Condo vs Co-Op in NYC

[@LMays-cu2hp]

Thank you for sharing. I live on Chicago and we have the massive condo and single family home ownership here. And like New York we do have a large rental apartment market as well.

[@karenbailey6069]

Can you do a pros/cons on buying a condo vs a brownstone???

[@newbuildclub]

Hi Karen! This is a great question and we have added it to our list of videos to create. Make sure to like and subscribe so you don't miss when we post this one. Thanks!

[@Onward1969]

Thanks.

[@zoelin6943]

Very informative!

[@newbuildclub]

Thank you, Zoe! Glad you found it helpful.

[@LMays-cu2hp]

Thank you for sharing.

[@newbuildclub]

Hi L. Thank you! And glad you found it helpful.

[@LMays-cu2hp]

@@newbuildclub Yes, I always look for good people to give me great advice and knowledge as to how things are done. As i have noticed as well New York has more coop style living compared to the more condo style living here. Every city has something great about it's character.

[@LifeCoachYvette]

Wow only 30% on sale! So crazy..the percentage breakdown really brings things into perspective

[@newbuildclub]

Glad you found it informative

[@kathylakowitz]

@LifeCoachYvette - This video was a case of 1 realtor who FAILED to give FACTS. The information he provided refers to Manhattan only - NOT all of NYC. The percentage breakdown is VERY different outside of Manhattan.

[@pierrerichardpierre8621]

Hi....condo...if you want to rent it after you can? And also...you can allow anyone you want to live with you...?

[@nataliacamargo6913]

great video!

[@newbuildclub]

Thank you, Natalia. Glad you liked it! Be sure to subscribe so you don't miss out on new videos.

[@ASH-se6kr]

I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx

[@Marsha_Ann]

First off, I looooved the toys lol But that video still didnt answer my question. What I wanted to know was, other than paying a lower sales price, what exactly is the benefit in moving into a co-op if I don't own anything or can't sell it? How am I making any money or investment? It seems to me like co-ops are for people who don't really see themselves going anywhere and plan to stay there forever. I wanna be able to turn around and sell my condo at the drop of a hat.

[@newbuildclub]

Hi Marsha. Although I don't have a preference one way or the other - for most buyers who are looking at it from an investment perspective, a condo is the way to go. With co-ops there will be restrictions on leasing as well as selling. So please keep that in mind when deciding which type of home you are interested in.

[@Marsha_Ann]

@@newbuildclub Well I already know I'm not interested in co-ops, but thank you!

[@dc2guy2]

Because housing shouldn't be an investment..that's why we're (once again) in the mess we are now because everyone is still trying to chase the American dream and screwing over their fellow citizens in the process. Co-ops remove the profit motive and allow people to have security and stability in their lives and not have to worry about slumlords always trying to jack up rent. #landlordsareparasites

[@WD987654321]

Do you have an estimate of what percentage of total home value you'd be paying in property taxes (any other typical costs too?) on a condo or co-op in NYC?

[@micky20000]

Hi William, property taxes are based on several factors in NYC and aren't as straightforward. It is based on the assessed value that the NYC Finance Dept determines every year. The assessed value is not the market value, so rather arbitrary. Property tax is also based on the percentage ownership of common elements of the building as it relates to a specific unit. This percentage can be based on many different factors, like total square footage (including) outdoor space. Do you have a specific building in mind?

[@WD987654321]

@@micky20000 Thanks so much for the reply. Ay yay yay! I guess this is why I couldn't find an easy answer online. I don't have a specific building in mind, but am thinking of buying a little place for (hopefully) less than 500k, and am trying to get an idea of how much total I'd be paying per month. I know the HOA can vary widely, but was hoping to get an estimate of fixed costs like tax. But I guess it may not be so easy to estimate...

[@micky20000]

@@WD987654321 Typically, I recommend my clients to benchmark HOA and taxes at $1.2/sqft. If its higher, you have to see if it's a small building vs. big, or if the property has outdoor space affecting the monthlies. Otherwise, generally, you can use that as a benchmark. Have you seen our most recent studio listing at 1361 Madison? It is under $500k and has very low monthly - we just posted the video on Monday.

[@WD987654321]

@@micky20000 Thanks for the reply! I'll check out the listing.

[@nickydas8122]

Thank for the video! How can I find a 1bed/1bath condo (non coop) in NYC in a safer place which can be rented.

