{ "media_type": "text", "post_content": "Is it realistic to buy a studio/1b condo on my own in the city with a 150k salary and no debt? I used those affordability calculators online and seems doable factoring in HOA. But I’m wondering if there’s other significant costs and expenses I need to be aware of for buying and owning a condo in the city. Anyone bought condo on your own? What surprised you the most?", "post_id": "61e5f3b9da28390037c4a5c6", "reply_count": 8, "vote_count": 1, "bowl_id": "5aa3ebca6a56fa0013ec82de", "bowl_name": "New York City", "feed_type": "bowl" }

Is it realistic to buy a studio/1b condo on my own in the city with a 150k salary and no debt? I used those affordability calculators online and seems doable factoring in HOA. But I’m wondering if there’s other significant costs and expenses I need to be aware of for buying and owning a condo in the city. Anyone bought condo on your own? What surprised you the most?

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key is: do you have cash for ~30% downpayment and then it is just straight lender math (mortgage plus condo fees as % of your annual income plus your credit rating)

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Get pre approved for a mortgage and you should be good if you find something in your price range. Condos don’t have onerous approvals like coops and just look at math

1B condo or studio would cost at least $900k if it’s not a co op in Manhattan. The maintenance fee and tax is super high in general which isn’t surprising…

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If by "city" you mean Manhattan, you can get a studio co-op on the UES near the river, Harlem, or Inwood area for $400k, which you can easily afford with 20% down. You won't be able to afford any condo on that salary in Manhattan. Even outside of Manhattan, a good condo will start at around $700k.

Condo financials could catch you off guard if you’re not prepared. My building had limited cash reserves and a fairly weak board. A few years into ownership, I had to shell out about $15k for a new building elevator as my “share” of the cost or take a multi-year monthly “assessment” to help pay for the elevator modernization project.

Yes, in addition to the HOA. I could pay as a lump sum or with interest over 2 yrs. The big argument from the owners was that the board could not guarantee that a secondary assessment wouldn’t be on the table in a year if there was not enough cash in the building finances. I fully expect my HOA fees to increase soon.

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