Pros and Cons of Investing in Manhattan Condo

Pros and Cons of Investing in Manhattan, New York Condo

Pro #1 - There is only one Manhattan, New York
Manhattan and London are deemed the two most international and most cosmopolitan cities in the world. A lot of high net-worth individuals want a piece of Manhattan or London.

Pro #2 - Only 10 percent of the residential inventory are condominiums
70% are either rental or mixed-use buildings where you cannot buy an individual apartment, and 20% are co-ops. So the supply is very limited.

Con #1 - Everything is more expensive
Because there are more layers and processes involved. For example, if you want to paint an apartment, it's more expensive because there has to be board approvals, department of buildings approvals, etc. As a result, it's a lot more expensive and time-consuming.

Con #2 - For a landlord, Manhattan is tenant friendly
It's very important to screen the tenants properly, make sure they are financially qualified. Because if a landlord needs to evict a tenant, it's going to take at least 9 months.
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Видео Pros and Cons of Investing in Manhattan Condo канала Wei Min Tan
investing, manhattan, condo, new york