August 2, 2024
Choosing between a co-op and a condo is a significant decision for potential homebuyers in New York City, with each option offering unique benefits and challenges. Co-ops, where buyers purchase shares in a corporation that owns the building, often provide a more affordable and community-focused living experience but come with strict board approval processes and resale restrictions. Condos offer full property ownership with greater flexibility in renting and selling, although they typically come at a higher cost and with increased closing expenses. And condops, which provide features of both property types, allow for more flexibility but possibly higher closing costs. Ahead, learn about the key differences among these property types in New York City to find which one best aligns with your lifestyle and financial goals.
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