Apr 4, 2021

Living In A High Rise Condo

There are many people, usually in big urban cities or near the beach that live in high rise condos.  It is definitely a different life style than living in a single family home, or even a regular condo, or town home.  Some of the more expensive ones and they can cost millions of dollars have terraces to provide some outdoor living; but most do not offer any outdoor space.  There is a distinction between a Co-op that is really buying stock in the building and fee simple condo ownership, which is the same as buying any property. 

In order to buy a Co-op, the Co-op board must approve the sale, which can take weeks or months.   This Blogger is not in favor of that sort of ownership because when it comes time to sell, the seller is at the mercy of the board that must approve the buyer before a sale can take place.   Either way, people who live in high rise building should expect very high Home Owners Association fees.  Many of these buildings have door men and other amenities that can be very expensive.  Occasionally, the building may be tied to a high end hotel that actually provides services to owners in the building.  

Further, high rise buildings may or may not come with any parking under the building So, if you own a car, you may need to make arrangements to buy monthly parking nearby in a parking structure.  High rise living is basically owning an apartment that can be nothing special, or incredibly luxurious for millions of dollars.  This life style is clearly not for everyone.  Before you do it, maybe it would be best to rent an apartment in a high rise building for a few years to make sure the life style is for you.