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Co-ops and condos- Things you need to know!
A co-op and a condominium (condo) are the two main choices available to people planning to buy an apartment in NYC. Although they both are forms of ‘common interest ownership’, there are some basic differences that make co-ops and condos quite different. In NYC, co-ops outnumber the condos by nearly 3 to 1. However, the number of condos in and around the city is growing at a fast pace.
Generally, co-ops are less expensive than condos. Co-ops are situated in older building and have lesser amenities and facilities. The apartments in new buildings are mostly sold as condominiums. This is one of the main factors responsible for the narrowing gap between the condos and co-ops. Condos are equipped with modern amenities and facilities but are more expensive per square foot than co-ops.
Also, buying a co-op can be a complicated and tedious task. As a prospective buyer, you need to furnish all types of personal details to the board. Extensive history and background checks are done. Also, the board holds the right to reject any application at any time. Buying a condo, on the other hand, is easier and less time consuming.
It’s quite clear that there are substantial differences between co-ops and condos. Regardless of the type of apartment you’re planning to buy, it’s important to choose the right finance option. Most people choose to apply for a mortgage to finance a co-op or condo. A mortgage is a legal agreement that provides conditional rights of ownership to the mortgagor. The lender has the right to seize the property if the borrower fails to pay the amount.
The process of applying for a mortgage is not just complex but also time-consuming. In the absence of the right resources and knowledge, successfully applying for a mortgage loan may prove to be a difficult task. Finding the right mortgage specialist is the first thing you need to do if you’re planning to apply for mortgage to buy a new home. A specialist can provide the guidance and assistance required to navigate the complex mortgage process so you can get the condo or co-op of your dreams!
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