Have you made the decision that you want to invest your money into home ownership, without the huge responsibilities of yard work? If so, you have likely set your sites on an Upper East Side condo. However, prior to actually making the purchase, there may be a few considerations to make, to ensure that this is the right purchase for your needs. After all, when you find a condo for sale, the process to purchase can be long and involved, and living in a condo comes with many more considerations, rules and regulations than a traditional single-family home.
Shared Expenses
When you purchase a condo, decisions regarding the building are typically made by a Condo Association, which will hold regular meetings for owners and board members. This also means that you will be subject to the rulings and decisions made and established by the association. As a potential condo owner, you should ask about the various fees that you will be responsible for.
Homeowners Insurance
When it comes to insurance, condo owners are usually responsible for the contents that are inside of their individual dwelling, which includes doors, cabinets and floors and walls. Each condo association provides residents with a declaration, which highlights the details to ensure you fully understand what you are responsible for. In most cases a condo owner can change the interior surface and remodel the surfaces at their own discretion. However, the majority of exterior modifications will need to be approved by the board, which means they may also face denial.
Additional Information
You should also find out the homeowner statistics for the condo complex, prior to finalizing the purchase. Knowing how many of the units are owner-occupied and who is current on their dues can impact the future financial security of your home. It is also a good idea to ask questions regarding the time frames for major upgrades, such as roofing needs and clubhouse renovations, prior to making a purchase. Consider talking with some of the other residents to find out the fine details of the association agreement, which may not be clearly evident at first glance. This will provide you with insight that may not be provided by the board or selling agent.
There is a lot to consider when purchasing a condo, using the points here will help you make an educated decision of whether or not condo living is right for you.
Manhattan House 