What is the difference between co-op or condo in NYC. My girlfriend told me that you have to pass a board, which can be extremely strict . She also said that you have to have social and character or personal references. Which is usually more expensive and which is more reasonable.
2007-02-20 06:51:07 · 2 answers · asked by Jennaba9048 1 in Business & Finance ➔ Renting & Real Estate
For both Co-ops and Condo's in NYC you will have to face the board. As to which is more strict, that is more related to the actual board and not necessarily the type of property.
Co-op's are technically shares in a corporation not real property. Whereas, a condo is real property.
The prices of Co-op's and Condo's, again, really is not based on the different types of property. It's more related to the area, condition of the property, etc.
Both are wise investments here in the city and its a great decision if you have the money to do so, Much better than throwing your money away each month on rent.
2007-02-20 08:48:28 · answer #1 · answered by Foreclosure Goddess 2 · 0⤊ 0⤋
in a co-op you buy stock that allows you to live there. hard to finance
in a condo you have a unit deed --easy to finance
2007-02-20 06:57:01 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