The New York City skyline is outlined with residential buildings that have similar silhouettes. Real estate newbies might even refer to all of these living arrangements as apartments. Don’t make that mistake! Today we are going to tackle the differences between Forest Hills condos and apartments.
Financially Friendly or a Budget Buster?
Let’s begin by addressing the topic on everyone’s mind: cost. Is it cheaper to buy Forest Hills condos or rent apartments in this coveted community? In the short term, there might not be much difference. You’ll either pay a mortgage payment for a condo or a monthly rent payment for an apartment, and those payments are probably pretty comparable.
Buying a condo is similar to buying a house. You might need more up-front funds for a down payment and real estate fees. If you don’t have this available, renting might be the way to go until you can get some cash under your belt.
Monthly HOA fees are another consideration when exploring Forest Hills condos. You’ll probably pay a fee for maintenance, upkeep and amenities in addition to your monthly mortgage.
A Place of Your Own
Forest Hills condos allow you to own your own piece of New York City real estate. When you own a condo, you generally have the freedom to put your personal touch on your space and enjoy amenities that you might not have in an apartment or single-family home. Who doesn’t want that?
Some people have good reasons for shying away from condo ownership. If you don’t plan to be a permanent Forest Hills resident, don’t have enough money for a down payment or are simply testing out the community to see if it is a good fit, Forest Hills apartment rentals might be your answer.
Learn More About Forest Hills Condos
Now you know that those buildings that you see lining the streets of Forest Hills might not be what they seem. If you are deciding if you should take the ownership plunge into the pool of Forest Hills condos, contact Forest Hills Realty to discuss your options!