While there are many benefits to owning a condo, there can be a few hassles. Most people wish they would have known more before considering luxury condos for sale in NYC. While they may have still made the same decision, they would have understood things a little better and may have waited longer or sought somewhere else. Therefore, it’s necessary to think about how it could affect your life.
Costs
The mortgage is always a scary prospect, especially if this is your first home. However, that’s not the only thing to consider. You’ll have owner fees that come out every month, typically called association fees and will need to have insurance.
Your association’s fees will pay for many things, including insurance of the complex and general upkeep of the building and any amenities. You will always have these fees, every month, or however the association agrees to charge them.
While they will cover insurance on the property, that insurance won’t cover personal items. You’ll still need homeowners insurance if you plan on keeping your items safe.
To avoid problems with “hidden” costs, make sure you read the bylaws and understand them.
Social
It can be extremely common only to think of the monetary aspect of a condo, but there are other things. For example, you will, in essence, be living in close proximity to others. You will have your own space, but you’ll have neighbors on both sides and may have them upstairs and downstairs, unless you live on the ground floor or a penthouse.
Make sure you’ll fit in with these people because you’ll be living near them for a long time. Most managers or owners will allow you to knock on a few doors to learn a little about the people living there, so be sure to do this.
Rules
Luxury condos for sale in NYC come with specific rules that everyone in the building must follow. Sometimes, you’ll find that the rules aren’t hard to live with, such as cleaning up after yourself and not being noisy. However, some places have a lot of rules, such as no pets, no painting or changing the walls, only using the amenities at specified times and so on. If you can’t handle the rules, also known as the bylaws, then you won’t be happy. You can choose a different condo building or maybe choose an apartment or single-family dwelling outside the city.
