: What happens when you Buy or Own an Apartment/ Condo? Do you own the property/Land? What happens if the building needs renovation, or needs to be demolished?

Question

When you Own a house in lets say america you own the Land. You can renovate, rebuild the house do whatever you want because you own the land. But lets say you buy a condo in a city like NYC? You only own the apartment building? But what happens if the building needs to get completely demolished? Or a huge chunk needs to get renovated etc.? What happens to you or your apartment or condo?

In: Other

Answer 1

When you buy or own an apartment or condo, you own the unit itself but not the land it’s built on. The land is owned by the building’s management or a condo association. If the building needs renovation or demolition, the costs will be shared among all the owners through fees and assessments. However, the specifics of who pays what can vary based on the building’s bylaws or governing documents.