The word apartment describes the type of home. A unit in a multi-family ("Apartment') building is an "apartment" it can be a coop apartment, a condo apartment or a rental apartment. Any building that has more than 4 families or 4 units is an apartment building or an apartment house. A condo is a type of apartment.
In a condo, you pay monthly common charges and real estate tax. You can always tell the difference between a coop, condo and a rental apartment from the listing description. A coop has monthly maintenance, a condo has monthly common charges and real estate tax (CC and RET) a rental or leasesd "apartment" has a monthly rent.
The luxury apartment house (building) was actually invented in New York in the late 19th century. Upper-class New Yorkers lived in townhouses and single-family mansions during the 19th century. To lure potential tenants, developers borrowed the word "apartment" from the French to make the new buildings sound more fashionable. The word and the lifestyle stuck.
Mitchell Hall, Associate Broker
The Corcoran Group
How are you doing? Thanks for the question. Most that see tihs question would think that you are referring to a rental apartment. So based guess that you are speaking about a rental apartment.
Condos you own. Apartments are for rent. Condos has equity and financial benefits. Apartments you are just giving your monday away.
If you are referring to condo vs coop please let us know.
Apartments are not for sale. They are only for rental. For an investments property you would be looking at Condo, Co-Op, and houses depending on the type of investment you want. Difference between Condo and Co-OP is Condo you own and Co-Op you have a share and have to be approved by a board to purchase and being that you would want to rent it out the tenants also have to be approved by the board. There will also be maintenance fees beside your mortgage. Iâ€™ll be glad to assist you in finding an investment property.
The Hecht Group
Licensed Real Estate Associate
You can watch my Foreign buyer videos to learn more about purchasing in Manhattan as a foreign person.
You also have the opportunity to search approximately 20,000 exclusive listings through my website, representing the entire database of residential listings available through the membership of the Real Estate Board of New York (REBNY).
These are the most accurate listings you can find in NY because they come from the brokers themselves; there is no bait and switch, no duplicates, and no opens; and are updated every hour.
Jennifer A. Chiongbian
SVP/ Associate Broker
Rutenberg Realty NYC
My partner Mary Ferraro and I work with many foriegn investors and as we speak, are about to close on a 5 unit townhouse on West 78th Street with a French citizen living in Japan.
Are you going to pay cash or take a mortage? My customer took a mortgage and we referred him to 3 brokers that speciaize in loans for non US citizens. We would be happy to direct you and help with your purchase. We also have the lawyers that can do everything you need done in your absence.
If you are looking to live in the property then you wont need a managing agent but if you buy as an investment you will need someone here to manage your tenants issues. If you purchase in a larger building a super is in place to fix any problems your tenant might have. You would just need to work out a financial arrangement directly. The managing agent in the building will also be available if needed.
A Condo is your only option, Coops will generally not accept anyone with out a green card. If you can swing a townhouse and have a unit for yourself with renters in the other units that would be the most ideal way to go because the renters offset the bills , you own real property and hopefully have a modest return .If my partner and I can help you please contact us at firstname.lastname@example.org or 917-750-3088.
Lisa Conway, SVP Halstead Property, LLC
The term apartment is a general term which refers to a dwelling unit in a multi family structure. It can be a condo, co-op or rental unit. Condos in Manhattan are most always apartments. After your purchase you are responsible for the condo's monthly fee which is commonly referred to as Common Charges (CCs) and Real Estate Taxes. The Common Charges cover the services and maintenance of the common areas of the building. Most condo listing you will see will list the monthly CC's and monthly Taxes. This is your total monthly expense assuming you do not have a mortgage.
Hope this is helpful.
ISO Property Corp
In Manhattan an apartment is referred to as a rental. The rent is dependant on the size of the apartment, location and the rates of the current rental market. That said there are no other monthly fees for a rental.
In a condo, if you pay cash for the purchase your monthly fees will include the monthly common charges and real estate tax. These monthly fees are different in every condominium building. If you have a mortgage, you have to figure in your monthly mortgage payments and the condoâ€™s monthly common charges and real estate tax. If you reside in another country there are factors to consider to see if you are eligible for a mortgage.
When it comes to investing in the Manhattan market, you can charge a monthly rent of whatever the competitive market rents are. You need to determine if the market rents cover your monthly costs and allow you to make money. In some cases investors donâ€™t see a return on their investment immediately.
You may wish to work with an experienced broker who works with foreign buyers, and who can help you determine all of these factors, can help with the purchase and the investment rental.
Licensed Real Estate Salesperson
Member of Real Estate Board of New York
Halstead Property, LLC
646.472.7875 confidential fax
770 Lexington Avenue, 10th Floor
New York, NY 10065
An apartment simply means a unit in an apartment builidng. The unit can be a rental, a co-op or a condo. It depends if the building is a rental building, a co-op building or a condo building. Further more, a unit in a co-op or condo building may be for rent as a sublet.
Regarding how monthly fees vary, in a rental you pay one fee - the monthly rent that you and the landlord agree upon and that is the amount specified in your lease. In a co-op building, you own shares in the corporation that owns the building which entitles you to the proprietary lease to occupy your unit. You are an owner, but technically of shares rather than actual real estate. Monthly you would pay your mortgage to the bank and maintenance to the corporation. Your maintenance consists of 3 parts - your share of the underlying mortgage, your share of the real estate taxes and your share of the building upkeep. Lastly, with a condo you own the actual apartment, real estate. You pay your mortgage and then two other things: common charges and real estate taxes, and they are separated out when stated, unlike maintenance on a co-op which is always stated as one figure.
As you say you are looking to invest in the US market, I am assuming you are from outside the country. If that is the case, the condo option is the best for a variety of reasons.
The most important thing is to work with a skilled, experienced and knowledgable agent who can take you through the steps of purchasing and who has worked with foreign buyers. We streamline your search, negotiate on your behalf, and take you through the process to the closing and can find you a renter for your investment as well.
Halstead Property, LLC
http://jenetlevy.halstead.com for every NYC listing
If you're looking to invest I recommend staying away from co-ops as they could be strict with their rental policy as well as many other policies within the bldg.
The main difference b/n condos & co-ops is that a condo is a real estate property owned by the purchaser, so you are (for the most part free to rent, renovate or upgrade your unit) without any board approval. There still exists a board with condos, but as long as you're within the guidelines you need not worry about the board saying NO whereas with coops, even if you're within guidelines there exists the possibility that your tenant, renovations or upgrades will not be approved.
If you're not from NY it might be a bit challenging to weed through the properties & their requirements. If you decide to use a broker as your buyer's agent do consider me as an option. I can provide current sales data, closed sales data (to give you an idea what properties actually sold for) and rental data to figure out exactly what you can rent the apt for once you've purchased it. Also, commissions in the sale of a property are built in the sales price, so you need not worry about paying out of pocket. Our commission will be paid out at the closing. If you're a foreigner I can direct you to Lenders specializing in funding for the international community. Good luck & feel free to email me any other questions you may have.