Condo sales are popular on Long Island. Buyers are looking for the advantages that a condominium can offer.
What Are These Advantages?
No more cutting the grass, no more shoveling the snow, no more pool care, or raking the leaves. The exterior maintenance is usually the responsibility of the Condo association. Many Condo communities have amenities like clubhouse, pool, tennis, gym. Condos can be less expensive than a single-family house. Living in a Condo can give the sense of security by having neighbors living closer. Tax benefits are similar to owning a home. Your homeowners insurance will most likely be less. Condo living can be a social setting opportunity.
What Can Be Disadvantages?
But before you buy, you should know it is not the same as buying a single family home. With Condominium Associations you must play by the rules. State laws differ as to whether potential buyers are allowed to receive certain information. On Long Island, buyers cannot see the activities and operations of the association until after a contract is signed. Your Real Estate Attorney will go over these documents and advise you if there are any concerns. Remember, this is an important investment, and you want to make sure you understand your rights and responsibilities. You may also want your accountant to go over the financial history of the Association.
Keep in mind there are rules to be followed, monthly fees are required, and sometimes a special assessment must be paid if the budget doesn't have enough funds for necessary repairs. Each community is different and these rules will be included in the community By-laws and Homeowner's Manual.
Do You Have Questions About Long Island Condo Living?
Currently, Novmber 2017, the Long Island Condo inventory is very low. You may have to wait for the community of choice, so be sure to call us to be placed on our ALERT list, and then we can represent you in the sale.
Why Buyers are Moving to Long Island Condoss
This does not suggest broker has listing or transaction or any property is currently available. If your home or condo is listed with another broker, this is not a solicitation of the property. We do not have any management information
The increasing popularity of condos comes as many empty nesters and young families alike look for a more leisure lifestyle.
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