Condo vs. Coop in NYC: http://www.hauseit.com/co-op-vs-condo-nyc/

Understanding the difference between condos and coops is something every New York City home buyer must know. It’s almost as important as knowing that you can save thousands on your NYC property purchase by requesting a buyer’s agent commission rebate from Hauseit.

Save with a NYC Buyer Agent Commission Rebate: http://hauseitreviews.com/buyer-agent-commission-rebate-nyc/

So, what’s the difference between a condo and a coop?

1. Coop Ownership is Not a Form of Real Property Ownership

New York City home buyers who purchase a coop apartment actually purchase shares of stock in a corporation that owns the coop.

Owners of condos are considered owners of real property just like any home owner in the rest of the country.

2. There are More Coops than Condos in NYC

Over 75% of the apartments in New York City are coops.

3. Condos are Much More Expensive than Coops

NYC condos cost 10-40% more than coops.

4. Closing Costs are Much Higher for Condos than for Coops

New York City condos have buyer closing closing costs which are roughly 2% higher than for for comparable coops.

5. Coops Have the Most Rigorous Buyer Board Application Process

NYC coops have a rigorous board application and review process for potential buyers. Buyer rejections for coops are much more common than for condos.

6. Coops Have Higher Monthly Maintenance Charges

Monthly maintenance charges for co ops are often higher than the monthly common charges levied by condos.

7. Coops have Stricter Sublet Rules than Condos

Coops often restrict an owner’s ability to sublet or rent the unit.

Which is better?

Whether a coop or condo is better depends on your personal situation. Regardless of what you buy, make sure you request an NYC commission rebate from Hauseit. A buyer’s agent commission rebate can save you tens of thousands of dollars on your property purchase in NYC.

Learn more about buying and selling real estate in NYC: http://www.hauseit.com/blog/