The Bronx has many styles of homes. Bronx Condos offer an attractive option for those looking for simpler living conditions without dealing with coop boards or renting. There are a few questions you might have.
Does owning a condo make sense?
Are condos the right style of home for you and your family?
Where can I find Bronx Condos?
How tough is it to get a loan for a condo?
Why a Condo versus a Coop?
These are all great questions. The answers are different for everyone and will need to be taken on a case by case basis. What we can provide are some basic answers that you can use to frame your decision making process.
Owning a Bronx Condo is a great choice for those who are looking to minimize their daily responsibilities on the home front. Owning your own home is great and still one of the biggest goals people strive for. Along with owning a home comes certain responsibilties.
Mowing the lawn
Shoveling snow from the driveway
Fixing cracks on the sidewalk
Making repairs to the Exterior of the home, ie. roof, pointings etc
These are just a few of the responsibilites you might have when owning a single family home. Owning a condo eleviates most of these duites. How so? Depending on the type of condo you own, most of these tasks will be outsourced and managed by a Property Manager. This relieves a tremendous burden for those who do not have the time to deal with these types of issues.
What about a Coop?
Coops are a great option as well but there are those who might not want to go through a lengthy coop board interview. Also keep in mind that when you are looking to sell your home you will need to find a buyer that the board will accept. Condos and Coops are similar in many ways but they are fundamentally different. Condos are considered Real Property and Coops owners don’t own real property, instead they own shares in a corporation. Also banks treat these two types of property differently. Since every bank is different, we advise that you speak with your lender to determine if they will lend for a particular coop. It is easier to get a loan on a Condo than a Coop. It also depends on the individual coop or condo whether or not a bank will lend.
Are Bronx Condos the right option for my family?
It all depends on what you are looking for. You can find condos that are in large buildings or in small communities similar to town houses. You can find large condos with 4 bedrooms and a terrace or a smaller unit depending on your families needs. Some luxury condos have all the ammenities you can possibly desire.
Dry Cleaning on premises
Medical offices on premises
Food Shopping on premises
Again, all this with little responsibilty on your part. This makes condo living very attractive for potential home owners.
Condos tend to cost more than coops do but the monthly maintenance tends to be lower. Keep in mind that unlike a coop you are responsible to pay your own property taxes. Downpayment requirements for condos are lower than for your typical coop since some coop boards might have a down payment requirement.
The Bronx, as in most of the city, have more coops than condos. So where in the Bronx are all the condos? Condos are scattered all over the Bronx from Parkchester, Riverdale, Throggsneck and other neighborhoods. If you are looking to become a condo owner or simply are looking for more information on Bronx Condos, feel free to contact us. You can also use our search homes link above to search for your next home.