Inspecting of A New York Condo
The property requirements for condo are quite different from that of a house in that the ownership of the land is divided. Therefore, there are two specific areas that you'll need to concern yourself with here to make sure that you understand what this first part of the deal entails. You'll need to know all the legal elements of the condo that you're buying into and the specific location, size, layout, and the condition of the unit that you're looking at. Before buying into any condo, you should be completely familiar with the documents that control it-all this before and then you get a home inspector to come and have a look at the physical aspects of the property itself.
Here's a partial list of what you'll need to know about the legal requirements that go into purchasing a condo. Remember that you'll also need a thorough condo inspection by a qualified professional to check all the things inside the unit like the electrical wiring, the circuit breakers and water pressure.
One of the first things that you'll want to have clearly defined are the boundaries and the percentage basis on which the owners contribute to the common expenses. This is often a sticking point for many people who are getting into this type of living arrangement for the first time since they are unfamiliar with what goes on. You'll also want to make sure that you are familiar with any and all bylaws that can pertain to the use of the unit and the common grounds. You should be aware that these can change from state to state and even municipality to municipality.
There will also be rules and regulations that deal with the common elements. These includes things like restrictions on pet ownership, children, noise and the leasing of privately owned units. People can get involved with a condo deal and then realize that there is a clause is part of the agreement that can prohibit something that they want to have or do in their unit. Usually many of these stipulations are decided on by a board of fellow owners and while this arrangement keeps the places orderly, there is often the danger of having one groups will imposed on another. There are some other areas to watch for in all the documents and these include:
•ü The ratio of rental to owned units. Projects with many rental units often experience more vandalism than those where all the units are owned outright.
•ü The percentage of common area charge levied against the unit that you're interested in.
•ü The possible future costs. Usually, these rise in a luxury building.
•ü Occupancy restrictions and other special charges that can cut your rental options.
It's also good to remember from an investor's standpoint that the luxury condo market has a history of wildly fluctuating prices.
In closing, all condo purchases, whether in Brooklyn, Queens, Staten Island, the Bronx, Westchester, Nassau County, yonkers, or anywhere in the country, should be properly evaluated by a licensed inspector.
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