Condos Vs. Co-Ops: Understanding The Differences

We frequently get asked the question “What is the difference between condos versus co-ops?” We have broken down the major differences here. Are you thinking about buying, selling, or investing in NYC? Reach out today and we would be happy to assist!

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CONDOS:

• Generally more expensive

• You’re purchasing real property

• Typically only 10% down

• You’re able to rent out

• No interview is required and approval is quicker

• Common charges and taxes are paid separately

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CO-OPS:

• Generally less expensive

• You’re purchasing shares of a corporation

• Typically starts at 20% down

• Subleasing requires board approval

• A more detailed board package is required as well as an interview

• Taxes are included in the maintenance fees