What is a Condo
The thought of maintaining a house and a yard conjures up anxiety for some house hunters. Fortunately, there are different kinds of properties that don’t require a lot of upkeep. These also have a reasonable price. One of those options is a condominium.
Here, real estate experts from Ebbets Field Apartments, a housing complex located just steps from the Brooklyn Botanical Garden, explain what a condominium (condo) is and what buying and renting a condo involves.
What is a condominium?
In condos, each apartment is a private property of an individual (the owner). And the common areas (lobby, entrance, corridors, laundry, roof terrace, etc.) are shared property of the community of owners.
In case of renting: According to real estate experts from Ebbets Field Apartments (located on the former Ebbets Field site), tenants will establish a unilateral rental agreement with the owner of the apartment. And although condo rentals may require an application to the neighborhood board, they are rarely rejected.
In case you buy: Ebbets Field Apartments real estate experts point out that the condos are very attractive thanks to:
• The greatest flexibility in the financing process (the buyer can finance up to 90% of the purchase price)
• Even if there is an application process, it is not so complicated
• Once you are an owner, you can rent your apartment without problems. This makes the condo the best formula to invest
• Finally, as Ebbets Field Apartments real estate experts claim, condos are the perfect alternative if you are a foreigner and the goods with which you could guarantee the purchase are located outside the United States. If in the future you wanted to return to your country and rent / sell your apartment, you would have no problems.
Every time more condos are built
Although there are currently fewer condos for sale than other types of properties, this is a changing trend. Ebbets Field Apartments real estate experts indicate that in some areas of New York all new constructions are condominiums (examples are Tribeca, Battery Park, or Williamsburg). If you are interested in this type of properties, contact the real estate experts from Ebbets Field Apartments.
