Buy the Best


Is it better to buy a condo or a co-op

Dear Steve,
Please list the advantages of buying a co-op versus buying a condo. Also, is there a better strategy in buying one versus the other in the present market?
-- Sharon

Dear Sharon,
Both co-ops and condos are considered common-interest developments. In a co-op, short for "cooperative housing project," you technically don't own your apartment, as you do with a condominium. Instead, you own shares of the co-op corporation that owns your building. The larger the living unit, the more shares you own in that corporation.

How to Buy a NYC Apartment | BrickUnderground

Step 1 NEXT STEP: Financing » Co-op or Condo? The first step in the NYC
buying process is to decide whether you're a better fit for a co-op or condo.

Typically, co-ops are less expensive per square foot than condos, and their maintenance fees -- which cover building expenses like hot water, heating, air-conditioning, grounds maintenance, staff salaries, real estate taxes and insurance -- are tax-deductible.

Co-Op vs. Condo: What You Need to Know | Greg Jacobs

28 Jun 2013 ... The New York City housing market is truly a beast of its own. We are living in a
world where you can't simply buy a house, white picket fence, ...

There are some co-op caveats. All prospects have to be approved by the co-op's board of directors, and the vetting process is quite thorough. There are lots of demands for personal-background and personal-finance information, comprehensive employment history and background checks.

Citi Habitats Steps to Buying an Apartment, a Condo, and a Co-op in ...

How To Buy An Apartment In NYC. Buying an apartment, condominium or co-op
in New York City can be a daunting prospect, but Citi Habitats is here to ensure ...

It's also harder to sublease your co-op, and in many cases that is not allowed at all. Moreover, co-ops require larger down payments than condos, and those all-encompassing maintenance fees are higher than in condos, although they are tax-deductible. Selling a co-op is also a little harder than selling a condo. Some boards assess a "flip tax" if you resell within a set period, such as one year to three years.

Steps to Buying a Co-op -

Buying a co-op is a unique experience, but don't let the process overwhelm you.
Here is a simple guide to helping get you into the co-op of your dreams.

Buying a condo, by contrast, is more like buying a house because buyers own their deeds and pay their own taxes. While condos are more expensive than co-ops, percentage down-payment requirements are smaller, though today's more stringent lending standards have tweaked that equation a little. Typically you can sublet condos more readily than co-ops.

Before You Buy A Co-Op Or Condo | Eric T. Schneiderman

When purchasing a unit in a cooperative or condominium, most consumers focus
on location, size, amenities, and the price. Equally important is an analysis of ...

Condo boards also wield less power than co-op boards, and entry requirements aren't as tough, plus maintenance fees aren't as high. The trade-off: Condo maintenance fees aren't tax-deductible. Condo and co-op boards typically secure a contract for grounds maintenance, sewer, water, cable TV and the like.

Owning a Co-op - HSBC

rents escalate and private home prices reach new heights, a co-op ... you're not
buying real estate property when you buy a co-op, you are not getting a ...

Generally, there is less speculation in co-ops than condos. If the real estate market continues to deteriorate, condos are likely to fall in value at a faster clip than co-ops, according to some of the industry experts. In areas where co-ops are less common, lending programs are harder to find because co-op purchases aren't secured by a deed of trust.

How to Buy a Co-Op | Real Estate | HGTV FrontDoor -

Buying and owning a co-op is much different than buying a condominium or
single family home, so it's important to understand the differences before
deciding if ...

In New York City, about 70 percent of all individual apartment units for sale are co-ops, a number that has dropped from about 85 percent a decade or so ago, as more condos come online to replace older co-op buildings.

Co-op Boards 101: Board Packages, Interviews, and Turndowns ...

26 Mar 2012 ... Above all, remember: Buying a co-op apartment in NYC may be the most difficult
application process of your life- unless you're running for ...

To ask a question of the Real Estate Adviser, go to the "Ask the Experts" page, and select "Buying, selling a home" as the topic.

Co-op vs. Condo - The New York Times

5 Oct 2012 ... MOST people looking to buy an apartment in New York City know the basic trade
-offs between a co-op and a condominium: the approval ...

Is it better to buy a condo or a co-op? -

14 Dec 2008 ... There are pros and cons to buying a condo or a co-op in the present real estate
market, says the Real Estate Adviser.


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