The differences between co-ops and condos
When it comes to owning a home, there are many options available to people. In NYC, most people have to make a choice between condos and co-ops. Both have their own benefits. Before you take the plunge, it’s important to understand the difference between the two.
When you buy a co-op, you become a shareholder in the corporation that owns the building. You get exclusive rights to live in one of the units of the building. In other words, you don’t own the property. You simply become a shareholder in the corporation. In condos, on the other hand, you actually own a piece of real property. The owner also has an interest in the common area. As compared to co-ops, you pay less amount of maintenance in condos.
It is interesting to note that almost 3/4th of buildings in New York City are co-ops. There are also differences in the application process of these two housing options. There are many documents that you’ll have to submit while applying for co-ops or condos. It is important to have a clear understanding of the application procedure and keep all the required documents handy.