When you’re looking for property for sale on the Upper West Side, you know you have made it in New York. Condominium apartments for sale in this neighborhood offer unparalleled access to cultural activities, parks and playgrounds for outdoor activities and family fun, excellent schools, and a way to live out your New York dreams.
Especially coveted are the Pre-War apartments – those built before World War II, such as 360 Central Park West. With coffered and coved ceilings, hardwood floors, and abundant windows to catch the natural light, these often landmark-status properties are usually snapped up within days of hitting the market no matter what condition. However, there are some things keep in mind before purchasing condominium apartments for sale, especially if you’re a first-time buyer.
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You’re going to have an HOA. A homeowners’ association is created by the developer to manage the community. The board, composed of residents and developer’s representatives collect dues from residents, occasionally levy special assessments under certain circumstances, and enforce the covenants, rules, and restrictions of the community.
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Covenants, rules, and restrictions are a legally binding contract – read carefully! When buying a condominium, you are also agree to a set was highly restrictive as to what activities homeowners may undertake. These are legally enforceable and actionable. Penalties can range from fines up to and including foreclosure on your property, followed by eviction.
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Reserve funds and assessments. Reserve funds are special funds meant to cover large expenses such as repairs and renovations to the building and common areas, as well as internal systems – those behind the walls such as wiring and plumbing – that are not covered by regular homeowners’ dues or the community’s insurance policy. If the fund is insufficient to pay for the required work, then a special assessment may be issued by the condominium board and must be honored by all residents.
The Upper West Side condominium apartments for sale are stunning and beautiful, but your feet on the ground when it comes to legal documents and obligations of condominium ownership. If you want that dream home at 360 Central Park West your homeowner homework.
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