In the past condominiums were not necessarily considered to be a good investment for a variety of reasons, however that image has since changed dramatically. Homeowners Associations, known as HOAs, generally take care of all the interior and exterior upkeep. In other words, the structure is a “townhouse” while the ownership is “condominium”. You can price your condo high if there is a great demand on condo units. Let’s move on to how condos and apartments differ apart from their ownership.
Keep the condo community vibrant. HOA fees vary widely depending on the location, size, and quality of your community, and Trulia reports that HOA fees have been on the rise around the country. First, you need to understand how your HOA defines the boundaries, or units,” in your community.
Units may be built as condominium units or converted from another use (ex: apartment rental buildings). One Manhattan Square, the new 80-story tower next to the Manhattan Bridge on the Lower East Side, had the most sales with 121, at a median sale price of $1,647,651 — although with 815 total units, that accounted for just 15 percent of the building.
In most cases, Meyer said you’ll want to see more than half the units occupied by owners. This is because condominiums may be considered (by the municipality) to be private communities, some with limited access. There have been several reasons for the popularity of condominiums.
A condominium development can be a combination of several types of units. A condominium can be a great purchase under the right set of circumstances, but some people still dismiss as glorified apartments. The property manager is an employee of the condominium corporation and is responsible for the day-to-day management of the property.