Have you considered purchasing a condo building or unit? Whether you’re looking to add to your investment portfolio or are a private buyer searching for your next home, the co-op condo management specialists at Arc Property Management Group in NYC say there are some condo buying myths you should be aware of before you make your purchase.
Take a look at these four common myths associated with condominium building and unit purchasing, and see why the Arc Property Management Group experts say you shouldn’t fall for them:
- Condo Buildings Are Risky Investments: By far one of the most common myths about condo purchases, condominium buildings are actually one of the safest investments you can make in the real estate industry. In fact, Arc’s co-op condo management experts say purchasing a condo building in the heart of a metropolitan area is very advantageous, mostly because there is always a high demand for downtown city living.
- You Can’t Alter The Building’s Interior: This statement is usually always false. Many investors who purchase condo buildings and even private owners who buy single units have the opportunity to make renovations so long as they fall within the building’s HOA guidelines.
- Condos Are For Young Singles: While condo living is popular among millennials, they also make great homes for the older crowd. Today, more families are also choosing condo living over suburban homes, likely due to the convenience they offer in terms of their vicinity to work and school. They also have great amenities the whole family can enjoy, like a pool, gym, and community rooms. Some condo buildings even offer daycare and room service.
- Condo Fees Are Too Expensive: The fees associated with living in a condo unit can be costly; however, they generally aren’t any more expensive than the cost of what you would pay throughout the year to maintain a house. You can rest assured knowing the money you pay each month to live in your condo will go towards keeping the building’s structure, like the roof, in good condition. You’ll also never have to lift a finger yourself if any repairs to the building are necessary.
To learn more about condo buying myths, or if you’re in need of an expert property manager to run your condominium building or other rental properties, call NYC’s Arc Property Management Group today at (800) 769-8084. Be sure to also visit their website to learn more about co-op condo management and the other services they provide.