A condominium is a unique style of home, a unit in a multi-owner property governed by a condominium association. It can be a great purchase. The New York condominium market has been rising steadily for the past few years. While this trend may not continue for long, the New York condominium market has regained the momentum and importance it had in the initial condominium boom of the 1980s.
Condo buyers fall into three main groups; first-time buyers making the jump from renting, people looking to buy a second home that they will use part-time, and retirees who are trading in high-end homes for the low-maintenance lifestyle a condo provides. A condominium can be a great purchase under the right set of circumstances, but some people still dismiss them as glorified apartments.
If you are not comfortable living within condominium rules and restrictions, and in close proximity to others, then a condominium is probably not the place for you. Before you buy a New York condominium, make sure you understand exactly what is involved in condominium living.