New York City Real Estate-Difference between Condos and Co-ops
New York City Real Estate-Difference between Condos and Co-ops
There is no doubt that New York City Real Estate is the best. The seekers for NYC apartments generally have to decide between condos and co-ops. All the buyers must be careful of the main differences between the two. These differences are based on charges, ownership, financing, availability and acceptance. This article is all about the major differences between NYC condos and co-ops in the New York City Real Estate.
The condo buyers own their units and generally share all the common places such as fitness area, lobby and laundry. But the co-ops buyers gets share in the entire building and mainly owns all the common features of the buildings. The co-op owners get tax deduction in many cases. Once the owner moves to other place, the ownership of the coop goes back to the corporation. But the condos owners can sell their units or sublet them. The condominium apartments are the real properties for the owners.
The condo buyers have to pay the ownership fees and the yearly taxes. But the condos have less maintenance charges as compared to the coops. The coop owners have to pay the monthly common charges along with the maintenance charges. All these charges are not tax deductible and also do not include the real estate taxes. Initially the corporation pays the building's mortgage, salaries, real estate taxes and maintenance but then all the owners have to pay these charges according to their shares in the entire building.
The application process for buying a condo is easier than a co-op. It is also much easier to get accepted to buy a condo than to become part of a co-op. Buying a condo is a very easy process. A potential buyer of the coop has to fill out an application and is interviewed by a representative of the building. The Co-op rules and ownership details vary according to building.