3 things to know if you move into a brand new building

It could maybe happen, potentially

It could maybe happen, potentially

At the moment you’re broke as hell slaving away at some barely above entry level job, so you live where you can afford and you like it. Someday though, you might actually be looking for a nicer place to live or even a place that’s brand spaking new. Plus given the fact that new housing in Brooklyn is going to keep going up, your chances of landing in a new building are higher than they might seem. But new buildings come with new questions, so Brick Underground answered some of them. Here are the ones we found most interesting.1. Is it rent regulated?

You’re probably thinking no way your new building is rent regulated, but it turns out plenty of building, in their rush for all the subsidies they can get, sometimes agree to ones that lock them in to rent regulation. While it might not pay off in the short-term, your rents will go up more slowly than people in market rate buildings if you stick around.

2. Is your move-in date guaranteed?

You’d think that signing a lease and agreeing on a move-in date would mean that then you get to move in on the agreed upon date. Not always! New buildings will sometimes start renting out before they’re ready for you to move in, so if you really need to move in on February 1 and they tell you they can’t guarantee it, you might want to look elsewhere.

3. Is it, y’know, done?

A corollary to the above question. You might get the move-in date you want, but even after you’re in your apartment, the rest of the building might not be done. If you still live in a construction area, or the amenities aren’t finished (amenities!) you can usually cut a deal for cheaper rent, to waive your broker fee or some other kind of compensation.

Those aren’t the only questions Brick Underground answered, so check out their whole article on it to get the full scoop, because someday you could be moving into a new building. Seriously, it might happen, you could win the lottery or something, stop laughing.

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