Before buying any condos for sale in Manhattan, it’s important to know what makes a condo unique and how condo ownership differs from buying a house. A condo is a mixed form of ownership, and to figure out who owns it, many legal and technical details need to be spelled out in contracts. There is a big difference between the unit one person owns and the common parts of the building, which is not the case with most ownership agreements.
Common Areas
Condos differ from traditional real estate in their communal areas. All property areas save the unit are communal. This may include the roof, ceilings, external walls, basement, foundations, lobbies, and hallways.
Power, water, and gas lines are also common property. Standard features include exterior doors, windows, and balconies, whereas limited common elements are those directly attached to individual condominiums. Buildings and locales define outside and interior space differently.
Pools, gyms, playgrounds, tennis courts, and other amenities at a place like 15 Hudson Yards are common areas. Evaluating condos based on amenities is crucial because the number and quality of facilities affect monthly maintenance bills. Staffing for shared building areas can also raise monthly fees.
Individual Condo
When buying condos for sale in Manhattan, you own the unit itself. This includes the rooms, walls, balconies, patios, and storage places inside the house. Even though the size and shape of the unit can be very different, all condo ownership agreements are based on the rooms inside and how they are separated from the areas outside. When you buy a condo, you don’t own any land, which is different from other types of real estate sales.
