Friday, 24 March 2017

Frequently Asked Questions About Condo Living On Long Island

Written by Posted On Thursday, 11 August 2016 11:55

If you are thinking about buying a Long Island Condo, you may have some questions about Condo life in general that youLong Island Condo need answered. 

 

Here are some Frequently Asked Questions about Condo Living on Long Island to help Buyers decide whether or not this would be the right lifestyle choice.

 

Are There Rules To Be Followed? ~ Yes, upon buying a Condo, you will be given a Homeowner's Manual and/or By-Laws. Many Condo communities do not allow you to see these rules before you are in contract

Are There Monthly Fees Involved? ~ As a Condo owner, there are monthly fees you will have to pay as an owner. Every Condo here on The North Shore Of Long Island has its own set of fees that are determined by the cost of running the common areas and the amenities which it offers.  

Do All The Condos Charge The Same Fees? ~ No, every community has different fees. At some Condos all owners pay the same fee no matter what size unit you are buying, and some are determined by the size of the unit.

Can I Change The Condo To Meet My Needs? ~ It depends on what kind of changes you want to make. Any exterior structural changes cannot be done. Any interior structural changes will have to be submitted to the Board or Management for approval. Each community is different and these rules will be included in the community By-laws and Homeowner's Manual.

Do Condos Have Garages? ~ Some Condo communities have attached garages, some detached garages and some no garages. But most communities have parking spaces, although some are not designated ones. 

Are Pets Permitted? ~ This depends on the Condo. Some on Long Island are pet friendly and others do not allow pets. Ask specifics when buying a Condo.

Whose Responsible For Exterior Maintenance? ~ If it's a Condo and not a Homeowner's Association, most of the time the community is responsible. However, check with your Realtor for details of the Condo you are interested in. 

Are Rentals Allowed? ~ Sometimes yes and sometimes no. Each community is different so if you are planning to buy a Condo on Long Island to rent out, you must verify this information at the individual community.

Do All Condos Have Amenities? ~ No. There are active Condo communities with clubhouse, pool, tennis, gym and social activities, and there are also some with no amenities except that the lawns are maintained and snow is removed. Some neighborhoods do not cover the lawn or snow maintenance, so again, check before buying.

What Is A Special Assessment? ~ This is a fee approved by a homeowners association or Condo Board to cover items not provided for in the budget. This can be a controversial expense. Many associations do an excellent job of planning for replacement costs and are adequately prepared, however others accumulate funds based on outdated cost estimates and discover when the day comes for a major repair or replacement that they do not have the funds to pay for the project.
 
Do All Condos Have Washer & Dryers? ~ No, although many of them do have a washer and dryer within the individual Condo on Long Island, you need to check when choosing a unit.
 
Do Condos Have Central Air Conditioning? ~ Not all, so if this is something you want, don't forget to ask about it.
 
Are There Age-Restricted Condos? Here on Long Island we have Non-Age Restricted Condos as well as Age-Restricted Condos for 48+, 55+ and 62+ adults.
 
 

What's The Difference Between A Condo, A Townhouse and A Pud?~The easiest explanation is the following but you can also read this link which Larry & Sheila wrote on this subject: Is There A Difference Between A Condo, A Townhouse and A Pud?

Townhouse ~ You own the land on which it sits.

Condominium ~ You own the inside of the unit.

PUD ~ You own the land front and back of unit.

Many consumers and Realtors too, conveniently refer to all of these types of structures as Condos, although they may actually be a Townhouse or PUD

There are many factors to keep in mind when choosing the North Shore Long Island Condo of your choice. This will be an investment decision that can last a lifetime and should be considered very carefully.
 
When you are ready to move to a Condo on Long Island, hire Lawrence And Sheila. Call our cell 631-805-4400.
 


This advertisement does not suggest that the broker has listing or transaction in this property or properties or that any property is currently available. 

If your home or condo is listed with another broker, this is not a solicitation of the property.
 
All data is deemed reliable but is not guaranteed accurate.
 
All information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice.

Sale May Be Subject To Term & Conditions Of An Offering Plan.
DISCLAIMER: 
Lawrence & Sheila disclaims liability for any damages or losses, direct or indirect that may result from use or reliance on information contained in the blog or for the accuracy of comments or opinions of visitors to the blogs.
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Larry And Sheila Agranoff

Larry and Sheila Agranoff Welcome You To The North Shore & South Shore Of Long Island. We are Home Buyer & Seller Specialists Covering Nassau & Suffolk County Long Island, And Are Relocation Specialists!

We know all the 55+ Communities, All-Age Condo Communities and Gated Long Island Communities.

Call Our Cell 631-805-4400

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