Cooperative building or condominium in NYC: Selecting the best fit

Today, investment in real estate market is very expensive, so buyers don’t show urgency to purchase an apartment without considering the pros and cons. In such cases, it becomes imperative for prospective buyers to understand more about different forms of home ownership in New York City.

Cooperative buildings

Nearly 75% of the NYC housing inventory is comprised of co-ops. Cooperative buildings are owned by a corporation. Unlike buying a real property directly, owning a cooperative apartment involves buying shares of the corporation that owns the co-op. After completing the intensive approval process and owning a co-op unit, co-op shareholders are required to pay a monthly maintenance fee to co-op board.

Condominiums

Most new buildings in NYC that have common grounds and amenities are constructed as condominiums. The condo association manages the condos and provides approval to potential buyers to own a condo. The initial purchase price for condos is generally a bit higher as compared to similar-sized co-ops.

Both forms of home ownership provide different benefits to potential buyers. If you want to buy an apartment, consult a specialist to determine the one that best suits your bdget and needs.