Things to Know When Looking at Condos for Sale in New York

It’s critical to understand condo features and how condo ownership varies from traditional real estate purchases before looking at condos for sale in New York. Condominium ownership is a hybrid type of ownership, requiring several legal and technical features to be stated in contracts to identify ownership.

Unlike a traditional ownership arrangement, there is a significant distinction between the individually owned apartment and the building’s communal amenities.

You Own the Individual Unit

When you purchase a condo at a place like 15 Hudson Yards, you purchase a residential unit. Internal rooms, inner walls, balconies, patios, and storage places are all included. While the size and style of the unit may vary, all condo ownership agreements are determined by the internal rooms and the distinctions between inner and outside spaces. In contrast to typical real estate transactions, you do not own any land when you buy a condo, which is legally designated as a common space.

Understanding Property Taxes

Each condo unit is assessed and taxed separately for tax purposes, including its share of shared features. Before buying one of the condos for sale in New York, it’s crucial to know that property taxes are not included in monthly condo fees.

It’s crucial to be responsible and satisfy your property tax duties in your jurisdiction, just as it is with any other kind of property ownership. Property tax is a source of state and local revenue. It is characterized by the value of the property and the property tax rate currently being assessed.