Are you thinking about buying a Long Island Condo?
You may have some questions about Condo life in general that you need answered. Most people know that a condominium is a residence in a multi-unit complex. As a courtesy, Lawrence "Larry" & Sheila Agranoff have answers to Frequently Asked Questions about Condo Living on Long Island to help Buyers decide whether or not this would be the right lifestyle choice.
Are There Rules To Be Followed? ~ Yes, upon buying a Condo, you will be getting a Homeowner's Manual and/or By-Laws. However, many Condo communities on Long Island do not allow you to see these rules before you are in contract.
Are There Monthly Fees Involved? ~ As a Condo owner, there are monthly fees you will be required to pay. Every Condo has its own set of fees that are determined by the cost of running the common areas and the amenities which it offers.
Do All The Condos Charge The Same Fees? ~ No, every community has different fees. At some Condos all owners pay the same fee no matter what size unit you are buying, and some are determined by the size of the unit.
Can I Change The Condo To Meet My Needs? ~ It depends on what kind of changes you want to make. Any exterior structural changes cannot be done. Any interior structural changes will have to be submitted to the HOA Board or Management for approval. Each community is different and these rules will be included in the community By-laws and Homeowner's Manual.
Do Condos Have Garages? ~ Some Condo communities have attached garages, some detached garages and some no garages. But most communities have parking spaces, although some are not designated ones.
Are Pets Permitted? ~ This depends on the Condo. Some are pet friendly and others do not allow pets. Ask for specifics.
Whose Responsible For Exterior Maintenance? ~ If it's a Condo and not a Homeowner's Association, most of the time the community is responsible. However, check for details of the Condo you are interested in as rules vary.
Are Rentals Allowed? ~ Sometimes yes and sometimes no. Each community is different. If you are planning to buy a Condo on Long Island to rent, you must verify if it is allowed with the individual community. Some have a waiting period before a rental is permitted.
Do All Condos Have Amenities? ~ No. There are active Condo communities with clubhouse, pool, tennis, gym and social activities, and there are also some with no amenities except that the lawns are maintained and snow is removed. However, some neighborhoods do not cover the lawn or snow maintenance, so again, check with Lawrence & Sheila for this information.
What Is A Special Assessment? ~ This is a fee approved by a homeowners association or Condo Board to cover items not provided for in the budget. This can be a controversial expense. Many associations do an excellent job of planning for replacement costs and are adequately prepared. However, others accumulate funds based on outdated cost estimates and discover when the day comes for a major repair or replacement that they do not have the funds to pay for the project. Thus, a Special Assessment is an added fee.
Do All Condos Have Washer & Dryers? ~ No, although many of them do have a washer and dryer within the Condo unit, some may have facillities on the premises, and some do not have any.
Do Condos Have Central Air Conditioning? ~ Not all, so ask before purchasing a Condo on Long Island.
Are There Age-Restricted Condos? ~ We have Non-Age Restricted Condos as well as Age-Restricted Condos for 48+, 55+ and 62+ adults.
What's The Difference Between A Condo, A Townhouse and A Pud?~The easiest explanation is the following:
Townhouse ~ You own the land on which it sits.
Condominium ~ You own the inside of the unit.
PUD ~ You own the land front and back of unit.
Many consumers and Agents conveniently refer to all of these structures as condos, although they may actually be a Townhouse or a PUD.
There are many factors to keep in mind when choosing the North Shore Long Island Condo of your choice. This will be an investment decision that can last a lifetime and should be considered very carefully. This, of course, is a thumbnail sketch of Frequently Asked Questions on Condo living, and a reminder to do some investigation before purchasing one. The term condominium refers to property in a complex that is divided into individual units. Sometimes, we need to understand the basics between different types of properties and what they may offer.
If you're at a point in your life where you want a more relaxing lifestyle that is full of opportunity, enjoyment and convenience, then call LAWRENCE & SHEILA AGRANOFF to find the available opportunities of Condo Living on Long Island.
Call Our Cell: 631-805-4400