NYC real estate attorney Natalia Sishodia releases a new article (https://sishodia.com/what-are-some-red-flags-when-buying-a-condo/) explaining the red flags when it comes to buying a condo. The lawyer mentions that condos in New York City are great investments for people who are looking to be homeowners. However, looking for the best condo in New York can feel daunting and a buyer should always consider the possible pitfalls before buying one.
“Condominiums are managed by a board of directors composed of a group of unit owners who oversee the general operation of the building. The upkeep, expenses, and insurance for the building rely on regular monthly or quarterly fees paid by all unit owners to the condominium association. The board typically contracts with a management company that collects the maintenance fees and takes care of the day-to-day management, accounting, and upkeep of the building,” says the NYC real estate attorney.
The lawyer explains that when an individual purchases a condo, they are not only buying the unit but also a proportionate share of the building. It is important to make sure that the building is well taken care of. Oftentimes, buildings that are not maintained well can lead to more significant issues down the road.
Attorney Natalia Sishodia adds that a buyer should look closely at the sturdiness of a unit as well as the building itself. Some developers have the tendency to cut costs and end up with a construction project that is weak. These can also cause significant issues in the long run.
In the article, attorney Sishodia also says that very high maintenance costs can be a red flag for someone who is buying a condo. It is important to check the maintenance cost before buying a condo. If the maintenance seems unreasonably high, there may be issues with how the maintenance money is being spent.
According to the real estate lawyer, “Conversely, when maintenance fees seem too low, it may indicate that there may be a shortfall when needed. Condominiums are required to keep reserves for these reasons. If there is an emergency and there are no funds in reserve, the residents will be left to make up the difference through special assessments.”
Lastly, the real estate attorney emphasizes the importance of having a skilled attorney when it comes to dealing with matters such as investing in properties. An experienced lawyer may be able to help the client understand their rights and make guided decisions about their purchase.
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