With new luxury condos in NYC available every day, prospective buyers have to decide if they want to have a co-op or a condominium. For new buyers, the number of options available can be disconcerting. To get a head start, buyers should figure out the type of home they are looking for. New luxury condos in NYC are typically better maintained and more luxurious than co-ops. The ultimate choice is up to the individual’s personal style and preferences.
A Glance at Cooperatives
Unlike new luxury condos in NYC, cooperatives tend to be more simplistic in design. They are often older than a condo and have a mixture of styles. Since there are more of these units flooding the marketplace, the price is generally lower. Cooperatives have been built in New York City for decades. Due to this, the property may be older and not maintained, as well.
With a cooperative, the individual must pay a portion of the taxes, salaries and costs of running a building. Condominiums must be owned outright, but a cooperative will often have a mortgage payment for the entire building that is paid on a monthly basis. Before buying a cooperative, buyers should make sure that the services, maintenance and security of the building are well kept. These units often require substantial down payments, so the buyer must have extra funds in savings before they make the purchase.
Buying a Condominium
New luxury condos in NYC are designed to be exceptional. As a fairly new development in New York City, these properties are typically newer and better maintained. When a buyer purchases a condominium, they receive the deed to their place just like they would with a normal home purchase. Since the building still requires maintenance and security, the homeowner will need to pay a monthly fee to cover this cost.
With a condominium, the new homeowner has greater flexibility in how they use the space. They can rent out the condo, modify the interior or keep pets on-site. In addition, condominiums are better options for foreign buyers. While a cooperative seldom approves of purchases by buyers with foreign funds, a condominium will allow the foreign buyer to purchase the property.
Ultimately, the choice between a cooperative and a condominium is up to the buyer. A condominium offers better maintenance, more luxurious fixtures and greater flexibility. With the current glut of cooperatives on the marketplace, a co-op will often have a lower price. In the end, the deciding factor is what the homeowner is interested in for a property. Buyers who are interested in more flexibility, luxurious features and better maintenance often choose to purchase new luxury condos in NYC.
