There are many benefits to be had from owning a Condo, New York City rather than a normal home. Things like the maintenance of the exterior of the property, disposal of trash and removing snow is car
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 will be certain regulations and rules that all condo owners in New York City will be asked to adhere to. But these are solely to ensure that they upkeep of the communal areas of the property remain clean and tidy at all times.
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 intend to make any major changes within the property with regards to its structure, along with getting the right building permissions from the local planning authority, you may need to obtain permission from the residents association as well. Unfortunately if you elect to do such work without getting the right permissions you may well find that the work will need to be undone so that the property can be returned to its original structure.
So before purchasing any condo whether in New York City or elsewhere you need to be made aware of what rules and regulations are in place. Most will have a standard set of regulations that owners are to adhere to but some may well have more specific ones also.
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.