Tip #2: Pros & Cons of a Condo

There are always advantages and disadvantages when purchasing an Apartment. In New York, we have Condos, Co-ops, Condops and other structures. Often times buyers can become confused on the type of structure that is best suited for them. In the last tip, we discussed the definition of a Condo(https://garayrealestate.com/tips-of-the-day/tip-1-what-is-a-condo/).

To further clarify the difference, we have broken down  some of the Pros and Cons of purchasing a Condo unit:

Condo Pros

• Great for investment property
• Own title to the Apartment
• Very flexible subletting policy
• Majority of Condos allow for 90% financing
• Limited board approval process
• Limited board application process

Condo Cons

• Higher closing costs
• More expensive than Co-ops
• Higher price/Sf than a Co-op Apartment

After reviewing the Pros and Cons, you can see all of the advantages a Condo may offer. It is also important to take into account your budget and lifestyle preferences when deciding on a building structure.

If you are on a budget and are looking for more space, a Co-op may be a great alternative. However, if money is not an overriding factor and you prefer greater flexibility, a Condo will be your best best.

For further information on purchasing in Manhattan, please send us an email to discuss all the steps and possibilities in more detail.