If you are thinking about purchasing a West Chelsea condominium, you need to realize that they are quite different from a house while you do own the residence. A house is a single unit built on a piece of land. How many families can live in the home will depend on how it is designed, such as a single-family or multi-dwelling.
A condo is designed for a single family, but it is not built on its own piece of property. Instead, a condo is part of a larger unit, similar to an apartment complex, but different residents own each unit.
Why People Prefer Condos Over Houses
Many people choose to purchase condos from places such as 35 Hudson Yards because of their smaller size. Not everybody is looking for something as big as a single-family home because they don’t want the upkeep involved with the larger living areas.
Other people prefer condos because they are cheaper than houses in the same neighborhood. Part of the reason why they are cheaper than a single-family home is because of their smaller size, but the HOA already owns the land the units are built on.
Why Condos are Worth Purchasing
A West Chelsea condominium worth purchasing because it gives people the chance to live in areas that they might not otherwise be able to afford. Purchasing a condo allows them to continue living the lifestyle they enjoy without having to sacrifice anything.
Condo ownership is a viable alternative to renting, especially because you may build equity and take advantage of tax benefits on mortgage payments.
