Buyers of real estate should read between the lines when it comes to apartment and building renderings, as there's often more, or less, than meets the eye. NY1's Jill Urban filed the following report.
With city inventory so low, many people are once again buying pre-construction, relying on floorplans and renderings before pulling the trigger. While renderings may show a perfect apartment, Teri Rogers of BrickUnderground.com says buyers need to make sure what you see is really what you’ll get.
"When you are buying pre-construction, you are only entitled to get what's offered in the offering plan. And oftentimes, the rendering doesn't quite match what's in the offering plan," Rogers says.
She recommends reviewing the rendering carefully and asking a lot of questions. Is every feature seen in the rendering, such as a fireplace, included in the unit? Are crown moldings and other high-end finishes standard or upgrades? Is the actual view shown in the rendering? Are the ceilings really that high? Cross-check to see what is actually offered and keep an eye out for what’s not included.
"Sometimes renderings even leave things out, like those boxy PTAC units, the heating and cooling units you typically find in front of windows. They're not that attractive and taking them out of the rendering makes the apartment look bigger," Rogers says.
Examine the renderings for the amenity spaces. Is the playroom, gym or pool as large as they seem? How will the finished lobby actually look?
"They're probably illustrated as furnished. Are they really going to be delivered furnished or are you going to have to pay for that?" Rogers says. "If there is a doorman, is it a full-time doorman, a part-time doorman or a security guard?"
Lastly, confirm that the exterior will be as it appears and see what materials will make up the facade and awning. If it shows a commercial tenant, will it be the type of tenant depicted? There is a big difference between living above a bank and living above a bar.
When buying pre-construction, let the buyer beware. Those who refer to renderings should be sure to understand all the details before rendering a final decision.