What's the difference between condos and co-ops in NYC?

Looking to buy in NYC ? Hauseit A comparison by Hauseit NYC Condo NYC Co-op VS Traditional real property ownership Residents own shares in a corporation PURCHASE NYC Condos account for only 25% of apartment supply in the city Co-ops in NYC are 10-40% less expensive than comparable condos in the city PRICE Winner NYC Co-op CLOSING Buyers of both condos and Closing costs for condos are 2% higher than for co-ops Visit hauseit.com/closing-costs-nyc/ COSTS Winner NYC Co-op co-ops can save up to 1.5% on their purchase by working with Hauseit to learn more Co-ops have a notoriously difficult application process for buyers. Rejections are Condos have a much less BOARD APPROVAL Winner NYC Condo rigorous buyer board approval X) process common Condos have the lowest Co-ops have higher monthly common charges which include property tax paid by the co-op corporation MONTHLY monthly common charges. Property taxes are paid separately by owners COSTS X) Winner NYC Condo Condos have flexible sublet SUBLET policies which are great for investors and owners looking for flexibility POLICY Winner NYC Condo NYC co-ops impose strict rules on subletting. Buildings X are mostly owner-occupied SELLER Seller closing costs for condos are 1-2% lower than Co-ops often charge sellers a flip tax of 1-2% in addition to X scrutinizing potential buyers EXPENSES Winner for co-ops NYC Condo A ATTENTION BUYERS You can save 1.5% on your purchase price by working with Hauseit Visit us at www.hauseit.com © Hauselt LLC. All Rights Reserved. Hauselt® is a trademark of Hauselt LLC