High-rise living offers a unique combination of luxury, convenience, and breathtaking views, but committing to a new construction contract requires careful consideration. To ensure your investment is secure and your future home meets your expectations, here are ten critical questions to ask before signing the dotted line.
1. What Amenities Are Included in the Building?
High-rises often boast many amenities, but it’s important to know exactly what you’re paying for.
- Questions to Ask:
- Does the building feature shared spaces like a gym, pool, coworking areas, or rooftop lounges?
- Are amenities like valet parking, concierge services, or private event spaces available?
- Are all amenities operational upon move-in, or will some be completed later?
- Why It Matters:
Amenities significantly impact your lifestyle and the building’s appeal. Knowing what’s included (and what comes with extra fees) helps you evaluate whether the property meets your needs.
2. What Are the Homeowners’ Association (HOA) Fees and What Do They Cover?
HOA fees are a standard part of high-rise living, covering shared expenses, but the details vary widely.
- Questions to Ask:
- What do the HOA fees include—utilities, maintenance, or access to amenities?
- Are there planned increases or special assessments in the future?
- Who manages the HOA, and how transparent are their financial practices?
- Why It Matters:
Understanding HOA fees ensures there are no surprises later. It also helps you gauge the building’s financial health and whether it’s well-managed.
3. What Is the Deposit Schedule?
New construction high-rises often have a unique payment structure compared to traditional home purchases.
- Questions to Ask:
- How much is required upfront, and when are subsequent payments due?
- Are deposits refundable if construction is delayed or canceled?
- What happens to your money if the developer encounters financial issues?
- Why It Matters:
The deposit schedule impacts your cash flow and financial planning. Clarifying the terms ensures you’re not caught off guard by unexpected payment requests.
4. How Are Maintenance and Repairs Handled After Move-In?
High-rise living relies heavily on shared systems and spaces, so knowing how maintenance is managed is key.
- Questions to Ask:
- Is there an on-site management team or building superintendent?
- What warranties are provided for unit-specific repairs and common areas?
- How are maintenance requests submitted, and what is the response time?
- Why It Matters:
Effective maintenance is crucial for preserving the building’s quality and ensuring your living experience is hassle-free.
5. What Are the Building’s Security Features?
Safety is a top priority for residents in high-rise developments.
- Questions to Ask:
- Does the building have 24/7 security, key fob access, or monitored entry points?
- Are common areas, elevators, and parking garages equipped with cameras?
- What measures are in place for emergency situations, like fire or power outages?
- Why It Matters:
Comprehensive security features contribute to your peace of mind and enhance the property’s overall value.
6. What Is the Expected Completion Timeline?
Construction timelines for high-rise buildings can vary significantly due to their complexity.
- Questions to Ask:
- When will the unit and all shared spaces (like the lobby and amenities) be completed?
- Are construction delays common, and how will buyers be notified?
- What is the contingency plan if the project is delayed?
- Why It Matters:
Understanding the timeline helps you plan your move and assess whether the developer has a track record of delivering on time.
7. What Happens If Construction Is Delayed?
Delays are common in high-rise developments, but your contract should outline their handling.
- Questions to Ask:
- Are there penalties for the developer if deadlines are missed?
- Can buyers cancel the contract if delays extend beyond a specific timeframe?
- Will compensation be offered for extended delays?
- Why It Matters:
Knowing your rights ensures you’re protected and financially prepared if construction doesn’t go as planned.
8. What Materials and Finishes Are Standard in the Units?
High-rise units often advertise luxurious finishes, but it’s essential to confirm what’s included.
- Questions to Ask:
- Can you review samples of flooring, countertops, cabinetry, and appliances?
- Are upgrades available, and what is the process for selecting them?
- Are there any differences between the model unit and what will be delivered?
- Why It Matters:
Understanding what’s included prevents disappointment and helps you budget for any desired upgrades.
9. What Is the Developer’s Track Record?
A developer’s reputation can give you a clear picture of the project’s likelihood of success.
- Questions to Ask:
- How many high-rise projects have they successfully completed?
- Can you visit their previous developments or speak with past buyers?
- Have they experienced significant delays or financial issues on past projects?
- Why It Matters:
A reputable developer increases the chances of quality construction, timely delivery, and a positive experience.
10. What Happens If the Unit or Building Isn’t Completed?
While rare, there’s always a risk that a project may not reach completion.
- Questions to Ask:
- Are deposits held in escrow, and are they refundable in case of cancellation?
- Is the project insured or bonded to ensure its completion?
- What are your options if the developer goes bankrupt?
- Why It Matters:
Understanding your financial protections ensures you’re not left vulnerable if the unexpected occurs.
Be Prepared and Informed
A high-rise property is a significant investment, and choosing the right project and developer is crucial. By asking these ten essential questions, you can protect your investment, avoid unpleasant surprises, and confidently move forward with your purchase.
📲 Need help navigating high-rise contracts? At Condos Global, we connect buyers with trusted developers and provide the insights you need for a smooth and successful experience.