What Is a Condo? | How to Buy a Condo Apartment in New York City 2022
As a first time home buyer, buying an apartment in NYC can seem long and complicated process. If you are buying a condo for the first time, this video will help you to understand the differences between a condo vs co-op, what to look out for when purchasing a condo, pros and cons of buying a condo, what are some questions to ask when buying a condo and a few more condo buying tips.
Hey guys, my name is Sargis, a licensed real estate agent with CORE based here in NYC. Welcome to another NYC Real Estate Video.
Book your FREE 30-minute consultation call with me if you are looking to buy, sell or rent in NYC or if you just have questions regarding NYC Real Estate.
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Everything you need to know about co-ops in NYC.
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Timestamps
0:00 - Intro
1:28 - What is a Condo?
2:34 - Condo Board
2:57 - Condo Carrying Costs
5:56 - Condo Buying Steps
7:33 - Due Diligence
8:57 - Inspection
11:26 - Contract Signing
12:08 - Title Search
13:43 - Board Package
15:01 - Right of First Refusal
17:01 - Final Walk Through
17:28 - Condo Rules and Requirements
20:00 - Pros and Cons of a Condo
23:21 - Important Questions
Condominiums are individually owned residential units in a multi-unit building where the owners of each unit have a joint ownership of the common elements of the building.
When you buy an apartment in a condominium, your apartment plus the percentage of the common elements such as the entrances, lobby, elevators, stairways, hallways, gym, pool, rooftop, laundry room etc. belong to you.
You will receive a deed, which is an official legal document transferring the ownership from one person to another and you’ll have a title to your property. Just like if you would buy a house or a land anywhere in the country.
When you own a single family house, you will be 100% responsible for everything including the maintenance of the boiler, roof, plumbing, electric, HVAC, landscaping, etc.
With condos, you are responsible for whatever is inside your unit, everything else is managed and run by the Condominium Association or HOA, and the unit owners share the ownership and responsibility for maintaining the common structural elements and the amenities of the building (if any).
One of the important things to understand here are the fees associated with carrying your apartment. Condos are great for people who want to have all the benefits of homeownership with a fewer responsibility, which means you don’t have to personally check and make sure that everything runs properly in the building, but you are responsible for your portion of those expenses. This is called HOA fee, which in NYC we call it Common Charges. Those essentially mean the same thing, it’s just you’ll hear the term Common Charges in NYC.
Generally speaking condos don’t have such a strict rules and requirements that co-ops have.
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What's up everyone. Email me at sargis@corenyc.com to book your Free 30-minute one-on-one consultation if you are looking to buy, sell or rent in New York City or if you just have questions regarding NYC Real Estate.
Very detailed explanation
@SargisMosyan
2 жыл бұрын
Glad it was helpful!
I've also watched your co-op video. Looks like you have more freedom in a condo building than in a co-op.
@SargisMosyan
2 жыл бұрын
That is correct. The question is whether or not you actually need those benefits and does it make sense to pay the premium for it?
Excellent video about NYC condo purchases. Thank you very much.
@SargisMosyan
2 жыл бұрын
Glad it was helpful. Thank you
Awesome video. Very helpful
@SargisMosyan
2 жыл бұрын
Glad to hear it!
Super helpful video)) I have to come back to this video when it's time for me to buy
@SargisMosyan
2 жыл бұрын
Thank you
I learned so much, thank you!
@SargisMosyan
4 ай бұрын
Glad it was helpful!
Thank you for sharing your knowledges
@SargisMosyan
Жыл бұрын
Thank you for watching. I am glad the video was helpful.
@trancastore2107
Жыл бұрын
@@SargisMosyan absolutely
Excellent content and informative! New subscriber. ❤️
@SargisMosyan
Жыл бұрын
Thanks for waching. I am glad it was helpful
@choosetoshine2610
Жыл бұрын
@@SargisMosyan You're so welcome 🙏
Sargis, your videos are terrific. I'm the chief lending officer at a financial institution (not in NYC) and your detailed explanations would help any buyer. I'm moving to NYC or Hudson County when I retire and the purchase process there is much stricter than where I live (SC).
@SargisMosyan
2 жыл бұрын
Thank you. I am glad it was helpful. In general, the real estate purchase process in NYC is considered to be one of the most complicated in the entire country, especially when buying a co-op apartment. Some condos can also have a pretty lengthy purchase application. My email is sargis@corenyc.com , Let me know if there is anything I can help you with.
I watched your co-op video too. Condos sound much better to own.
