Should You Get A Co-Op Or A Condo

Ok, you want to get an apartment, well then, the big decision facing you know is whether you move into a co-operative or a condominium. Each has its good points and each has its bad points, meaning it is best to weigh up what you want before you decide.

By buying a condo, you are purchasing the entire apartment, as well as a section of the shared land on the property. On the other hand, when you buy a co-op, you are buying shares in the company that owns the entire property, which then allows you to rent the apartment.

Often you will find one more prominent than the other in certain areas. Generally speaking, whichever is the most prolific in your area is probably the cheapest option, though this is not a hard and fast rule.

Say you have decided to go for the co-op option, then you need to ensure that you can finance the buy. Quite often, you will have to have the money to hand and also you will be required to prove a degree of solvency.

Just getting accepted into a co-op is a long and convoluted process as opposed to buying a condo. You will need a credit history, a number of personal recommendations, and often a face-to-face interview.

Don't be surprised if you are denied by the co-op. It is very common and there are a number of possible reasons for it, though they are not allowed to deny you due to your race, religion, or for any other marker.

Purchasing a condo is often far easier than this, much like buying a house. Although you will need to have a good credit history, this will not be as rigorously examined as a co-op would, and you will not need recommendations or an interview.

The problem being that you will have no influence on any potential neighbors. Nonetheless, as the process is so much easier it shouldn't be too difficult to sell up later on.

Josh Meyerson has been writing articles about homes for the past two years. He also likes to write about NYC real estate, such as information about Tudor City apartments and Midtown West apartments.

Josh Meyerson