Looking to buy a condo or co-op apartment in NYC? Choosing between a condo and a co-op in NYC can be a complicated decision, but we’ve simplified the debate for you by breaking down everything you should consider in this infographic powered by Hauseit. Learn about the differences in pricing, buyer closing costs, board approval, monthly costs, sublet policies and seller closing costs between condominiums and co-op apartments. While condos are considered real property and come with a property deed, co-ops are actually considered personal property and do not come with a traditional real estate deed. Co-op owners actually own shares in the co-op corporation. Having a good understanding of the difference between the two types of units (condos and co-ops) in NYC will allow you to make a more educated decision as to which you should consider investing in.
Both condos and co-ops have advantages and disadvantages. Depending on your personal situation, you may value aspects of one type of unit over the other. For example, if you are interested in renting your property in the future, a condo would make more sense because of the more flexible subletting (renting) policy.
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