There are various benefits to be had from owning a Condo, New York City rather than a traditional house. Caring for the exterior of the property, disposal of trash and getting rid of snow is something that you will not have to worry about.
However, to ensure that these services are carried out owners of condos are required to pay a fee each year (monthly or annually) to cover these costs. However as you pay these fees then it is not you who have to worry about sorting out the contractors to do the work instead this will be done by the company employed by the condo association in order to maintain the properties external features.
There are going to be certain rules and regulations as a condo owner which you will need to adhere to as do the rest in who own condo’s in the same property as you. But because of this everything will be kept in a neat and tidy fashion and only pertain to those that are outside of your property.
Sometimes to carry out works internally to a property there may be certain regulations that you as owner of the condominium need to know about and which you must adhere to. For example if you are thinking about having wooden floors in yours then before you do so find out if you need to get permission and if you do, does some insulating material need to be placed down before the flooring. The big problem with wooden flooring is that although it may look nice when walked on the sounds produced can carry through to rooms below.
Also if you are intending to make any changes of a major nature within the condo then you need to check not only with the building association but also the local building authority if this can be done. If you don’t then you may well find yourself having to get all the work taken down and converting the property back to the original condition it was in.
Therefore if you are someone who is considering purchasing a condo New York City then you need to check carefully what all the rules and regulations are for owners of such properties. Although there are many which are standard some may have ones that are specifically associated with their association.
Yes living in a condo, New York City can be fun but it won’t be if you cannot afford to keep up your mortgage payments and maintenance fees on it. Unfortunately the fees charged by a condo association can vary greatly from one to the next and may be dependent on how big the condo is and where it is located. Some may only charge a few dollars to their condo owners each month whilst others may charge them a few hundred.
Author: H. KimThis author has published 3 articles so far.