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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Call: (212) 405-1468
Email: wkb@corcoran.com
Visit: 888 Seventh Avenue, 39th Floor New York, NY 10106
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 best!! My husband and I worked with him on our recent purchase of a co-op in Manhattan. He's smart, super knowledgeable and gives great, thoughtful guidance. We strongly recommend William to everyone!"
Dana M.“I woke up the day after my last closing with overwhelming gratitude to have had an agent like William. We have worked together on both sides of the process — as both buyer and seller — and if you are looking for a resolute professional with a knack for excellence, clarity and efficiency along every step of the way, William is your man.”
Kevin R."For the absolute best broker to guide your home finding and buying experience I recommend William. He is the consummate professional who can offer and match you with the home you’ve yearned for."
Kater D.“We highly recommend William. His experience with the New York City real estate market was clearly evident throughout the sale of our apartment, including setting the right sale price, finding the buyer quickly, and making the entire process seamless. William surpassed our expectations by independently staging our apartment to show its full potential.”
Jim D. & Scott L.Start Your Search Today
The Corcoran Group is dedicated to personally delivering the best guidance in real estate world. For the finest Upper West Side expertise contact William Bolls.