slapped some paint and put in a few new windows?
What about problems to the complicated? Although most programmers do an excellent job in converting, what if the roof has to be fixed after a few decades? Does the institution have sufficient reserves to pay for it? A lot of people think condo conversion owners can expect special assessments quicker than new condo buyers.