What to Consider Before Purchasing Luxury Condos for Sale in NYC

by | Mar 16, 2016 | Real Esate

If you are searching for a new home, then it may be a good idea to look for condos for sale in NYC. Condos are typically much less expensive to own than townhouses or traditional houses, and they offer a number of conveniences that may not be affordable for you otherwise. However, before you dive into condo ownership, there are a number of caveats to be aware of.

Things to consider prior to looking into luxury condos for sale in NYC are highlighted here.

You’re Not a Land Owner

One of the first things to keep in mind is that condos consist of several apartment units that are each owned individually. Each of the individual owners will contribute to the upkeep and cost of the structure’s exterior, as well as amenities and common areas. While you own your condo, you will not own the land where the condo is sitting.

Condos Are Convenient

For homebuyers, there are a number of advantages offered by condos. In a lot of neighborhoods, the only option may be luxury condos for sale in NYC. In some cases, condos may be the most practical option, considering their proximity to work and shopping centers.

There are also a number of amenities offered by condo communities that are not available if you purchase a stand-alone home or townhouse, such as tennis courts, play areas, and swimming pools.

Built-In Community and Social Activity

Socially speaking, condos can be the ideal location for families, couples and singles. The proximity of your neighbors, as well as shared access to common areas, will provide you with a great opportunity to meet new people.

However, keep in mind, you will likely have less privacy since your neighbors will be so close, sharing building access and walls. You should keep in mind that neighbors might be able to hear your conversations and the music you play, and you might be able to hear them. Prior to actually purchasing luxury condos for sale in NYC, it is a good idea to meet the other owners and see if they seem like people whom you would get along with.

While condo ownership may not be for everyone, there are a number of benefits it offers that are not available with a single-family home, or with a townhouse. It is also important that you do not rush the decision. Carefully consider all of the options that are available. Chances are, if you are right for condo ownership, this will be clear. There are a number of great deals you can get when you shop for condos. Be sure to consider all the options prior to making a decision.

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