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Whenever I tell people that buying in NYC is different than anywhere else, I can literally hear them rolling their eyes. I get it, New Yorkers; we think we’re special. Ha! But whenever I tell people that buying is different and then I start...
Whenever I tell people that buying in NYC is different than anywhere else, I can literally hear them rolling their eyes. I get it, New Yorkers; we think we’re special. Ha! But whenever I tell people that buying is different and then I start explaining all the steps, I get to something called “the board package” which is necessary for condos and co-ops that’s when their eyes typically widen. It’s either with fear or disbelief that this is what you need to do to buy an apartment in NYC. So Sharon and I thought today we would discuss the dreaded board package that is required by buyers when purchasing a co-op or condo so that you won’t be shocked when you hear about it and maybe you will understand why it works that way here.
Board packages are part of buying a co-op or a condo here in NYC because buildings want to make sure buyers are financially sound and able to pay regardless of whether they lose a job. All of these buildings are really dependent on everyone paying what they owe each month so that the building can run and so that it can be maintained. We both have stories and knowledge of buildings where people stopped paying and have seen the havoc it has caused to the financial health of that building, so board packages are a way for buildings to stay financially fit which actually benefits you in the end.
Any other questions? Reach out to us at www.therealestatebroadsofnewyork.com or you can email us at deniseandsharon@compass.com
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