Three Types of Homeownership

Learn about the difference between co-ops, condos, and townhouses and how these can affect your decision on buying a home in Manhattan.

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CO-OP

Ownership/Terms of Purchase

  • Proprietary lease
  • You are purchasing shares of the apartment corporation

Pricing

  • Generally less expensive with higher maintenance fees & assessments

Financing

  • Terms determined by co-op board of directors
  • Often have minimum cash requirements

Maintenance/Fees

  • Maintenance fee contributes to general building upkeep as well as the mortgage of the building
  • Tend to be higher but a portion may be tax deductible

Subleasing

  • Subject to co-op board rules

Additional Considerations

  • Interview with co-op board required
  • Board can approve or deny any applicant they choose

Condo

Ownership/Terms of Purchase

  • Real property
  • You receive a deed as you would a house

Pricing

  • Generally more expensive but allows for more generous financing

Financing

  • Flexible terms
  • Often up to 90% financing is permitted

Maintenance/Fees

  • Maintenance fee contributes to general building upkeep
  • Tend to be lower but are not tax deductible
  • Residents also pay individual property taxes

Subleasing

  • Dependent upon management, but tends to be more flexible

Additional Considerations

  • Flexibility and straightforward nature of purchase appeal to investors and foreign buyers

Townhouse

Ownership/Terms of Purchase

  • Real property
  • You will receive a deed

Pricing

  • Price per square foot averages are generally higher than co-ops and condos

Financing

  • Flexible terms

Maintenance/Fees

  • Owner responsible for property taxes, structural maintenance, water/sewage, insurance, utilities, heat, trash removal, and repairs

Subleasing

  • Ability to rent out for additional income

Additional Considerations

  • No services or amenities included

"William Bolls is THE broker you want when buying and selling in Manhattan"

"William Bolls is THE broker you want when buying and selling in Manhattan. He is a wealth of knowledge and really takes the time to make sure you understand the process and are getting exactly what you want. I can't recommend him highly enough, and send him to anyone I know looking to buy and sell, especially the UWS."

Sarah S.

"William was able to find me my perfect first apartment in Manhattan"

"William was able to find me my perfect first apartment in Manhattan and then 5 years later he guided me seamlessly through the sale. William was always friendly and responsive and he answered every one of my random texts! He is a genuine pleasure to work with!"

Edward H.

"“I can't imagine purchasing a property in New York City without William"

“I can't imagine purchasing a property in New York City without William. As an out-of-town buyer, we faced additional challenges when we decided to buy an apartment in the city. As cliched as it sounds, William truly made us feel like his only clients. It's not a simple process and we required a decent amount of hand-holding. He was there for us every step of the way, even anticipating a lot of our concerns. One of the most valuable characteristics of a good agent is responsiveness. Any time we contacted William--and it was often--he responded quickly and completely. William will definitely be our agent on future transactions.”

Tim M.

"The market was tough, but William stuck with it and brought it home"

“I worked with William over a lengthy period, trying to sell a lobby level doctor's office in a residential co-op building on the upper west side. The market was tough, but William stuck with it and brought it home. He showed patience and was always straightforward, honest and friendly throughout the process. Definitely 5 star.”

Matt R.

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