Condo or one-family house?

Asked by Cesar, Brooklyn, NY Mon Apr 21, 2008

I see that in some Brooklyn neighborhoods (Cronwn Heights, Sunset Park, Bay Ridge, etc) Condos and one/two family may be going for the same prices. What are the extra monthly coasts i should expect in a one-family house? Taxes? utilities? How much? (...considering that i will be saving on condo's cc)

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Yuri, Home Buyer, 11229
Fri Jul 24, 2009
One problem with new condos that everyone seems to overlook is it's tax status. Being new construction these units are taxed very high. Tax abatements just mask the amount of tax people face. If it wasn't a tax abatement, annual real estate tax for the average condo apartment would be $9,000!!! while average tax for a house in Brooklyn is $3500. One can only imagine what that $9000 will look like in 15 years, after tax abatement expires.
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Alen Moshkov…, Agent, Brooklyn, NY
Tue May 13, 2008
Cesar, let me give you another answer here which I think you can find to be more informative.
Consider two things, most single family homes are probably on the older side, correct? When you own an actual house you are taking care of everything, if the roof leaks, its on your head, if the sidewalk needs to be repaired you will be the one sweating away, if the plumbing cracks Cesar is fixing it. In a Condo considering it will be new, you probably wont face those problems, you also don't need to worry about termites, soil or anything related. I have no idea what your budget it, but I've seen too many condos which are larger than your single family homes or even two.
Majority of Condos in Sunset Park and Bay Ridge, along with other areas are New Developments and have been built in the past couple of years or so, which means that there is a very good chance they have a 421 Tax Abatement. With a tax abatement your Real Estate taxes will be very minimal, and are usually good anywhere from 10 to 15 years on average. Depends on a Condo, some of them include water and gas in the Common Charge.
My Advice to you is to get in touch with a Mortgage broker and they can also tell you what you can qualify for and options.

Let me know if I can be any more help here.

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Caesar Galin…, , Staten Island, NY
Sat Apr 26, 2008
Hey Cesar.

With this question, it really is a question subjective preference. The difference of cost or expenses is really not much, due to Brooklyn's rapid rise to almost Manhattan status. I do not need say, that you can see that the PRICES of Brooklyn properties are steadily rising.

In terms of savings, there is really not much, even if the taxes are lower on condos, dont forget that common charges of the condo is another permanent cost on the property that must be added on in your monthly cost. The only place where you could see a major difference and a big savings on a condo is on Staten Island, where the prices are relatively lower than 1 family houses.

Again as I stated before, Brooklyn is a unique place and heading to MANHATTAN STATUS. So is your preference whether you want a private 1-family home in its own property, where you can enjoy your own backyard or front yard(even if is a small one). However, you will have to maintain not only the interior, but also the exterior. On the other hand, you are a busy person and have no time to maintain the outside or shovel snow, then a condo is good for you. For me, personally, is like living in an apartment building.

In short, in terms of prices, cost, savings, they are about the same. But if you want a clearer picture dont hesitate to contact me personally.

Cesar Galindo
Prosperity Real Estate Group
1718 698-2179 office
646-302-1470 cell
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Michael Gera…, Agent, Brooklyn, NY
Tue Apr 22, 2008
Prices on newer condo developments are up there with 1 and 2 families homes in Bay Ridge. You could expect to pay a water bill when owning a home but that may be the only difference. You will pay taxes and utilities on both types of property. There are few differences when it comes to ownership rights as well. On a condo, you will pay and additional common charge (usually $150-$250 depending on location and size).
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