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Real Estate Lawyer: NYC Condo vs Coop Advantages and Disadvantages    March 26, 2013, 9:45 am

Did you know that people aren't just limited to renting an apartment?  Apartments can actually be purchased much like your typical house. Today's purchasable apartments include condominiums and cooperative or co-op apartments. Although similar, a lot of prospective apartment owners don't know the exact advantages and disadvantages of owning one over the other.
Cooperative or co-op apartments
Cooperative apartments, or commonly, co-op apartments are apartments allowing someone to purchase shares from a cooperative corporation. The cooperative corporation, in this case, owns the apartment up for sale. Instead of owning the apartment, the buyer actually owns the shares that correlate with the apartment itself. The fees resulting from said purchase cover monthly building expenses like heat, insurance and real estate taxes.
NYC residents are usually buying co-op apartments if they want to own an apartment of their own. Co-op apartments are considered less expensive than condominium apartments; in some cases, monthly building expenses may be tax deductible.
People who want to purchase a co-op apartment, however, have to gain approval from a Board of Directors. This process is considered time-consuming, even with the help of a New York real estate attorney. Cooperative apartments may also harbor higher monthly fees, as it typically includes a portion of the building's underlying mortgage.
Condominiums or condos
Condominiums or condos are a type of residential building housing individually owned apartments. Purchasing a condominium works similarly to buying a house, since an individual condo unit comes with its own deed and taxation bills. Condominiums are also considered real properties, an advantage that cooperative apartments don't have.
People looking to purchase a condo have an easier time financing their purchase, even using a NYC real estate attorney for assistance. In most cases, a prospective buyer can finance a large portion up to 90 percent of their purchase price. This allows them to put less money down on their purchase. They're also an attractive deal, since people purchasing condos don't have to get approved by a board of directors. The monthly maintenance fees, have an advantage too, since they are lower.
Condos, however, can be more expensive when compared to co-op apartments. The monthly payments aren't tax deductible. Condominiums are becoming as commonly available as co-op apartments in NYC, so people looking to purchase a condo will will have decent amount of options.
Purchasing any type of property like a condo or cooperative apartment can be difficult without the help of legal aid. A New York real estate lawyer, or better yet a New York Condo Attorney or a New York Coop Attorney as an example, can help you make an educated decision about the property you need.