What to Consider When You Buy a New York City Condominium

New York City condominiums for sale are another option when looking to buy an apartment. Condos for sale in NYC are literally that: discreet pieces of property that, though they are physically part of the building, come with their own deed, are taxed individually, and are wholly owned by the individual.

Apartments in most newly constructed or gut-renovated buildings are offered as New York City condominiums for sale, including all those gorgeous contemporary, luxury buildings that popped up all over town this past decade.

When you buy a NYC condominium apartment, you are the sole owner of your individual piece of property, with shared ownership of common areas such as hallways, storage and laundry facilities, elevators, heating systems, stairwells, lobbies, and the building's exterior.

Tenants who buy Manhattan condos are expected to pay a monthly maintenance fee to go towards the upkeep, repairs and improvement of these common areas. An association of owners within a condo building usually oversees the maintenance.   

Buying a New York City Condominium: Advantages
 

1. If you buy a NY condo apartment, you can finance a far larger percentage of the price--sometimes as much as 90%--than when purchasing a co-op, and so need to come up with a lot less money as a down payment.
    
2. NYC condos for sale don't require potential buyers to go through an approval process before a building's Board of Directors. If you value your privacy, or simply find Board hearings distasteful or their decisions capricious, purchasing a NYC condo apartment might be the best way to go for you.
    
3. When you buy a New York City condominium, it can be freely sublet, at the discretion of the owner. As long as you continue to pay your financing, and your maintenance, you can have a lot more flexibility in your living situation than with a condo apartment. 
    
4. Purchasing a New York City condo gives you a much lower monthly maintenance fee than if you were to purchase shares in a cooperative corporation.
    
5. NY condos for sale tend to be in newer, more contemporary buildings, which often have more amenities--of both the luxury and practical kind--than their pre-war counterparts.

Buying a New York City Condominium: Disadvantages
 

1. NYC Condo apartments are generally more expensive than comparable co-op apartments.
    
2. Your monthly maintenance fee after buying a Manhattan condominium apartment, though usually less than in a co-op building, is not tax deductible. 
    
3. There are far fewer New York City condominiums for sale than co-ops, so it can be more difficult to find the perfect match of apartment size, building amenities, and neighborhood.  
    

Because NY condo apartments are allowed to be sublet by their owners, a condo building can have a more transient feel to it, as tenants stay for shorter