What to Know When Buying a Condominium?

What you need to know about buying a NYC condo as an investment ...

Along with a condo’s guidelines, you must understand the condominium association’s budget plan. By doing this, you can understand what sort of cash you’ll require to contribute, in addition to where the money is going. It helps to check out the budget to see to it that they’re putting enough cash towards things like structure repair services. Also, remember any type of arrearage owed to the association as well as if there are owners who aren’t paying their fees. If an association refuses to share their spending plan with you, consider that a major warning.

The association will additionally have a book fund to cover expenditures that appear like significant repair work. Without the appropriate funds in place, associations can bill owners “special assessments” to cover expenses. The older the residential or commercial property, as well as the much less cash, gets it has, the greater the possibilities you’ll be hit with these costs. When checking out a condo complex, you might intend to ask about future tasks as well as just how they intend to fund them.

Condominium insurance coverage differs from the house owner’s insurance coverage you could be used to. The condo association will have master insurance coverage in place; however, these will vary from building to structure. You or your residence inspector ought to review the plan extensively. That way, you recognize precisely what you’ll be accountable for. You won’t want that toresult in repairing expenses that the organization’s insurance coverage won’t cover.


  • Amenities
  • Upkeep, not your obligation
  • Close neighbors

There’s most definitely an attract getting a Condo Sathorn [คอนโด สาทร, which is the term in Thai]that includes amenities, such as a tennis courts or swimming pool. You will not need to manage the maintenance of those features yourself, nor take care of the yard. Condos likewise feature a wonderful integrated possibility for a citizen’s social life. Neighbors are more detailed, and with access to the exact same building functions, you can quickly make pals.