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

[@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.

[@mr.bridges6216]

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

[@gvcrealestateteam]

Thank you!!

[@justanotheropinion8083]

IMO, BOTH CO-OP AND CONDO ARECRAP AND RUN WITH FOLKS WITH THEIR OWN INTERESTS. BEST TO OWN YOUR OWN HOME ....

[@yujirohanma.3359]

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

[@gvcrealestateteam]

You are very welcome! Thank you for watching!

[@hue8hue8]

Storage, parking, gym and rooftop resting area

[@JailaSea766]

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

[@alex182618]

Sure. There is maintenance and it costs money

[@kathylakowitz]

To clarify, condos have the legal term of "HOA". Co-ops have a "Board of Directors" which acts like an HOA.

[@JONAS-gt5nb]

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???

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[@Whoo711]

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.

[@Essays4College]

The reason is partly financial. For many co-op buyers it is cheaper than renting a similar apartment. Also, if you can control your costs as eventually (when your mortgage is paid off) you will only be paying the monthly maintenance the co-op charges which again is almost always far less than renting a similar apartment.

[@kathylakowitz]

@whoo711 - Allow a life long NYC suburban resident explain. Because of population density, about 75% of NYC residents live in apartment buildings - rental / co-op / condo. And about 25% live in single or 2 family houses. 95% of houses are located outside Manhattan - Queens / Brooklyn / Bronx and Staten Island. Realtors like this team focus on Manhattan - NOT the rest of NYC, so their primary business is co-ops and condos - NOT houses. In NYC, a huge issue with houses is the rooms are small, lots are small, many don't have garages, etc. so buyers will buy a co-op or condo with larger rooms and a garage for less money than buying a house. Unfortunately, houses with large rooms, larger lots and a garage are located in the suburbs - not NYC. So that means additional transportation costs if you work in Manhattan.