: 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

For the most part you own the interior of the space and all common areas/outside walls/roof are communally owned through a home owners or condo association. Everyone pays monthly dues to keep up the building and make repairs.

NYC and a few areas also have a concept called a housing co-op where instead of buying a unit you buy shares of the entity that owns building and get one of the units to live in. It’s basically a housing company that you’re part owner of and have partial rights of ownership.