Condos in Westchester, NY - Buying a Home on a Budget
Westchester County, located between the Hudson River and Long Island Sound in extreme southeastern New York, is one of the most desirable places to live in the greater New York City area. The area offers excellent schools, a lively arts community, plentiful green spaces and a number of historic landmarks, including Kykuit, the John D. Rockefeller estate. The region is also just a short commute from Manhattan.
As wonderful as Westchester County can be, real estate prices there can be rather expensive. One way to make living in the area more affordable is to buy one of the many Westchester condos.
Advantages to buying a condo
In addition to generally being more affordable, condo living in Westchester County offers many of the advantages to owning a condo in other parts of the country. Among these are:
- Fewer maintenance responsibilities. With a condo, your association fee usually covers landscaping, lawn maintenance and regular upkeep to the public areas.
- Extra amenities. Condos often offer additional amenities that you might not otherwise be able to afford/maintain, such as swimming pools, fitness rooms, saunas and picnic areas.
- Same tax benefits. Condo owners enjoy the same tax benefits as those who own single family homes.
- Security. Many condo buildings have a doorman or a garage security guard for extra security.
- Convenient locations. Condos are frequently located in urban areas, within walking distance to shopping, dining and parks.
Advantages to buying a single family home
Although there are many advantages to buying a condo in Westchester County, condos aren't right for every buyer. Some of the advantages of opting for a single family home include:
- Privacy. Single family homes generally offer more privacy, since you don't share common areas as you do with most condos.
- Free parking. Many condos require you to pay extra for a parking space. With a single family home, parking is included.
- More freedom to individualize your home. With a single family home, you usually have free rein to make upgrades and design choices. With a condo, your ideas are often subject to approval by the condo association.
- Consistent appreciation rates. Single family homes tend to hold their value more than do condos. In addition, single family homes historically appreciate more than do condos.
Where to find reasonably-priced condos in Westchester County, NY
Although much of the real estate in Westchester County consists of single family homes, there are a number of Westchester condos for sale, if you know where to look. Mount Vernon, Croton-on-Hudson and Peekskill all have a large selection of Westchester condos under $200,000, many of which are located in restored, early 20th century buildings. More modern, yet still affordable, units can be found in Yorktown Heights and Mohegan Lake.
The average listing price for condos in Westchester County is currently $449,000. However, that figures hides a huge disparity in pricing. There are studio condos on the market for under $100,000 as well as penthouse condos in luxury buildings overlooking Long Island Sound on the market for nearly $3 million.
Buying a condo in Westchester County is a big decision. It makes sense to enlist the aid of an experienced real estate professional to help you navigate the many details involved with buying Westchester condos.