As a first time home buyer, buying an apartment in NYC can seem long and complicated process. If you are buying a condo for the first time, this video will help you to understand the differences between a condo vs co-op, what to look out for when purchasing a condo, pros and cons of buying a condo, what are some questions to ask when buying a condo and a few more condo buying tips.
Hey guys, my name is Sargis, a licensed real estate agent with CORE based here in NYC. Welcome to another NYC Real Estate Video.
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Timestamps
0:00 - Intro
1:28 - What is a Condo?
2:34 - Condo Board
2:57 - Condo Carrying Costs
5:56 - Condo Buying Steps
7:33 - Due Diligence
8:57 - Inspection
11:26 - Contract Signing
12:08 - Title Search
13:43 - Board Package
15:01 - Right of First Refusal
17:01 - Final Walk Through
17:28 - Condo Rules and Requirements
20:00 - Pros and Cons of a Condo
23:21 - Important Questions
Condominiums are individually owned residential units in a multi-unit building where the owners of each unit have a joint ownership of the common elements of the building.
When you buy an apartment in a condominium, your apartment plus the percentage of the common elements such as the entrances, lobby, elevators, stairways, hallways, gym, pool, rooftop, laundry room etc. belong to you.
You will receive a deed, which is an official legal document transferring the ownership from one person to another and you’ll have a title to your property. Just like if you would buy a house or a land anywhere in the country.
When you own a single family house, you will be 100% responsible for everything including the maintenance of the boiler, roof, plumbing, electric, HVAC, landscaping, etc.
With condos, you are responsible for whatever is inside your unit, everything else is managed and run by the Condominium Association or HOA, and the unit owners share the ownership and responsibility for maintaining the common structural elements and the amenities of the building (if any).
One of the important things to understand here are the fees associated with carrying your apartment. Condos are great for people who want to have all the benefits of homeownership with a fewer responsibility, which means you don’t have to personally check and make sure that everything runs properly in the building, but you are responsible for your portion of those expenses. This is called HOA fee, which in NYC we call it Common Charges. Those essentially mean the same thing, it’s just you’ll hear the term Common Charges in NYC.
Generally speaking condos don’t have such a strict rules and requirements that co-ops have.