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.
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
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.
Keller Williams Real Estate
9120 4th Avenue Brooklyn, NY 11209
Office: (718) 954 8400
Direct: (212) 300-3919