What is a Condominium?
Condominiums are becoming more popular in New York City as new residential buildings are constructed. Unlike co-ops, condo apartments are "real" properties. Buying a condo is much like buying a house. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments.
Advantages of Buying a Condo
In most cases, buyers can finance a larger portion of the purchase price (up to 90%) and put less money down.
With a condominium, you don’t have to deal with board approval.
Condo apartments can be freely sublet, giving you more flexibility.
Monthly maintenance fees for condos are much lower than for co-ops.
Disadvantages of Buying a Condo
Condos are generally more expensive than comparable co-op apartments.
Monthly maintenance payments are not tax-deductible.
There are fewer condos available in the New York City real estate market, which limits your options.
What is a Co-op? The differences between condos and co-ops.
