Buying a home in Manhattan? Take this quick test to find out if a Co-Op or Condo is right for you.
Are You The Condo or Co-op Type? Take this test before buying a home in Manhattan.
1. Do you favor freedom and autonomy? Do you not want to face a possible board turn- down when buy or selling your apartment?
2. Do you want to have more control over your environment and who your neighbors are going to be? Then a co-op may be for you.
3. Do you want to live in a newer building packed with amenities? Most condos are built after the 1980’s and are amenity rich. Some co-ops are retrofitting their buildings with gyms. However condos can offer amenities from pools, playrooms to resident lounges.
4. Do you want to live on Park to Fifth Avenue or Central Park West? Most of the buildings in these locations are co-ops with a few condos sprinkled in.
5. You want to use your residence as a pied-a-terre. Then condos are the way to go. However there are more co-ops now that will allow pied-a-terres.
6. You are a foreign citizen. Most co-ops don’t allow purchase by foreigners.
7. You want to buy in an LLC or a trust. Most co-ops don’t allow LLC & trusts however that is slowly changing
8. Do you want to get the best value for your money? There is growing gap between condo and co-op prices somewhere between 20% to 30% on average. You will get a better value in a co-op.
9. Do you want to see more appreciation in the value of your apartment and be able to sell your property to a bigger pool of buyers with ease and generally in less time? Then a condo is for you.
10. Do you want to be able to sublet your apartment or buy it as an investment ? Then a condo is the way to go.