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!
Condos:
- Generally more expensive
- You’re purchasing real property
- Typically only 10% down
- You’re able to rent out
- No interview required and approval is quicker
- Common charges and taxes are paid separately
Co-ops:
- Generally less expensive
- You’re purchasing shares of a corporation
- Typically starts at 20% down
- Subleasing requires board approval
- More detailed board package is required as well as an interview
- Taxes are included in the maintenance fees