3 Biggest Mistakes That Coop and Condo Owners make

As a NYC coop or condo owner, you might think that you have everything under control. But even the best coop or condo owner makes mistakes. It is important to be aware of the common mistakes that other coop and condo owners make. By avoiding these mistakes, you can save yourself time, money, and stress.

1. Not getting involved with their board: One of the biggest mistakes that co-op and condo owners can make is not volunteering to the board. If you're not involved with your board, you're not going to have a say in how your building is run. This can lead to all sorts of problems down the road. Most boards work diligently, but what if the board is not taking action on urgent repairs? What if they instead are spending money on other repairs, that could be done later?

Volunteering for your board and having your voice heard is the easiest way to increase your own property value.

2. Not making their apartment energy efficient: Another big mistake that NYC condo and co-op owners make is not making their apartment energy efficient. Besides being damaging to the environment, this is a huge waste of money, as you're essentially throwing money out the window every month in higher energy bills. It is also a main reason for the building getting an Energy Efficiency Grade ‘D’. Yes, the apartment owners play a huge part in the letter grade for the building. There are a number of ways to make your NYC apartment more energy efficient.

One of the easiest ways is to install energy-efficient light bulbs and replace your old light fixtures (replacing fixtures is much easier than it sounds). You would be surprised at the great strides that lighting technology has made. Even if you replaced your light fixtures only a few years ago, new technology will reduce your energy use substantially by replacing them again.

Think undercabinet lights, puck lights, recessed fixtures. We know, you only have a few of those, but those few can make a huge difference on your monthly ConEd bill. We have seen many cases where an entire apartment has been retrofitted as such that the entire electric consumption is less than a single 100-watt bulb! Another great option is to install a window film that keeps the heat out in the summer and the heat inside in the winter. According to the DOE, heat gain and heat loss through windows are responsible for 25%–30% of residential heating and cooling energy use.

3. Not refinancing: The third biggest mistake NYC condo and co-op owners make is not refinancing their mortgage while interest rates dropped. Even if they have risen lately, they are still close to historical lows. Under the current inflationary period, which doesn't seem to be stopping anytime soon, rates are bound to go up from here. Not refinancing is a huge mistake, as you're essentially leaving money on the table. By refinancing your mortgage, you can save thousands of dollars over the life of your loan.

If you're not sure how to refinance your mortgage, speak to your bank or a mortgage broker to get more information.

NYC apartment ownership comes with a lot of responsibility. But by avoiding these three mistakes you can easily increase your own property value with very little effort!

These are just a few of the tricks we at the Folson Group recommend as expert energy efficiency consultants. Contact us today to learn how we can help get your building’s grades up!