Tip #6: Pros & Cons of a Condop

In our last tip we discussed the definition and meaning of a Condop building and unit, (https://garayrealestate.com/tips-of-the-day/what-is-a-condop/).

To further breakdown the Condop, here is a snapshot on the advantages and disadvantages of this ownership strcture:

Condop Advantages

• Sublet flexibility
• Lower closing costs (In line with a Co-op)
• 90% financing in certain buildings
• Co-op prices
• Maintenance is tax deductible
• More lenient board approval process
• Occasionally less maintenance/mortgage reserves required

Condop Disadvantages

• Own shares in the Corporation (If you consider this a disadvantage)
• Board application process (Usually not as strenuous as a traditional Co-op)
• Occasionally must live in Condop for the first year before subletting

Condops can be a great type of unit to purchase. Having sold multiple Condops during the past year, I would highly recommend these properties given the correct situation.

For further information, please contact us, garayrealestate@gmail.com