Before you rush out and purchase a condominium that you've admired for so long, you should know that not everybody is suited to condo living.
To be able to get involved in a condo lifestyle you agree from the start to live by certain rules and regulations stipulated by the condominium corporation.
If you make an offer on an upper east side condo your realtor will add a conditional clause requesting a Status Certificate. The Status Certificate offers you not only a financial picture of the condominium company but also the rules and regulations. If you are looking for newly built condos then take a look at Upper East Side new condominiums by 40 East End.
Delivery of a Status Certificate is a legal necessity in NY and also you should upon reception take it to your real estate lawyer for examination. These rules and regulations will more than likely differ from a single condo corporation to another but will include some or all of the following:
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No changes to the inside of this unit without written permission from the management.
No BBQs on balconies
The enclosure of balconies not permitted.
Determined by the installation of hardwood flooring, especially in older buildings, newer ones will have soundproofing.
Restrictions on the parking of recreational and commercial vehicles.
Limits on commercial applications of individual units.
Restrictions on pets or types of pets.
Limits on plantings or patio usage, particularly townhouses
Noise limitations from musical instruments.
Rental restrictions of the device.
Restrictions on the use of elevators for moving and deliveries etc..
Limits on drying clothes on balconies.
Ignoring all of them will probably result in a court order to honor and substantial legal costs which you'll be liable for.
If you're purchasing upper east side condominium within an investment with the intention of renting out, make sure you add a clause at the tenants' rental that states they agree to comply with all the rules and regulations of this Condo Corporation.
If after assessing the principles and regulations of this Condo Corporation you're satisfied you can live with them all, you are able to settle into your new.