Checklist: Buying a Condo Conversion
I am a first-time buyer. I have just viewed a 1,050-square-foot unit in a Brooklyn, N.Y. building, built in 1957. I like it, and I also like the $442,000 asking price. But before I commit, please tell me: What are the disadvantages of buying a newly converted condo? What should I pay special attention to?
—Brooklyn
There’s nothing wrong with buying a condominium in a building that once housed rental apartments, as long as you keep two ideas uppermost in mind: First, you’re buying a used unit, and second, you probably won’t get a full picture of the building’s defects until after you move in.
Those are the main reasons why condo conversions are usually substantially less expensive than units in brand-new buildings. Owners in newly converted condos often discover that needed maintenance and repairs have been deferred by the building’s previous owners, leaving them on the hook for expensive repairs and updates.