People thinking of investing in real estate in Manhattan have several options available to them. Knowing this, the question arises, “which is the best choice.” This is a difficult question to answer. Buying a New York City condominium may be the right investment in certain circumstances, but not others. There are pros and cons to purchasing any real estate. Condominium purchases are no different.
Before deciding if a condo is the right property investment for you, you must first understand what a condominium is and why it is different from other types of accommodation. A condo is a building that has been custom designed and built. The homes at 35 Hudson Yards range in size from 1900 to 4600 square feet and offer two through five bedrooms. The homes are sold to private buyers. Each home comes with a title. All common areas, which include the parking garage, rooftop facilities, fitness centers, dining facilities, etc. belong to all condo owners. The owners pay for the maintenance of common areas and facilities. They do so by paying a fee to an association responsible for upkeep.
Any real estate investment is a good investment when the current value of the condo is higher than the initial purchase price. That is a simplistic way to look at it. When it comes to New York City Condos for sale, there are other considerations. There are fewer differences between condo ownership and homeownership that one might think. Homeowners pay association dues, so do condo owners. Often, homeowner’s association dues are considerably higher than condo associations. The difference between a house and a condo lies in what you own. When you purchase a home, you own the structure and land. When you buy a condominium, you own the floors and the inside walls. Condos are an excellent choice for many buyers, but they are uniquely different from a co-op or a house.
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