Home Buying in Brooklyn>Question Details

Rhayward, Home Buyer in Brooklyn, NY

Are condominiums risky to buy?

Asked by Rhayward, Brooklyn, NY Wed May 22, 2013

Help the community by answering this question:


The most dangerous kind of Real Estate!
That is because of the HOA involved: Some are professional, well run and concerned with the well being of the residents. Some are grossly mismanaged, financially unstable, and managed like a little fiefdom for the benefit of the board. They can be restrictive in the extreme; making life miserable for the residents.
They can also make SELLING almost imposible.
You have got to find out what kind of HOA you've got.
1 vote Thank Flag Link Sat May 25, 2013
If you are working with a good agent that can keep you well informed, past, present, and future, purchasing a condominium should be no more risky than buying any other property.

Good luck,

0 votes Thank Flag Link Sat May 25, 2013
Yes, they can be for many, many, many reasons.
Far too many to address in this forum.
Kathryn Lilly, Broker
Realty on the Greene, LLC
0 votes Thank Flag Link Sat May 25, 2013
Dear Rhayward:

All investments carry some kind of risk. The more important questions becomes how much risk are you willing to tolerate as an individual. Owning a condo has slightly more risk than other forms of real property due to the fact that there are common areas that have to be paid for/maintained by the condo and if any of the other members of the condo fail to pay their maintenance, you can have a financial issue. So now you have to worry not just about paying your bills but the ability for all the other owners i n the condo to pay their bills as well!

In most cases the risk is not that bad. Most condo owners do pay their maintenance here in Brooklyn. You lawyers job is to protect you to make sure that the condo you are buying into is in good financial condition, as long as it is you should be fine. Your lawyer will review the condos financial statements and budget to make sure everything is as it should be.

If you need further assistance, please contact me direct. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Thu May 23, 2013
Hi Rhayward,

No, not at all... They are "fee simple" just like owning a home, which means you can do any alterations, rent it, etc. but only within the condo itself. You cannot alter anything outside the unit, like the hallway or front of the building.

If you have any other questions, feel free to call me anytime... The advice is free.

Luke Constantino
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919
0 votes Thank Flag Link Thu May 23, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer