The American dream of owning your own home has changed over the last couple of decades.  The dream is still alive but the options have changed dramatically.  One of the fastest growing segments of property sales and areas today is New York condos.  Owning a condo has many things in common with owning a traditional home, but it is the differences that count.  It is important before you make that jump into home ownership that you know whether a traditional home or condo is right for you.

 First of all, what is a condo?  Condos resemble apartments in many ways.  They can consist of several units in the same building or complex, with common areas like courtyards, lobbies, pools, etc. that are shared by everyone.  But condos, as opposed to apartments are owned by the individual tenants and not just rented.  When you purchase a condo you may be giving up some privileges but gaining in others.  It is this balance of benefits that will be most helpful when deciding what type of property to buy.

 

One area that you need to investigate before you buy a New York condo is the prices of similar properties that have sold in the complex or complexes in the immediate area.   Condo sales in the area can tell you if the price you are offering is too high or too low.  A comparative analysis will also tell you how long units in that complex have been on the market, if prices have been reduced, how many units are for sale, and the prices in which they sold.  With the ever changing real estate market it is important to be aware of all of these things to get the best value for your money.

 Not all real estate agents are familiar with the nuances of New York condos.  Real estate transactions are most likely the biggest financial investment most people will experience in their lifetime, so it is even more important to find the right person for the job.  But how do you choose the right person for the job?  First of all with most any financial transactions you will want to make a thorough search which can be done quite easily by attending open houses to see how agents work and to meet them first hand. Ask the prospective agent how long they have been licensed, how long they have worked in the condo market and how many sales they have closed in recent months.  Ask for references and talk to your friends and family about who they would recommend and why.  Once you have found the right agent you are well on your way to realizing the American dream of home ownership.