Investing in New York City
Home Buyers Offered Test-Runs in NYC Condos
When it comes to taking to finally taking the plunge and making a life-changing purchase, feeling apprehensive is natural. When it comes to buying a condo, potential residents want to feel that their massive investment will pay off in every possible way: all amenities should be present and useful, all rooms must live up to the standard in the listing, and the neighborhood should live up to expectations. While being truly certain about these conditions is normally a difficult task, a recent trend of “test-driving” apartments in NYC has made the decision of whether or not an apartment is suitable much more tenable. That’s right, several condominiums now allow a test rental of an apartment before making the decision to buy.
A test-drive arrangement can be worked out in several ways. Commonly, a resident will choose to rent an apartment in a hybrid rental-condominium, later deciding on whether or not to buy. Residents can also choose to rent from an individual condo owner and eventually buy that specific condo or another apartment in the same building. Although residents do not get to deduct the cost of rental from the eventual cost of the apartment, many are still choosing to take the chance of getting to live in a condo before committing to it.
The system is not a perfect deal for all parties. If a resident chooses to not buy after a test-run, the building’s reputation can be negatively affected. In addition, maintenance and tax issues can arise when a renter leaves the test-run unit, which can be an unpredictable consequence as a whole. Regardless, many potential buyers across Manhattan have found many benefits from testing the waters at more affordable rates. Overall, the extra costs afford residents a heightened sense of security and well-being in the knowledge that a purchase will ultimately be well-justified.