A condominium or condo is an apartment where you gain complete ownership. Condo buildings have boards, but not as similar as co-op boards. If you are looking for a long-term investment, these apartments are one of the best options.
Indeed, condos are more expensive than co-op owners can afford. That said, they offer luxury amenities, including a flexible lifestyle. So, in a way, they act as an investment, and hence on some level, they can be considered cheaper on some level.
What are the benefits of owning a condo in NYC?
Living in a condo offers the following benefits:
- Fewer restrictions: Condominiums are the best option for owners who prefer to live a flexible life. There are few restrictions to constrict your lifestyle as you are the prime owner.
- Cheaper to buy: You can buy a condo at a lower cost. For instance, one of the luxury condos for sale in NYC – 293 Lafayette Street located in Nolita. It comes with four bedrooms and six bathrooms and covers an area of 6,000 square feet. This apartment will cost you $ 36,500,000. It has a washer, garden, elevator, poses the city view, and so much more.
- Accessibility: Condos are usually located close to business centers and busy streets with popular hubs. So, you benefit from excellent connectivity and can access several forms of entertainment in the locality.
- You get everything: Amenities are widely available when buying a condo. They include a swimming pool, rooftops, and fitness centers, among other facilities. It’s all right where you live, so you don’t need to move out of your complex.
- Secure: Condos come with maximum security, so you are safe from theft and unauthorized entries into the complex. Most condos have several security systems installed at the premises to maintain the safety of the residents.
Why some people don’t prefer Condos
While owning a condo proves beneficial, many people find the following conditions a disadvantage.
- No backyard or garden: Some condos do not provide extra space like a backyard or a garden to own solely. This is a disadvantage, especially for families with children or pets who love to play in the backyard. However, 515 Park Avenue is a condo located in Lenox Hill. They have a spacious breakfast room that opens into the terraces overlooking Park Avenue.
- Parking area per person: Condominiums have limited parking areas, which is good but only for the owner. This can be an issue when you invite guests to a party.
- Pets are restricted: Some condos allow pets within the premises, but their number and breed allowed are limited. 35 Hudson Yards, located in Midtown South, has favorable pet policies, where a pet can reside with the owner.
If you are on the lookout for wholly owned luxury apartments, Luxury condos for sale in NYC are available. Reach out to our real estate agents to help you select the best condo. They will guide you with several options based on your requirements, lifestyle, and budget.