Is a global economic slowdown coming? There are predictions of lean days coming, but the reality is that no one knows what the future holds.
Many people who live in and around New York City are attracted to condo life. They enjoy the views, the amenities, and of course, the fact that they don't have to take care of much, if any, exterior maintenance.
When it comes to a condo conversion project, there is more than meets the eye. There is more to this than you may realize upfront. For this reason, it is important to fully understand what you are getting into, how to avoid trouble and how to address any challenges that present along the way.
While not always the case, most owners of a residential condominium will be a member of a private association. Known as the homeowner's association, or HOA, it can be responsible for everything from security to repairs to maintenance.
Purchasing a condo and single family home are similar in some ways. However, there are some key differences to be aware of, especially during the inspection process. The primary difference is the fact that you are sharing walls with other units, while also becoming part of a bigger association. This does not hold true when purchasing a single family dwelling.
Cooperative and condominium boards don't always have a simple job. In fact, they can be faced with many challenges throughout the year, some of which are more serious than others.
Imagine you are searching for a new place in New York, and you find the perfect place. It doesn't allow pets, but that's no worry -- you don't have one. For a few years, you live happily in your apartment.
As we mentioned in our last post, the major difference between a co-op and a condominium is the lack of property ownership for the buyer. With a co-op, the buyer gets stock in the company that owns the co-op, while also being allowed to lease housing there; meanwhile, someone who purchases a condo actually owns that particular piece of property. This gives the condo owner some freedom if they wanted to lease out their space to someone else.