December 24, 2013

What is the Difference Between a Co-op and a Condo? Pt 2

I'm back with part 3 of my series on what buyers need to know before buying a Co-op or Condo, I have outlined some additional facts and suggestions to further assist you with the decision making process.

Deciding what's best for you....
Before deciding to purchase a Co-op or a Condo, as an experienced Real Estate Professional, I can assist you in narrowing down your search in advance by deciding which form of apartment ownership is best suited to you and your family based on the information you have shared with me and your understanding of their inherent differences.
A Co-op: Some people prefer co-ops because they tend to be more restrictive about who can buy or sublease a unit in the building. As a result, co-ops tend to have more occupied units than condos (as opposed to investor-owned units which are sublet) and can impose stricter guidelines for new buyers, such as all cash purchases, high levels of savings, and so on. Many people feel that this increases both the security and the financial viability of the building.

A Condo: Some buyers prefer a condo because there is more flexibility in terms of subletting and apartment usage. It is usually permissible to operate a business out of your unit. There is usually no board applicant review required of new buyers so purchasers do not have to reveal all their finances to the board, be interviewed, or obtain board approval in order to buy a unit.
I'm available to help you.
Next week we will cover: The Financial Differences Between a Co-op and a Condo


Written By: Akim R. Smyer, Real Estate Associate Broker - Coldwell Banker Residential Brokerage