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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!

 

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