Marian, Other/Just Looking in 11209

In bay ridge, is it better to buy a co-op or a condo?

Asked by Marian, 11209 Tue Mar 11, 2008

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Deborah Lern…, Agent, BROOKLYN, NY
Fri Mar 28, 2008
First may I expalin the difference between the two. When purchasing a co-op, you are buying shares in the corporation. When buying a condo you are purchasing real property. A co-op's maintenance could be as high as $800.00 per month, as opposed to $300's for a condo. However, the prices of condos are usually double that of co-ops. So the answer lies in what you are prepared to spend. It is better to purchase a condo, but purchasing a co-op is better than paying rent to a landlord, which does not give you any tax relief. If you have any questions, or need further assistance you can contact me @ FILLMORE RE, Brooklyn NY
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C Tann-Starr, , 11354
Fri Mar 14, 2008
Hi Marian,

A Co-op provides you with a master lease (personal property) in contrast to a Condo, which provides you with a deed (ownership in real estate). When given the choice, I always choose showing a Condo over a Co-op if a client gives me a price range without selecting a housing option for themselves. In the end, it is up to you to decide which option is right for your housing and investment needs (e.g. where I really want to live has only X available in my price range versus I can live anywhere as long as it has ABC).

Regards, C.
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Caesar Galin…, , Staten Island, NY
Thu Mar 13, 2008
Well each of them has their benefits and of course their downs, a coop, you would have to deal with the maintenance fees and might have to be reviewed by a coop board and they are examine your finances more thoroughly than a condo does. A condo offers you more latitude in terms of room and they dont have a coop board though they may have an association that oversee the building.

Give me a call at (718) 698-2179 at Prosperity Real Estate Group, I can help you answer any questions you may have, this is not commitment to come with us. YOu can come and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
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