Asked and AnsweredIs buying an apartment in a small building a good idea or a bad idea?
It Depends…The smaller the cooperative or condominium, the greater the risk on the unit owners of the building, as the maintenance and repair obligations are spread over a fewer number of people. Since NY has an aging housing stock, sooner or later, the building systems will have to be replaced. Most small buildings have limited reserves, so payment for repairs and replacements is usually funded by assessing the unit owners or by significant increases in maintenance or common charges, as the case may be. Owning an apartment in a small building or townhouse can be charming. In many cases, “charming” comes at a cost.