Do you know where Rego Park got its name? Rego is short for “Real Good Construction Company,” the company that built the neighborhood’s original single-family homes in the 1920s.
One hundred years later, Rego Park is still a “real good” place to live, and housing options extend far beyond the detached homes of yesteryear. In fact, Rego Park condos are stealing the spotlight as some of the most desirable properties in Queens.
If you think your real estate journey might end with the keys to a condo, there are some things you’ll need to know. Here are four questions to keep in mind as you browse Rego Park condos:
1. What is the monthly HOA fee?
Condo owners are responsible for a monthly HOA fee. It might be called a “maintenance fee” or “common charges.” We could give you an average figure, but this fee varies so widely between buildings that it’s best to ask when you find a condo of interest.
2. What does the HOA fee include?
The HOA fee for Rego Park condos usually covers building repairs, common-area maintenance and amenities. Well-managed buildings keep a portion of your payment in a reserve account to save up for large-scale improvements.
3. Are there any upcoming special assessments?
Remember when we said that a portion of your HOA fee should go into a reserve account? Sometimes there still isn’t enough money available to pay for an urgent repair. This is where a special assessment enters the picture. A special assessment is an additional amount of money paid by condo residents to cover a big project.
4. What are the rules?
If you believe that rules are meant to be broken, don’t expect your HOA to agree with you. Review the rules to see if there are any that you can’t live with, such as a strict pet policy or subletting restrictions.
If you are interested in Rego Park condos, be an informed buyer! Get in touch with Rego Park Realty today to learn more about available condos in our “real good” neighborhood!