@SargisMosyan
2 жыл бұрын
It really depends on the situation. There are a lot more co-ops in NYC than condos, so for a lot of people co-ops can be much better option.
@jeffreydonnelly9372
2 жыл бұрын
Thanks
Great video! I have recently made an offer for a condo in NYC and the owner has accepted it. However, my agent told me that the building management will require me to submit an application that would include my tax return and bank statement to prove that I can afford to pay the common charges that you mentioned. I was quite surprised by this, is it normal to ask for all these information?
@zevolute
10 ай бұрын
Nevermind, I just finished your video, you explain it all lol
@SargisMosyan
10 ай бұрын
Congrats on having an accepted offer!!! I am glad the video was helpful.
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
@SargisMosyan
Жыл бұрын
Hi. You can reach out to me at sargis@corenyc.com to talk about all the details.
hey buddy we looking for condos in bronx nyc around 150k$ cash but I wanna know what the average of monthly maintenance and what the average of rent if I wanna rent it to make money ? like how I much I can collect monthly clear if you can help me , thx
@SargisMosyan
Жыл бұрын
The cheapest condos in Bronx that I can see currently listed are over $200,000. If you want to talk about more details you can email me at sargis@corenyc.com
So it's a lot faster to close on a condo than a co op?
@SargisMosyan
2 жыл бұрын
Well, the timeline from having an accepted offer all the way to closing depends on a different factors. Generally speaking, condos can be faster, since there is no interview required and the board packages usually are not as lengthy. But it all depends on the building, and how fast they review the application. There are condos that have pretty lengthy board packages.
Looks like you have more freedwm in a condo building than in a co-op
@SargisMosyan
2 жыл бұрын
Generally speaking that is correct. Owning a condo apartment give your more flexibility. Depending on a specific situation, buying a co-op may or may not be the best choice for an individual.
👍👍👍
@SargisMosyan
Жыл бұрын
Thanks for watching.
So no matter what you're buying a condo or a co op you still have a board package to complete?
@SargisMosyan
2 жыл бұрын
Well yes. But there is a big difference between a condo and a co-op board package. The purpose of a co-op board package is to qualify the buyers and the co-op board can reject the application. Condos can ask for information but they don't qualify the buyers. They have what's called a right of first refusal.
@jasonvang1916
2 жыл бұрын
Thanks
@SargisMosyan
2 жыл бұрын
You are welcome
Anyone used a VA to purchase in NYC
@SargisMosyan
10 ай бұрын
I am not familiar with VA loan program details. I know the advantage of a VA loan is the ability to buy a home with no down payment, but there are requirements to determine one's eligibility. My market is the Manhattan market where the majority of the housing stocks are co-ops. Co-ops have their own requirements and it doesn't matter what kind of loan program an individual qualifies for. They still need to satisfy that specific co-op's financial requirements, in order to buy in the building. Most co-ops would want to see at least 20% down payment. Some of them require as high as 40-60% down payments. I know some co-ops that allow 10% down payment, but I haven't seen anything lower than that. Besides the down payment, they usually want to see low DTI and sufficient post-closing liquid assets. Some condos can have a min down payment requirement, which if they do most of the time it's 10%, but I don't know what VA program requirements are when it comes to condos. I would imagine in other boroughs (Brooklyn, Queens, Bronx and Staten Island) people would be able to buy single-family or multi-family residences using VA loans, but since I don't work in other boroughs and I haven't closed any VA loans and I am not familiar with VA loan eligibility details, I can't really give a definite answer. Thanks for watching the video.
What about the insurance?
@SargisMosyan
Жыл бұрын
Thanks for watching. What exactly is your question about the insurance?
@_santos13
Жыл бұрын
@@SargisMosyan Is it covered in the HOA fees?
@SargisMosyan
Жыл бұрын
@@_santos13 Individual condo unit owner's insurance policy, which is also known as a homeowners insurance is not covered in your HOA fees. Every unit owner in a condo building is responsible for their own homeowner's insurance policy premium. However there is another type of insurance called a condo master insurance policy, which is held by the condo association and the insurance premium is included in monthly HOA payments.
@_santos13
Жыл бұрын
@@SargisMosyan thanks!
Co-ops are so invasive and exclusionary. Big turn off.
@SargisMosyan
Жыл бұрын
Well the process of buying in a co-op can be very complicated and the whole paperwork might feel like being invasive, but everyone's situation is different and buying in a co-op building can be a great choice for a lot of people.