Where should I live in New York City: Co-ops or Condos?

1. Where should I live in New York City: Co-ops or Condos? Co-ops and condos are the two most popular options when it comes to owning a residential space in New York City. Unable to decide where to live? We’ll guide you on a few relevant tips. Co-ops v/s Condos? There are several points of comparison when it comes to co-ops and condos. Some of them are: 1.Closing costs The closing cost for luxury condos for sale in NYC is higher than a co-op. The closing cost includes: ✓Title insurance ✓Title searches ✓Recording fees ✓Monthly charges If you purchase a condo, you need to pay an additional monthly charge known as the "common charge." This money is utilized for maintaining common areas, payment of the staff, utilities, landscaping, etc. 2.Rules and regulations The rules and regulations for condos are more relaxed than co-ops. International investors can buy or rent these spaces easily as compared to co-ops. You can also sublet a condo or lease it out to another party more conveniently than a co-op. 3.Amenities NYC condos for sale have luxurious amenities like clubs, washers/dryers, roof decks, playrooms, health clubs, private storage units, gyms, etc. Co-ops usually don't have many of these facilities. 4.Accessibility Condos are rarer than co-ops in terms of availability. 5.The approval process The transactions are simpler when it comes to condos. If you are applying to buy a co-op, it is up to the board's discretion if they want to reject your approval process. 6.Board application process For a proper board application process of buying a co-op, you need to submit financial statements, supporting bank statements, tax returns, etc. However, the application process of a condo is simpler.

2. Consider these tips before you decide whether to stay in a co-op or condo.