Real Estate in Penfield
Waterfront housing in Fairport, NY
There is an attempt to convert an old public works building along Fairport, NY's waterfront into condominiums. The development would be approximately five stories high and would result in 48 condos being constructed. Not everyone is happy with the proposed project, primarily due to the height of the buildings differing from surrounding properties. However, some believe it would be a huge bonus and that waterfront property is much-needed in the area.
If the proposal goes through and the project begins, the waterfront condos may likely fill up quickly. If you are interested in buying a waterfront condo, what things should you know?
- You can obtain a mortgage for a condo just like for a house, but you don't own the same things. One way to think of it is that you don't own your walls. For instance, you have limits on what you can do to a condo, much like you have with an HOA for a home. You basically only own the interior or what is within the perimeter of the exterior walls.
- Much like HOA fees for homes, you may have condo association fees to pay on top of your mortgage.
- You may not own the lawn and may not be able to put various things in your own portion of the yard. This can include plantings, lawn furniture and children's playhouses.
- The walls may be as thin as apartment walls. This means you and your neighbors may hear each other, sometimes a little too much and too well.
- Reselling a condo can sometimes be tricky, but a waterfront property, especially if close to the water or with a good view may make it easier.
Condo living comes with a lot of perks. One is the lower maintenance lifestyle. With a home you usually have to care for a yard and incur all the associated expenses. With a condo there may be a nice yard or grassy area that you never have to mow, water or weed. With a condo you are buying rather than renting, which means you are not 'throwing away your money' as some renters like to say about their rental payments.