Are you longing for your own piece of urban real estate? Bronx condos are a great way to get your feet wet in New York City’s fast-paced real estate market. Let’s take a look at five questions you’ll need to ask before you go from potential buyer to condo owner.
Question #1: How much is the monthly HOA fee, and what does it include?
Depending on the building’s size and the amenities available, the monthly HOA fee for Bronx condos can range from a minimal dent in your budget to well over $1,000. You’ll need to know how much you’ll pay, whether the fee is expected to increase anytime soon and what you’ll get for your money.
Question #2: What restrictions are listed in the bylaws?
Before you get excited about Bronx condos, read their rules carefully. HOA rules are in place to create a pleasant living environment for residents, but you’ll want to make sure that the rules don’t seriously cramp your lifestyle. Pet restrictions, quiet hours and rental limitations are common constraints.
Question #3: Is the HOA financially healthy?
Here’s the bottom line: You’ll need to know if the Bronx condos you’re looking at have sufficient funds in their reserve accounts to address large-scale costs with minimal special assessments. If a condo advertises too-good-to-be-true HOA fees, steer clear. These condos might not be funding their reserve fund appropriately.
Question #4: Have there been lawsuits filed against the HOA?
For starters, lawsuits can affect your HOA fees. If a community has been involved in multiple lawsuits, it might also indicate a level of unnecessary drama that you would rather avoid.
Question 5: What is the resale value of condos in the building?
HOA fees that seem in line with other Bronx condos, a minimal number of rented-out units and high occupancy rates are characteristics of buildings with higher resale values.
Kenny and Annecy Fuentes will help you ask the right questions and be an informed buyer in the Bronx. If you are considering Bronx condos, contact Team Fuentes today!