Condo vs. Co-op

There are two basic types of home ownership in NYC: Condos & Co-ops. Here is a brief summary of the key distinctions between them.

Condo = Condominium You Own Real Property
CC = Common Charges RET = Real Estate Taxes
Key Benefits Ease Of Buying & Selling
(No Board Interview)

Flexible Sublet Policy

Investor Friendly
The Flip Side More Expensive (Less Supply)

Higher Closing Costs
(4% – 6% Of Purchase Price)

Lower Owner-Occupancy
Co-op = Cooperative You Own Shares / Proprietary Lease
Maint. = Maintenance % Deduct. = % Tax Deductible
Key Benefits Less Expensive (More Supply)

Lower Closing Costs
(2% – 4% Of Purchase Price)

Higher Owner-Occupancy
The Flip Side More Difficult To Buy & Sell
(Board Package & Interview)

Financial Metrics:
Debt-To-Income Ratio (DTI) & Reserves

Tougher Sublet Policy