As you look to purchase a home in New York City, you’re likely seeing a lot of options labeled “condo” or “co-op”, and wondering what the difference is and which is better for you. Considering both often share similar spaces and layouts, are in multi-person buildings, and share neighborhoods, it can be confusing.
In general, a condo, or condominium, is buying an apartment as if it’s a home. You own it in its entirety and co-own the public spaces of the building in which it’s located. You can sell your condo without an issue, rent it out, or use it as a secondary home, all without question.
Contrasting that, a co-op is more of a community that you buy into. Essentially, it’s as though you and six friends purchased a single home - it’s a shared space, and even though you’ve claimed your individual space, the building is legally considered owned by everyone living there. So which is better for your life? There are several factors to consider.
