NYC real estate is tricky to navigate, even for New York natives. Living in a condo is not for everyone just as living in a co-op isn’t either. While the two can be similar in size and look, they are very different. Essentially, Condos are places that you actually own whereas, co-ops are investments in the corporation who owns the building and you are buying shares which allows you to lease. Here is a detailed list that will help you decide which is best for you:
Condo:
- Not as prominent in NYC as co-ops
- Own your own unit
- Typically more expensive than a co-op
- Easier to sell
- Access to amenities
- Similar to buying a home, but in apartment form
- Board tends to be more hands-off
- Cannot be evicted easily
- Property taxes are not included
- Typically a newer building
- Potential access to amenities (dependent on individual building)
Co-op
- Will need to interview with the board to be accepted as a resident
- All your neighbours have been screened by the board
- Access to amenities
- Majority of the apartments in NYC
- Do not own the apartment
- Can be evicted if not following the rules
- Monthly maintenance fee
- Property taxes are included
- Required to pay for special projects (i.e. new elevator), price depending on the amount of shares you have
- Down payment can be anywhere from 10%-50%
- Typically an older building
- Strict polices about sub-letting
Quote from alex- need to get (not sure if he is getting my emails)
Do not forget to contact IPG when looking for your next apartment!
Written by: Lindsay Craven