Housing is a delicate topic in New York. Sky-high rents and home prices make it unrealistic for many to purchase a home. Because of this, condominiums have become one of the most popular housing options. However, this purchase can have both a positive and a negative side. Therefore, if you’re looking to dive into the Big Apple’s real estate world, this guide is perfect for you. Here are the pros and cons of buying a condo in NYC.
What is a condo?
A thing that often confuses people is the difference between a condo and an apartment. Even though these are similar in structure, there’s a difference in ownership. Both properties are part of a larger residential building. However, an apartment is a residence that you rent, and condos are privately-owned units. Most commonly, condos are found in tall buildings, but you can also see them in the detached form. It is important to understand that a condo owner also owns common areas, just like other owners in the building. These include hallways, elevators, pools, garages, etc.
Pros of buying a condo in NYC
Let’s start this guide on a positive note. There are several reasons why you should buy a condo in the Big Apple.
The most common reason why people opt for a condo is the price tag. NYC is a costly market, so people are constantly on the lookout for more affordable options. Condos are less expensive than single-family houses. Apart from the lower price, you also don’t need to worry about high taxes. Since you own a relatively small property, the taxes are lower as well.
If you’re too busy to take care of a house, a condo might be a better option for you. You only need to maintain the inside of your home, which is a considerable time-saver. Generally, management companies take care of the rest, so you don’t need to worry about the roof, weeds in your garden, etc.
Remember, most buildings come with a different set of rules and guidelines for their residents. That’s why you need to double-check these regulations when it’s time to transfer to your new home and bring all the furniture. Be sure to respect the guidelines so you don’t upset any of the residents. Hiring professional residential movers will make the move-in process simple, fast, and as quiet as possible without creating any mess or trouble in your new home.
You can easily sell it
In case you need to move, you can sell a condo in the blink of an eye. Due to fewer restrictions, lower prices, and less maintenance, this kind of property type is prevalent among buyers – especially foreigners.
Buying a condo in NYC means you can live in some of the top locations in the city. High-rise buildings are more common in popular, busy areas, so it’s easy to find a place close to work, NYC landmarks, and other fun spots.
Cons of buying a condo in the Big Apple
Where there are positive aspects, there have to be negative aspects, as well. Here are some of the cons you can expect when buying a condo in NYC.
Even though you have less work regarding the maintenance of your condo, this luxury will cost you. HOA fees can be pretty expensive, depending on the number of amenities your building includes. Monthly expenses regarding the maintenance of shared areas can be an unpleasant surprise if you’re uninformed.
If you compare it to a family home, a condo’s market value tends to go up much slower. The value of your condo doesn’t depend solely on the interior and the location. It also depends on the quality of the building and its maintenance. So, if the HOA is not doing a good job, the value of your condo will not go up as expected.
Community and neighbors
Even though living as a part of a community can also be considered positive, this comes as a negative aspect more often than not. One of the main cons of buying a condo is a lack of privacy. Unlike in a single-family home, you’re always closely surrounded by your neighbors. If you happen to have great neighbors, this doesn’t have to be a problem. However, if they have some annoying or inconsiderate habits, they can disrupt you and make you like your home much less.
Best places to buy a condo in NYC
As mentioned above, condos are an excellent option if the location is your top priority. People who purchase condos usually want to be closer to work, NYC attractions, and hot happenings. That’s why Manhattan is such a popular location in the real estate world. Neighborhoods such as Chelsea, Upper East Side, Washington Heights, Battery Park City, and Gramercy Park are also fantastic locations for those looking for a perfect little condo in NYC. Luckily, you won’t need to worry about the move if you hire reliable movers. Manhattan-based experts will gladly help make your relocation hassle and stress-free.
NYC is a vast market, and sometimes it isn’t easy to find the best place to live. This can be particularly difficult if you’re buying a condo in NYC, as there are too many options. However, you can alleviate the process by narrowing your possibilities a bit. Think about your priorities, work location, and favorite places in the city. Remember, a good real estate agent can make the entire process easier. Welcome to New York!