The Pros and Cons of Buying a Co-op vs Condo in NYC
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- čas přidán 15. 03. 2023
- You’d never be able to tell the difference between a co-op or a condo by just walking in - it’s the behind the scenes aspects that make them different. From taxes, privacy, subletting policies, and pricing to ease of transfer and ease of use, there are certainly things to know before purchasing either property type.
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A very informative video on the differences of Co-ops and Condos.
Thank you!!
Very informative and straight to the point, Thank you gentlemen!
You are very welcome! Thank you for watching!
Storage, parking, gym and rooftop resting area
Thank you for you info. Please tell me Do either of these housings have HOA?
Sure. There is maintenance and it costs money
Ha... isn't HOA for majority is around 2k and above in NYC... they don't seem to have a cap... 1br 1 bath condo around 600sf HOA is >3k/mo... $2.5k i'f you're extremely lucky... not $2/sf... more like $5???
Luckily, in terms of cost of living and such, I don't live in NYC.
But.. tbh, based on what I've heard about co-ops, if I had a high income, for example, I can't imagine "wasting" time going after a co-op. I could be wrong, but, based on what I've heard about co-ops up there, it just sounds like 'apartments with extra steps.' Or an 'apartment complex with an HOA.' Like... what's the "real" advantage, other than *maybe*, if you're lucky, having somewhat more "voice" in how it's run, perhaps? ...assuming the main board that runs it (whatever it's called officially) isn't tyrannical and power-hungry?
esp. given the "excruciating" registration and interview process I've heard so much about, for co-ops
Like, if you're lucky enough to be able to get a high-end co-op, maybe it's different? But... most "standard" co-ops probably aren't much better than living in a standard apartment complex? esp. if you don't happen to be part of the board that runs the place (and are 'just another' tenant-shareholder)
Like... paying, say, 200k or 250k, to "own" an apartment you don't REALLY own, with possibly loads of "absurd" rules regarding what you can and can't do while living there, just sounds like a pretty-'shitty' deal, imo. Though, in the end, as they say, YMMV. But... again, if I had loads of money to burn and the promise of income coming in for the foreseeable future, with a good-enough income I'd just opt for a better, more-flexible housing option, ownership-wise. Having to pay a "mortgage" for an apartment just sounds kinda "idiotic", as a general housing-market arrangement over there, ngl.
Again, if one is lucky enough to be able to get an apartment in a "great" co-op where it truly feels like they "help run the place"- as opposed to a landlord or property-management firm having all the say- then, great! but... how often is that *really* the case (esp. for co-ops that cost less)? I wonder... If one wants a co-op, but all they can afford are "low-end" ones with a lot of restrictions, if you ask me, might as well just go for the 'standard apartment complex.' At least then you *know/recall* you're 'getting screwed', rather than "pretend" it's a "way better arrangement" than it really is, just b/c you paid a bunch upfront (or took out a loan for it and paid some down payment to the bank) and, on paper, "own a share" in the building itself.
The reason is partly financial. For many co-op buyers it is cheaper than renting a similar apartment. Also, if you can control your costs as eventually (when your mortgage is paid off) you will only be paying the monthly maintenance the co-op charges which again is almost always far less than renting a similar apartment.
@whoo711 - Allow a life long NYC suburban resident explain. Because of population density, about 75% of NYC residents live in apartment buildings - rental / co-op / condo. And about 25% live in single or 2 family houses. 95% of houses are located outside Manhattan - Queens / Brooklyn / Bronx and Staten Island. Realtors like this team focus on Manhattan - NOT the rest of NYC, so their primary business is co-ops and condos - NOT houses. In NYC, a huge issue with houses is the rooms are small, lots are small, many don't have garages, etc. so buyers will buy a co-op or condo with larger rooms and a garage for less money than buying a house. Unfortunately, houses with large rooms, larger lots and a garage are located in the suburbs - not NYC. So that means additional transportation costs if you work in Manhattan.