Everyone is interested in the least expensive options, but those options are sometimes not the best deals. When purchasing a very inexpensive car, you expect there to be problems. The same might be true of the least expensive condos in New York City, so you will want to make sure you do your research before considering them.
Try to find at least two condos that will fit your budget and needs. Then make sure to talk with the condo office staff and find out as much as you can about these condos.
Consider reading the minutes from the board meetings of the condo association. These can be extremely helpful because they will list the problems that the owners are complaining about. If many owners are complaining about specific problems, such as plumbing, you can assume that there are some management difficulties and may want to consider something else. If there are no complaints, then this generally means there are no problems or that the people aren’t complaining. This is also a great place to find out about the up-and-coming projects.
You will also want to find out how much is in the repair fund. The least expensive condos in New York City will require maintenance from time to time, just like the very expensive options. Consider asking if there has been a reserve-fund review in the last five years. In most cases, a condominium that is less than 10 years old (new) will have a reserve fund with about 10 percent of the cost of the replaceable items on the condo; because everything is new and there probably won’t be too many requests for replacing those items. However, the older the condo complex, the more money needed in the repair fund. If the condo is over 20 years old and there is little or nothing in the repair fund, this could mean the complex is living beyond its means.
It is possible to get one of the least expensive condos in New York City and make a good investment. You just have to make sure you pay attention to all the fine print and know what to ask. Contact 35 Hudson Yards for more information.
New York, NY 10001, USA.
