Trying to find a new place to live in New York can feel like a gamble. You’re going into a new environment, with no idea what the neighborhood is like or if you’ll fit in.
For that reason, you might find yourself looking at purchasing a condo or renting into a cooperative (co-op). These can be great housing options, but they’re often held to different criteria than your typical house or apartment.
Why condos and co-ops can be a great decision
Condominiums and co-ops can be really easy first-time homes for people who have always typically rented. In both cases, you’re moving into an established community. There are a few difference between the two:
- A condo is a purchase, similar to the way your purchase a house. It’s also easier to purchase than a typical house.
- A co-op is more similar to an apartment building, where you’re buying into a share of the apartment complex.
There are plenty of reasons to chose one over the other, depending on what type of home you’re looking for as well as what your financial status is. It’s important to talk out all decisions with a professional before buying into a condo or a co-op.
What issues can you run into with condos and co-ops?
Condominiums often have stricter rules about what you can do with the house once purchased. You still have to hold your home to community standards, even though it’s technically yours.
Cooperatives put more responsibility on you for the upkeep. While they have fees similar to condominium dues, they’re often higher to cover the maintenance and investment of the complex. If you’re worried about protecting your interests when purchasing into a condo or co-op, reach out to a real estate lawyer today.