Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.
There’s something so glamorous about buying an apartment in one of the more prominent buildings in New York City. Bigger buildings have more people, fewer group costs, and many more high-rises. Though most people like to think big, sometimes, it can pay off to get an apartment in a “boutique” apartment complex. The smaller Boutique condo Building in NYC has a lot to offer the right person, but is this move right for you? It often seems like different apartment sizes tend to gear themselves towards people of different lifestyles. In many cases, it’s not just an appearance but legit. Here’s what you should know about getting an apartment in a petite building.
To determine whether or not you should move into a petite apartment building, you must be aware of how each building style will impact your living. Here’s the general scoop on what you should expect.
You will be more likely to know your neighbors, which is fantastic. However, you also will have any problematic neighbors become a far more significant problem than if they lived in a massive building. Who you live next to will make a huge impact here.
This can lead to undermanaged communities or heavily mismanaged ones.
If you have a low-demand building or a building known for being lax, you might be able to get approved for an apartment loan faster. This is particularly true in smaller low-income apartment buildings.
The more neighbors you have, the more likely it is that pests will come around. If pests spread from apartment to apartment, you might end up with unwanted guests that are even harder to eliminate.
This is also true about sharing liabilities. In many cases, this can lighten the load you have to face.
Carrying stuff upstairs is never fun. Moreover, some people get skittish in tall buildings.
With a larger building, more people will be managing and discussing matters. This can lead to a lot of bureaucratic red tape. Smaller buildings are better for passing rules and having more personal freedoms.
Since they are limited in number, these types of apartments can be very exclusive. Certain buildings can be high in demand, which can drive your profit when you sell them. A rare upside of buying an apartment in a smaller boutique condo is that you won’t have hundreds of competing units to deal with when it comes time to sell.
By default, your unit will be rare because there may be years in between when units in your building come to the market for sale. And when units do come on the market, they usually are the only listing in their building.
As you can see, having extra neighbors can pay off. If you have too few units, you will be under a hefty burden regarding maintenance and repairs. Besides, likely, you won’t have any residents willing to work on the board and do it efficiently. However, having the intimacy, better prices and easier approvals can make a boutique apartment purchase smart.
Most people do not want to be in a super tower, simply because it is possible to feel crowded by being near so many others. However, being one of three families in a building can also be a pain. In other words, most people are best served by something between the two extremes.
People who are open to doing due diligence when they move in are the ones who tend to do well with a boutique apartment. If you choose this, make sure to have a good amount of savings at your disposal. Since many random repairs end up split between owners, you may have a sudden expense that could put you into debt if you’re not prepared.
If you want a smaller apartment building, it’s best to look for one with at least 20 to 30 units. Most buildings shouldn’t have more than 300 unless they’re a high rise, and a building between 20 to 200 units is usually a good choice. Of course, there is more to consider that you have to be aware of.
To go for an ultra-small apartment building, you must check who will live in or around you. Your neighbors will have a far higher impact in a small building. Here’s why it pays to take a look at the neighbors:
Before you choose an apartment, make sure you have a good feel of the place. These tips below can help you learn more about it:
New York City has many suitable boutique apartments that avoid the pitfalls of typical “small building living.” That’s why asking your real estate agent or broker what they think about the decision is best. You might be surprised at what you hear—and how it may impact your decision to move.
One of the most significant risks to buying an apartment in a smaller boutique building is that you’ll be responsible for a more substantial proportion of building-wide expenses or liabilities.