Buying a condominium in New York City can be a smart move for both personal use and long-term investment. However, as Manhattan condo real estate attorney Natalia Sishodia (https://sishodia.com/what-are-some-red-flags-when-buying-a-condo/) of Sishodia PLLC explains, navigating this complex market requires careful consideration of potential warning signs that may not be obvious to the average buyer.

Condominium living in Manhattan has its unique appeal—flexibility in ownership, fewer restrictions than co-ops, and more freedom for investors. Yet, according to Natalia Sishodia, working with a Manhattan condo real estate attorney during the process can help buyers avoid major pitfalls. “You are not only buying the unit itself but also a proportionate share of the building and all the common areas and amenities,” she notes, emphasizing the importance of evaluating the entire property, not just the apartment.

The buying process involves more than simply securing financing and choosing a location. Natalia Sishodia stresses that a Manhattan condo real estate attorney can provide vital guidance during due diligence, helping potential buyers identify financial, legal, or management issues that could affect their investment.

Among the red flags Sishodia outlines, high or unusually low maintenance fees are one of the clearest indicators that something may be amiss. When fees are too high, it could signal poor financial oversight or mismanagement of building funds. On the other hand, fees that are too low might indicate a lack of reserves, which could result in costly special assessments for repairs or emergencies down the line. “If maintenance payments seem unreasonably high, there may be issues with who is overseeing the budget and how maintenance money is being spent,” Sishodia explains.

Another red flag that Natalia Sishodia advises buyers to pay attention to is poor upkeep of common areas. Since unit owners are collectively responsible for the building’s condition, neglected maintenance may indicate underlying financial or administrative problems. Building-wide issues often hint at poor management or a disengaged condo board, both of which can lead to expensive repairs and a decrease in property value.

In some cases, the physical structure itself may pose risks. Sishodia warns that “developers who cut corners are gone after the building is sold out, leaving their poor construction problems to the people who are now owners of the building.” These issues, while not always immediately visible, can become significant burdens later.

In addition to building quality and maintenance, the financial health and transparency of the condo association are critical. Natalia Sishodia recommends reviewing board meeting minutes and financial statements to get a clear picture of the association’s operations. A lack of transparency or reluctance from the management company to share documentation should be viewed as a red flag.

Legal issues can also impact a condo’s value and livability. Ongoing litigation involving the condo association—whether related to vendor contracts, resident disputes, or management concerns—can lead to increased fees, strained community relations, and long-term instability. Sishodia advises potential buyers to ask specific questions about legal matters and to work with a Manhattan condo real estate attorney who can interpret the potential implications.

A less obvious, but still important, factor is the community culture. “Condo living is in close proximity,” Sishodia says. “Some condos have an overarching culture, and your level of comfort as a unit owner may depend on how well you fit into it.” A mismatch between a buyer’s lifestyle and the building’s atmosphere can result in dissatisfaction and future challenges.

Speaking to current residents is another useful way to gauge the health of the community. Unhappy residents and high turnover rates can indicate unresolved issues with the board or management, suggesting deeper systemic problems.

Despite these challenges, Sishodia highlights the benefits of buying a condo, particularly for foreign investors or those looking for flexibility. Condos typically don’t require board approval, which makes them more accessible than co-ops. Buyers have greater freedom in how they use or rent out the unit and can often purchase with more favorable financing terms.

Taking time to conduct thorough due diligence with legal support can prevent costly mistakes and provide peace of mind. Natalia Sishodia and her team at Sishodia PLLC work closely with clients to help them navigate the complexities of Manhattan’s condo market, identifying potential risks early and helping buyers make informed decisions.

Working with an experienced legal advisor like Natalia Sishodia is an essential part of the buying process. Her focus on identifying red flags and providing clear, actionable advice gives clients the confidence they need to move forward.

About Sishodia PLLC:

Sishodia PLLC is a New York-based law firm that focuses on real estate law. The team, led by attorney Natalia Sishodia, assists clients in navigating the complexities of property transactions, particularly in Manhattan’s condo market. Their approach includes careful review of financial, legal, and structural aspects of real estate purchases to support clients in making informed and secure investments.

Embeds:

Youtube Video: https://www.youtube.com/watch?v=wfRjuDfqwec

GMB: https://www.google.com/maps?cid=12450537318741950980

Email and website

Email: [email protected]

Website: https://sishodia.com/

Media Contact
Company Name: Sishodia PLLC
Contact Person: Natalia A. Sishodia
Email: Send Email
Phone: (833) 616-4646
Address:600 3rd Ave 2nd floor
City: New York
State: New York 10016
Country: United States
Website: https://sishodia.com/