Most people don’t consider condos when thinking about a new home, but there can be many benefits and drawbacks, depending on your needs and what you prefer. While some people will always like a single-family home better, if you’re considering a condo in Manhattan for sale, you will want to consider a few points first.
Land
One condominium holds many different apartment-style units that are all individually owned or rented. Everybody within the community pays fees for upkeep on the outside, amenities, and common areas, though you own your unit. However, you do not own the land that the condominium sits upon and may not have any say on how the outside looks or which amenities are offered.
Convenience
In most cases, condos for sale are situated in built-up areas, making it easier to get to work or enjoy entertainment, especially if you work near the city’s center. Another convenience factor is that condos typically offer high-luxury amenities, such as pools or fitness centers, which you couldn’t afford to have otherwise. Along with these conveniences, you won’t be responsible for maintenance of the building or amenities, and any problems you have will be managed by the association or landlord.
Socializing
Whether you live alone or have a family, condos are available for all walks of life. Once you move in, you’re got a built-in social network, giving you ample opportunity to meet new friends and find common interests.
However, you will have neighbors living right beside you, which could hinder privacy in some cases. Most people have lived in apartments before and don’t find this very annoying, but some people dislike having others so close and prefer single home dwellings.
Costs
In many cases, condos are less expensive than houses or townhouses because the available space is maximized, and many people can live in a tall building. However, one caveat could be trying to sell the condominium when you want to move to a new location. You should plan to live in that building for at least 10 years.
You should also take into consideration that the full cost of living there may be more than you think. You’ll be responsible for utilities and association fees each month.
Take Your Time
It’s important to take your time and think hard about your decision to purchase a condominium, as it’s a significant decision.
