The Pros and Cons of Buying a Co-op vs Condo in NYC

You’d never be able to tell the difference between a co-op or a condo by just walking in - it’s the behind the scenes aspects that make them different. From taxes, privacy, subletting policies, and pricing to ease of transfer and ease of use, there are certainly things to know before purchasing either property type.

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[rmakids]

My grandparents bought into a co-op in sheepshead bay in Brooklyn when my dad entered high school, about 1953. Long before the 70s and 80s.

[huehue]

Storage, parking, gym and rooftop resting area

[mr.bridges]

A very informative video on the differences of Co-ops and Condos.

[yujirohanma.]

Very informative and straight to the point, Thank you gentlemen!

[JONAS-gtnb]

Ha... isn't HOA for majority is around 2k and above in NYC... they don't seem to have a cap... 1br 1 bath condo around 600sf HOA is >3k/mo... $2.5k i'f you're extremely lucky... not $2/sf... more like $5???

[JailaSea]

Thank you for you info. Please tell me Do either of these housings have HOA?

[LukeSamuel]

Buying stocks might seem easy, but picking the right one without a solid plan is tough. I've been trying to grow my $100K portfolio, but the tricky part is not having clear plans for when to buy and sell. Any tips on this would really help.

[Whoo]

Luckily, in terms of cost of living and such, I don't live in NYC.

But.. tbh, based on what I've heard about co-ops, if I had a high income, for example, I can't imagine "wasting" time going after a co-op. I could be wrong, but, based on what I've heard about co-ops up there, it just sounds like 'apartments with extra steps.' Or an 'apartment complex with an HOA.' Like... what's the "real" advantage, other than *maybe*, if you're lucky, having somewhat more "voice" in how it's run, perhaps? ...assuming the main board that runs it (whatever it's called officially) isn't tyrannical and power-hungry?
esp. given the "excruciating" registration and interview process I've heard so much about, for co-ops

Like, if you're lucky enough to be able to get a high-end co-op, maybe it's different? But... most "standard" co-ops probably aren't much better than living in a standard apartment complex? esp. if you don't happen to be part of the board that runs the place (and are 'just another' tenant-shareholder)

Like... paying, say, 200k or 250k, to "own" an apartment you don't REALLY own, with possibly loads of "absurd" rules regarding what you can and can't do while living there, just sounds like a pretty-'shitty' deal, imo. Though, in the end, as they say, YMMV. But... again, if I had loads of money to burn and the promise of income coming in for the foreseeable future, with a good-enough income I'd just opt for a better, more-flexible housing option, ownership-wise. Having to pay a "mortgage" for an apartment just sounds kinda "idiotic", as a general housing-market arrangement over there, ngl.

Again, if one is lucky enough to be able to get an apartment in a "great" co-op where it truly feels like they "help run the place"- as opposed to a landlord or property-management firm having all the say- then, great! but... how often is that *really* the case (esp. for co-ops that cost less)? I wonder... If one wants a co-op, but all they can afford are "low-end" ones with a lot of restrictions, if you ask me, might as well just go for the 'standard apartment complex.' At least then you *know/recall* you're 'getting screwed', rather than "pretend" it's a "way better arrangement" than it really is, just b/c you paid a bunch upfront (or took out a loan for it and paid some down payment to the bank) and, on paper, "own a share" in the building itself.