Wich is better to buy condo or coop

Asked by Victory1081, Queens, NY Sun Feb 17, 2013

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Arlene Conti, Agent, Howard Beach, NY
Mon Feb 18, 2013
With a condo you own the real property and it works similarly to owning a house. You pay taxes and utilities and you are responsible for the care and maintenance of the apartment. You also pay common charges for the building to take care of garbage removal, snow removal and anything structural on the outside of the building. Parking is separte.

With a co-op you own shares in a corporation and you pay a maintenance charge which includes all utilities (electric may not be included in some), real estate taxes and sometimes security. Parking charges are separate. Any changes you make to the apartment must be approved by the board. Usually there is an application form which you must submit at a cost (all are different) with all financial info and your purchase is conditional upon Board approval.
1 vote
joanna D, Agent, QUEENS, NY
Mon Feb 18, 2013
In a condo you own the property and receive a deed. You can sell it and rent it just like a home.

Coop you owe shares of the building and have more restrictions on selling and renting

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0 votes
Michael Rich…, , New York, NY
Mon Feb 18, 2013

It depends upon what you want, need and can afford. If you are an investor or are looking for flexibility, a condo is more likely to be what you want. If having financially secure neighbors who are not likely to default on their obligations to the building is a concern, then a coop is for you. Whichever you choose, realize that condos are more expensive to purchase than comparable coops because of the high demand for them and relative short supply as compared to coops.

Michael Richman
Licensed Real Estate Associate Broker
KIAN Realty
450 7th Avenue Suite 1501
New York, NY 10123
212-757-8268 x220
0 votes
De Vonte Wil…, Agent, East Point, GA
Mon Feb 18, 2013
I must agree with Anna. It depends on your needs. Type of ownership varies, and one type of ownership may be more towards your liking than the other. With Condos, you have actual ownership. However, with a co-op, you own a stock interest, and not the actual property. With a co-op, you are issued a proprietary lease.

I think that you should do your due diligence, when deciding which one to go for. Each has their pros and their cons.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 18, 2013
It's really a matter of personal preferences. Co-op ownership represents an interest (i.e. stock) in realty; condo ownership is actual ownership of realty. Keep in mind that when purchasing a co-op, boards have their own financial requirements that must be met; each building is different.
0 votes
Debra (Debbi…, Agent, Livingston, NJ
Mon Feb 18, 2013
It may come down to which one you are better qualified to buy...dpending on your personal financials.

Coops usually have financial restrictions, minimum down payments and they want to see a certain amount of money in reserve............there is a Board "package" that needs to be presented and approved, along with a personal interview.

In regard to the costs, from what I have read, the condo may cost upwards, or in excess of 30% more.

And..........when you're ready to sell it one day, you will be dealing with the board and financial restrictions when looking for a buyer!
It - a coop - may also be more restrictive if you ever want to rent it out.
0 votes
Martina Ryan, Agent, Bayside, NY
Mon Feb 18, 2013
A condo is less restrictive but usually costs more. It really depends on your purchase capabilities & preferences. Co ops usually require an interview process which can be cumbersome.
0 votes
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