Luxury Property Checklist

Purchasing a luxury property in Manhattan is one of the most significant financial decisions you'll make. A thorough due diligence process — covering the property itself, the building, the financials, and the neighborhood — is essential before making an offer.

Use this checklist as your guide during showings and in conversations with your attorney and agent. The right questions asked early can save you from costly surprises down the line.

01

The Building & Amenities

  • What are the building amenities — gym, pool, rooftop, concierge, parking, residents-only lounge, children's playroom?
  • Is there a doorman or concierge — and what are their hours?
  • Does the superintendent live in the building?
  • How are packages handled and storage managed? Is there cold storage for grocery deliveries?
  • Is there storage or a bike room available?
  • Are there any upcoming assessments or planned renovations?
  • When was the last Local Law 11 (façade inspection) cycle completed?
  • What is the building's history of financials and reserves?
  • What has the maintenance or common charge increase history been for the past three years?
  • Is there a standard alterations agreement, and what does it require?
  • What are the building's homeowners insurance requirements?
  • What is the pet policy?
  • What is the sublet policy?
  • Is it a non-smoking building?
  • Is this a condo or co-op, and what are the board approval requirements? Co-opWhat is the maximum financing permitted? Are co-purchasers, guarantors, gifting, or pied-à-terres allowed? Co-opIs there a flip tax? New DevWho is the developer and architect?
02

The Apartment Unit

  • What is the current maintenance or common charge? CondoWhat are the real estate taxes? Co-opHow many shares are associated with this unit?
  • What is the square footage of the apartment? Condo / TownhomeVerify against the offering plan or tax records
  • What are the ceiling heights throughout the apartment?
  • When was the last renovation completed? What level of finishes and materials were used — flooring, countertops, cabinetry? Are there any open permits?
  • Are the kitchen appliances high-end brands — Sub-Zero, Miele, Wolf, or equivalent?
  • Is there in-unit laundry — vented or unvented?
  • How is the HVAC system controlled — central, split units, or PTAC? Who is responsible for the system: the shareholder/owner or the building?
  • Are there smart home features — lighting, motorized shades, thermostat, or security systems?
  • How is the closet and storage space throughout the home?
  • If apartments were combined, is there a letter of completion from the Department of Buildings? Co-opDoes the unit have one or two stock certificates and proprietary leases?
  • Does the seller have an assumable mortgage? Condo / TownhomeAssumption eligibility depends on the existing loan terms — confirm with your attorney
03

Views & Windows

  • What direction does the apartment face?
  • Are there any planned developments nearby that could obstruct the view?
  • Are the windows soundproofed?
  • Are automatic or blackout shades installed?
  • Who is responsible for window maintenance and replacement — the shareholder/owner or the building? Does the building require the windows to be replaced?
04

Location & Convenience

  • What is the nearest subway access, and what is the commute time to key destinations?
  • How are the nearby restaurants, grocery stores, and shopping options?
  • What schools and parks are in the immediate area?
05

Maintenance & Utilities

  • How are repairs and maintenance requests handled by the building?
  • What utilities are included in the common charges or maintenance?
  • Is there gas or electric/induction cooking?
  • How is trash and recycling managed in the building?
06

Resale & Investment Value

  • How has the building appreciated in value over time?
  • What are the average price per square foot comparisons for similar units in the area? Condo
  • What is the demand for rentals in this building, and what is the current owner-occupancy rate? CondoOwner-occupancy rate affects financing eligibility for future buyers — ask your agent

Ready to start your search? We'll make sure you ask all the right questions.

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