Tip #1: What is a condo?

What is a Condo?

Millions of buyers all across the world ponder purchasing Manhattan real estate. If you are from a different State or happen to be purchasing for the first time, the task may be overwhelming. There is so much to consider. Do I purchase a Condo? Should I consider a Co-op? In fact, what is a Condo?

Many buyers do not realize the difference between a Condo, Co-op, Condop and other potential ownership structures.

A recent overseas investor recently came to me and asked, what is a Condo? It only reinforced that New York based real estate can be a different animal than other Cities with so many questions, comments and information ready to be distributed.

What is a Condo?

A Condo building offers an excellent investment property and opportunity. Unlike a Co-op where the buyer owns shares in the Co-op Corporation, a Condo allows for the purchaser to hold title to the actual Apartment. The buyer owns the specific unit and other common elements in the building such as hallways, roof deck, gym if applicable.

Condo building allow for great flexibility for the owner, specifically the ability for the purchaser to keep as a Pied a Terre or sublet in an unlimited capacity as an investor. Of course, closing costs will be higher if you are financing the Apartment and the price of Condos are typically higher than Co-ops, they are a cleaner investment and should be desired by many parties for the reasons above.

If you are considering purchasing an Apartment in Manhattan or Brooklyn and would like more information on What is a Condo and the other potential alternative types of properties to purchase, please feel free to contact me.

To further assist buyers, Garay Real Estate has created a fully detailed questionnaire and checklist to help provide the best information on the type of building that may be a match for you.