You have a chunk of money and you have decided to own a home in NYC. Typically you have 2 choices. Co-ops and condos. What are the differences between a co-op and a condo and what should you consider as both a buyer and eventually a seller of these...
You have a chunk of money and you have decided to own a home in NYC. Typically you have 2 choices. Co-ops and condos. What are the differences between a co-op and a condo and what should you consider as both a buyer and eventually a seller of these properties. There are pros and cons of both and we are going to explain this and help you figure out what will work best for you.
70% of the housing market in NYC are rentals and the rest are co-ops, condos, and townhouses. You want to look at the specifics of a co-op or a condo. What is the end-use of the property. Will it be an investment, primary residence, or both? Condos are much more expensive but they have more flexibility in terms of subletting. There are people who want co-ops exclusively because they like the vetting process done by the building on all of the owners and they feel safer making a purchase in a co-op.
There are different financial requirements in a co-op verse a condo and there are buyers and sellers who don't want to go through that process. You want to understand these properties and what the differences are.
Both co-ops and condos are run by boards and have different policies and you want to understand them for either type of property before you purchase.
Things to keep in mind are your budget, what you want to do with the property, the rules of the building, the different financial requirements each one has, and then what you think will best fit your lifestyle.
If you have any other questions about co-ops and condos or anything else please reach out to us at www.therealestatebroadsofnewyork.com
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