It takes years to learn the construction side of real estate.
If you have no experience, I recommend the first thing you do when inspecting a building is head to the electric meters and check out the electrical services. If they are new, great. If they are old, this may be a deal breaker. By old we mean older than about 1985. I won't get into amps and voltage supply but they make a huge difference on how many apartments or condos you can have and the holding costs of the building while waiting to get converted.
If you have no experience, I recommend the first thing you do when inspecting a building is head to the electric meters and check out the electrical services. If they are new, great. If they are old, this may be a deal breaker. By old we mean older than about 1985. I won't get into amps and voltage supply but they make a huge difference on how many apartments or condos you can have and the holding costs of the building while waiting to get converted.
A turnover in ownership will require the building to be up to code. It could take ConEd a year or more to schedule an appointment to come in and update the electrical service. Check with ConEd before making an offer or at least put it in as a contingency in the offer letter.
If they can guarantee a date, great, make the offer. If not, walk away. You may never be able to have simple things such as air conditioning or luxury appliances without risk of blowing fuses in each apartment.
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