Thinking about purchasing the apartment next door to you?… think again.
Combining apartments does two things: First, it creates higher than normal maintenance or common charges. With two units you are now paying for overlapping building services and expenses. From the doorman, building staff, repairs, and even that roof deck you never use.
When you combine apartments it’s not 1+1 = 2 when it comes to carrying charges, it is more like 1+1 = 3.
Know what is harder than selling an apartment facing a brick wall? Selling an apartment with excessive monthly charges.
Disproportionate monthlies have an inverse effect on the price of the apartment. Second, I have never seen a layout on a combination apartment that really made sense or had a great flow without a major renovation.
Most of the time with combination units, you get an awkward shape floorplan and too many bedrooms and weird pockets of dead space.
Like everything in life there are some exceptions…if you have the chance to buy another 6 or 8 windows facing Central Park, run…don’t walk. And in many instances purchasing two units from a Sponsor to create something unique to the market can also be a good idea.
But as a rule of thumb think twice before buying that apartment next door. You can thank us later.
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