Mar 27, 2014

Posted by Shanell Calloway in Real Estate | Comments Off on What Is A Condo & Would You Buy A Condo For Sale In Chelsea NYC?

What Is A Condo & Would You Buy A Condo For Sale In Chelsea NYC?

There are many excellent reasons for anyone requiring a home in Manhattan to look at living in the Chelsea neighborhood; but, does that mean that you should look for a Condo For Sale In Chelsea NYC? According to the dictionary; the word condominium (or condo for short) derives from the concept of joint domain (sovereignty or ownership); when used in a residential context; a more specific definition would be a building containing condominiums where individuals own units within a multi-unit development (such as an apartment building or, even, a town house complex); but, there is no individual ownership of the land and other common, shared features (entrances, elevators, etc) which will usually be owned in common by all the residents.

When you pass by a condo building in Chelsea or elsewhere; there is no visible sign that this building is a condominium and not an apartment building; since the difference is purely a legal position regarding the extent of the individual’s ownership. Generally, in the USA, the developer retains ownership of the whole building and its land if the building is to be an apartment block – individual units are then leased out to tenants. Where the developer sells the individual units; the building will, most likely, be legally defined as a condo.

If I Buy Something; Why Can’t I Own All Of It?

This is an understandable initial thought for anyone looking at a Condo For Sale In Chelsea NYC; but, think about it in a bit more detail. There is still a lot of countryside in the whole of New York State and, should you so wish; you can purchase a house, on its own lot outside of the city, and be the sole owner of your total property (once you have made the full payment). BUT; what about getting to work; if you have to work in Manhattan, or any other part of New York City; could you actually afford (and would you want) the daily commute? If you decide that you really must live in Manhattan; or at least within New York City; do you realistically expect to be able to buy a standalone building? Probably, your only choice (if you do not wish to rent) is to look for a Condo For Sale In Chelsea NYC; there are cooperatives; but, they are not really all that different from the condo concept.ave

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