What You Need to Know About Buying a Condominium in New York City
It is possible that you may be shocked by the number of factors to consider if you have never purchased a condominium in New York City. Purchasing a condominium is not the same as purchasing a home. As opposed to a freestanding home, you’ll most likely share adjoining walls with your neighbors, as well as other physical aspects that are unique to a townhouse.
Is Condo Living Right for You?
Before purchasing a condo from a place such as Fifteen Hudson Yards, you must ask yourself if condo living is right for you. If you don’t like living in the city, you probably shouldn’t purchase a condominium in New York City.
Most condos are located in the middle of a downtown area. They are often built right in the middle of numerous developments, including grocery stores, office buildings, banks, theaters, and more. This is done on purpose as it allows people living in condos quick, easy access to the amenities they use the most.
You Will, Be Part of an HOA
The homeowners association, also referred to as an HOA, is one of the responsibilities of condominium ownership. It outlines a declaration of covenants, conditions, and restrictions that defines the requirements that you as a condo owner must meet to be able to live in the unit you purchased.
If you discover that you will not be capable of adhering to the rules of the HOA, condo living may not be for you. You may be punished, ordered to comply, or even sued if you do not comply.