Coop vs Condo NYC - What's the Difference Between Coops and Condos in New York City?
HTML-код
- Опубликовано: 8 фев 2025
- Condo vs. Coop in NYC: www.hauseit.com...
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: hauseitreviews....
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: www.hauseit.com...
Get a 2% rebate when buying your NYC apartment with Hauseit: www.hauseit.com/buyer-closing-credit/
Thanks for sharing the video and your thoughts regrading rental.... I hope this video will help to many individuals.
Thanks for your support, Angela! ~Team Hauseit | www.hauseit.com
It's like that outside of NYC too.
Thanks for your comment! Where are you based?
~Hauseit NYC | www.hauseit.com
@@Hauseit NYC
@@QuiteDecent Awesome! Give us a shout if you're looking to buy or sell. Our email is: team@hauseit.com
@@Hauseit Not sure if you can help me, but I'll slide in those DMs anyway.
@@Hauseit You guys get that email?
Very helpful video!
Thanks Red! Can you like us on Facebook? facebook.com/hauseit
I’m interesting in buying condo in bronx NYC but i would like to know what the average maintenances fee monthly and what is the average condo rent if I rent it ? I wanna calculate how much I can make monthly profit , thx
Thanks for the video and a question regarding rental....Can i buy a coop and then rent it out?
Great question! Most co-ops will require that you occupy the unit for at least a year or two before you rent it out, however there are some co-ops which permit immediate subletting (renting out) from day one. We explain co-op sublet policies in great detail here: www.hauseit.com/nyc-coop-sublet-policy-rules-fees/
Best,
Team Hauseit
I have a question... If I buy a co-op in NYC when I die would it be handed down to children?
Hi Luxury Cartier - this is a great question! The answer depends on the language in the co-op's proprietary lease, who you've left your co-op shares to, and what type of estate planning measures you have in place (will, trust, joint tenants, etc.). In other words, the policy for transferring ownership of shares varies by co-op building in NYC. Given the complexity of the issue, we suggest that you consult with a real estate and estate planning attorney!
P.S. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction!