As a first-time buyer in New York City, you may be trying to
figure out the difference between a condo and an apartment. Oftentimes, a property is simply listed as an apartment online, when in reality, it’s actually a condo or co-op. Whether you’re buying a condo or co-op in New York City, you can save money and reduce your closing cost by requesting a legal and tax-free buyer agent Commission rebate. To request a rebate, head over to www.hauseit.com. So what is difference between a condo or an apartment in New York City? An apartment in New York City is a blanket term for a form of living and involves having separate residences within a building, or simply having neighbors who can use your building. A condo is simply a more specific type of apartment. That means a condo will always be an apartment, but an apartment doesn’t necessarily always have to be a condo. An apartment can also be a co-op unit, a condop unit, or a rental unit that’s part of a building which is wholly owned by one landlord. What is a condo in New York City? A condo building refers to a building where all the units are owned by individuals who hold deeds to their specific units. A condo in New York City is the most flexible form of apartment ownership. Condos are considered to be flexible because they’re
usually no financial requirements for buyers, and there are very limited restrictions on renting out your apartment if any. Buyers or renters of condos are not typically required to
undergo a board application and approval process. What is a co-op apartment in New York City? A co-op or cooperative apartment is a form of living that is quite unique to New York City. Owners of co-op apartments are not actually real property owners, instead, they’re shareholders of a corporation that owns the entire building. Shareholders receive a stock certificate and a proprietary
lease that lets them occupy their specific apartment. This cooperative corporation is run by a board of directors that is elected by shareholders. Co-ops are known for their stricter rules and regulations and sublet policies versus condos. The board of directors exercises enormous power over shareholders. Co-op boards require potential purchasers or subletters to submit a lengthy and invasive co-op board application, in addition to passing a co-op board interview. Co-ops typically have strict financial requirements for buyers and they require a minimum of 20% down. So what do you think about the difference between condos and co-ops? Is one of better investment than the other? Let us know by leaving a comment below right now. For more New York City real estate insider tips and tricks, subscribe to our channel and head over www.hauseit.com