Know Your Desired Location
In New York City, life is all about location, location, location. Midtown, Downtown, Soho—where you want to live is just as important as the building in which you reside. For some, location is all about prestige; living in a luxury condo in Midtown Manhattan fits an image. For others, location is a matter of functionality. Is there a Whole Foods or farmers’ market close by? What about a gym? A good school for the children? Above all, is the neighborhood safe? Have any robberies or assaults been committed in the nearby area recently? Would you feel safe walking home at night? These are just some of the questions you need to consider when searching for a condo to ensure that your overall living experience fits your lifestyle as well as the apartment that you buy.
Know the Availability
Of course you can’t buy a condo in a certain building if one isn’t available. However, the level of availability may tell you a lot about the place you’re choosing to live. If the building is at full capacity and a condo is hard to come by, it’s probably a good place to live. Conversely, if the building has too many availabilities, you may want to ask yourself why no one wants to live there. Also, availability may affect the price of the condo. The seller of a condo that is in high demand can ask more than one who is competing with six or seven other sellers in the same building.
Know Your Top Price Beforehand
Whether you’re concerned about monthly payments or the overall price tag, knowing exactly how much you’re willing to spend beforehand will help you decide exactly which condo is right for you. When considering the price, remember to include expenses like utilities (which may run more expensive in an upscale neighborhood), homeowners’ association fees, parking fees, and property taxes. While the price of the condo itself may be within your range, these monthly and yearly expenses may be too much for your budget to handle.
Know Your Responsibilities
Lastly, as the owner of a luxury condo, bills and fees are the least of your worries. Writing monthly or yearly checks is easy; it’s the other responsibilities that come from being an owner that cause the headaches. Most condominium buildings, including the luxury versions in Manhattan, have an agreement or declaration that states how the building operates and is governed. Issues like a contributing to a reserve fund, mandatory fees for general repairs to the building’s facilities, attending monthly HOA meetings, and responsibility for your own home repairs are several things to check into when searching for a luxury condo in New York City.
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