With a condo you own the unit and are responsibile for what is inside. You will pay property taxes and also monthly common charges.
Coops usually have a minimum down payment requirement which is rarely below 10%. They scrutinize your finances to make sure you have solid monthly income, great credit, no judgements against you, strong reserves in the bank, and a debt to income ration that meets their requirements. You will fill out a large application package and have to go in front of a board for approval, unless it is a sponsor unit (these are units sold by the sponsor for the first time and dont need board approval). This art of the process comes when you have a fully eecuted sales contract and also a mortgage committment from your bank. You can be turned down for any reason and possibly waste all that time.
With a condo you don't have to go through the board approval process. Coops are a good option if you are looking for the most affordab;le form of ownership but thats pretty much it.
I hope this helps, fewel free to message me with any other questions.
Accredited Buyer Representative
William Raveis Legends Realty Group
co-op and condo's = lots of stuff taken care of for you as part of home owner association fee
condo - you own unit
co-op - you own shares in the corporation that owns all the units. you get a proprietary lease to a specific unit (the unit you're buying).
home - no association fee; but you'll still be paying in other ways. you take care/maintain property yourself and or hire services/repairs.
it depend on the community, but in general I find that condo's have greater appeal than co-op's.
A small condo assoc. can be greatâ€¦or it could suck. We are currently in a 4 unit building and 1 owner has made it his goal to make everyone's life miserable, because his is. We've had to take him to court and have paid thousands to an attorney to represent the assoc. Not worth it. On the other hand, you could have 4 great people and you all get along and have cookouts, and everyone shovels snow, etc.
A large condo assoc. can be either/or too. It take a percentage of approvals to get things done and it could be that the majority don't agree with painting the building, for example, so you have to wait it out.
We are moving to the Elmsford area and are going with a single family this time. This also has issues as the people who live next to you could play loud music, have parties to all hoursâ€¦ You just never know.
Thanking you in advance for your attention to this matter.
Century 21 Schneider
You determine what will work best for you. Feel free to call me if you have further questions .