New York condominiums are a great real estate investment. There is no need to buy into a co-op with a bunch of unknown names and faces. You certainly don’t want to rent an apartment in New York City because the rent can be too darn high. (Wasn’t there a candidate running for governor in New York who said that?)

Seriously though, the reason why you don’t want to rent or buy into a co-op is so that you don’t have to be bound to a laundry list of burdensome rules and regulations that govern the building. By purchasing a condo, you have the privileges of homeownership minus mowing the lawn and shoveling the sidewalk. The mortgage you pay on your condo will allow you to build equity over time. If the demand for condos increases and the supply of existing condos on the market is diminishing, then the value of your condo will increase beyond the price you paid for it.

Jack and Martha are an excellent example of purchasing a condo in New York after they had rented an apartment for two years after Jack’s company transferred him to the New York office.

Jack and Martha lived in a decent apartment in lower Manhattan paying $4500 a month. The monthly rent was within their budget, however they didn’t want to be bound to an annual lease agreement. They wanted to be able to have full control over how long they lived there. When their lease was up, they found a real estate agent to find a condo from the vast selection of New York condominiums.

Eventually, Jack and Martha fell in love with the condo they could afford in Midtown Manhattan. For just a shade under $2 million, they were able to buy a condo with a spectacular view of the Empire State Building and the Chrysler Building. Since Martha was pregnant with their first child, both she and Jack were exceptionally pleased to find a building that already had young families living there. The supervised children’s playroom down the hall from the state-of-the-art fitness center was a major selling point for Martha. She could go exercise without having to worry about someone watching the baby while Jack is at work. That is a luxury Martha would not have been able to enjoy had she and Jack signed on for another year at their apartment in Lower Manhattan.

Both Martha and Jack appreciate the ability to make minor repairs to their condo themselves without having to wait for a building superintendent to fix things. At their place in Lower Manhattan, it would be a few days before the building superintendent would finally have the plumbing or heating problems fixed. Now, they can get things fixed on their time schedule.

From this example, you can see why it is a much better idea to buy a condo instead of going into a co-op or renting an apartment. Still skeptical? Just ask one of the many people among your acquaintances who own one of the many New York condominiums.