Condominium vs. Co-op - Sumitomo Real Estate NY - Sumitomo Real Estate Sales New York

BUYERS GUIDE

Condominium vs. Co-op

Condominium (Condo): Each unit is a separate ownership

Owners & Investors:

  • Each unit owner has a Deed and free to rent out or sell.
  • Property Tax (R.E. Tax) is paid by each Buyer.
  • Prices are higher than Co-op.

Co-op: All units are owned by a corporation

Owners:

  • Unlike a Condo, Co-ops are owned by a corporation. This means, when you buy an apartment that is in a Co-op building, you are not actually buying real property (like you would in a Condo). You are in fact, buying shares of the corporation.
  • Property Tax (R.E. Tax) is included in the Maintenance fee and pay to the Co-op board.
  • Co-ops are run by a board of directors. It not only collects monthly maintenance fees and uses it to maintain the property, but it also decides who can live and rent the Co-op.
  • Prices are less expensive than Condo.