[@newbuildclub]

Hi Nicky, that’s a great question. NYC is large and there are many neighborhoods. What are you looking for exactly? Email me at [e-mail] and I can help you figure it out

[@taasmr4203]

*1. If I buy a CoOp then can the Board cancel my share and deny my entry into the building with or without a reason or upon government's request and make me a homeless person? Do the Board members keep keys of my CoOp? If I am unable to pay HOA to the Board then what actions the Board can take against me? If I want to sell my CoOp then what process will I have to go through?* *2. If I buy a Condo then I own whatever is inside of the four walls of that Condo, but then who owns my parking space, and areas outside of my buildings, such as, walk way, landscape, trees, laundry room, laundry machines, electric lights in hall ways and outside of building, etc? If my Condo requires me to pay HOA and if in a particular month I am unable to pay HOA due to financial hardship then what actions the Corporation can take against me? In what type of Condo building there is no HOA involved?*

[@newbuildclub]

Hi and thank you for the great questions. 1. These are loaded questions, and unfortunately due to the nature of a co-op, each building has their own set of rules. So no answer can be assumed to be the same for all co-ops. As long as you pay your HOA dues on time, then you shouldn't have any issues. If you fail to meet that requirement, then legal action will be taken against you as a shareholder. Initially as financial penalties, which can then escalate to legal action. 2. Parking spaces in most cases do not come with unit. They are either owned by the building or licensed for use to a person who has the ability to purchase it, if offered. A license is only a right to use the space, but technically still owned by the building. All other facilities - laundry etc that is on the properties lot is owned by the building, and unit owners have the right to enjoyment of these spaces, but they are legally owned by the building. If you lapse paying your HOA, then initially a penalty will be levied, but if non-payment continues, then legal action will be taken. Almost every building to my knowledge in NYC have an HOA. I have seen some small multifamily buildings without one, but that is rare. Always consult an attorney or licensed professional before attempting to make any financial decisions. These are only my general opinions and should be taken as fact for your personal situation.

[@taasmr4203]

@@newbuildclub Thanks for the reply. So, I guess buying a single family house is the best way to own everything inside and outside of the house including parking space. But again the government collects the rent in the form of property tax for the house you purchase from your hard earned income. I guess as Americans we are not as free as we think, and we basically cannot own any property one hundred percent due to property tax.

[@hothotheat3000]

Co-ops are so invasive. If I have the money, I want to buy and move in. I don’t want to have to show my financial history and prove that I’m worthy of living there with recommendations and interviews like you do with co-ops. Condos are the way to go.

[@dc2guy2]

not every co-op is like that. there's pros and cons to everything just depends on what's best for each individual's needs.

[@kathylakowitz]

@hothotheat - It's OK to prefer condos instead of co-ops but condos are much more expensive and many buyers can't afford it. Co-ops in NYC and suburbs are considered in between a rental and a condo in terms of price.

[@williampennjr.4448]

Condo's are the worst. There are more rules you have to follow yet you still have to pay all your apartments maintenance, property and school taxes and most utilities. You are responsible for anything that has to be fixed just as if you were living in a house, except where it might be connected to another unt. The only thing that makes it better than owning a house is you dont have your own lawn to mow. if you do Its done for you and that will be in your maintenance bill as well. Co ops rules usually exist just to protect the common property and keep you from annoying your neighbors. The only maintenance you have to pay is for common use, and your electricity and heating (A/C if they have it) , as well as all taxes associated with the coop and your unit, which are included in your maintenance bill. For condo's the maintenance is less but you are so many additional expenses than a coop, on the other hand while the monthly cost for a co op is less so is the resale value. The benefits to both is there's no external work you have to do like lawn care or fixing the roof. Your only responsible for inside your unit. That's were the similarities end. The only reasons people usually chose a condo over a co op is amenities like a swimming pool, a restaurant or bar right in the building, personal elevator, cable tv included, an advanced security system, smart home tech, maid or valet service.

[@newfellazlive]

Facts hoa should be illegal

[@williampennjr.4448]

@@newfellazlive Just like unions, they do more harm than good.

[@Marsha_Ann]

but then why bother paying maintenance fees if they cant come in to do the repairs in my apt??

[@williampennjr.4448]

@@Marsha_Ann who said they cant?

[@Marsha_Ann]

@@williampennjr.4448 Didn't he say you're responsible for the repairs in your apt?