Whether you're looking for real estate in Manhattan or one of the boroughs surrounding the island, one of the best options for a home in New York City is a condo or loft. It's sure that if you're interested in a property like Merton Street condos right in the thick of it all, there are not many other options to choose from. But, condos are now not just for those who don't want to venture out of Midtown. There are units available in a variety of price ranges from Brooklyn all the way to Jersey City across the water. Here are some of the pros and cons of condo living.
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Let's start with the good stuff. Condo and loft living suits many New York residents, who's lives seem to always be on the go. If you're not interested in spending a lot of time in your New York or Scarborough real estate, but would rather spend it at work and out on the town, condos are a low maintenance options for those who want to own their home. They are like apartments in the way that all maintenance and repairs are taken care of for you. If you're shower is broken in a standalone home you might spend all morning waiting for someone to come and repair it. In condo real estate in Toronto to New York City, you just have to let maintenance know and it will be fixed by the time you come home.
Condos are also great for those that are not looking for a lot of space and consequently don't want to pay for extra square footage they will not use. It's difficult to find one-bedroom standalone homes no matter where you're looking. But, whether it's a Mississauga condominium or one here in NYC, there are going to be lots of smaller units on the market. And with a condo or loft, you're likely to get a little more for the sacrificed personal space. Many condos these days come with everything from a state-of-the-art gym with a pool to a small movie theatre that residents can sign out for the evening.
While condos make sense for many people looking for real estate in larger cities, they are not for everyone. There are additional monthly fees that come with living in a condo unit that will go on top of your likely mortgage payments. This means that you are paying out for all of those amenities and maintenance services even if you're not making use of them. Those with a New York or Toronto condominium for sale can tell you that the resale value of a condo or loft is not as good as it is for a single home. So, if you're not planning to stay in that property for a while, it might be a better idea to just rent.