If you are like many people, the thought of a condominium interests you, but you aren’t sure which path to take. You usually only hear of people owning new condos in West Chelsea and may wonder if there is any way to rent or lease them. Every state and city usually allow rental or leasing options in an apartment or condo building, because it can be easier to get people interested. After the lease is up, you can always choose to purchase the unit, or you can move somewhere else. However, there may be certain restrictions and extra rules if you decide to lease over owning, so it may be helpful to understand what those differences could be so you are well informed.
Do What You Want
When you own the unit, you can usually do what you want to the inside of it, such as paint walls, hang pictures and other things. However, when you lease the same unit, you may be restricted as to what you can do because they want it to look the same for the next tenant or owner.
Sharing Common Areas
If you own a condo unit, you have access to any common areas, such as swimming pools, fitness centers and whatever other amenities they provide. However, leasing may limit or restrict your abilities to use those areas. For example, you may not be allowed to use the rooftop decks or use valet service if you are not an owner of a unit.
Maintenance Fees
In most cases, both owners and leasers must pay maintenance fees though many leasers may just have a higher rent than usual to accommodate the maintenance cost. You’ll need to talk with the condo owner or landlord to find out how they are figured up, especially if you aren’t allowed to use the common areas or have restricted access.
Property Taxes
Typically, if you own the unit, you handle the property taxes. If you lease or rent the unit, the landlord or building owner handles the taxes.
What To Look For
When leasing new condos in West Chelsea, you want to consider how much you’ll have to pay for the security deposit and whether or not you’ll be responsible for utilities and other bills, such as television services. You also want to know all the rules, whether pets are allowed and the length of the lease.
New condos in West Chelsea can usually be leased (rented) or owned. Visit 35 Hudson Yards today to learn about availability and options available.
