Co-ops Vs. Condos in New York City
I’m often asked what’s the difference James between remodeling in a co-op and remodeling in a condo.
Not a huge difference, but there are things to take into account.
Co-ops are basically a corporation and you own shares in a corporation represented by your apartment.
A condo is real estate, same as real estate anywhere else in the States, you actually own that piece of property and you can, to a large degree, do whatever you like with it.
Co-ops will often have draconian rules such as summer work hours, where you have to complete your project between May and September or some variants on that theme.
So if your project is a seven month project, you’re going to have to break it into two years so that you start in May and finish in September. Wait till next year, start again in May and then finish in July.
That can be an issue for some.
You’re paying a premium for a condo generally between 10% and 20%. But you have much less regulation around what you can do with it.
Bear that in mind if you’re thinking of doing a renovation.
I hope that was helpful. If you have ideas for other videos, click on the link below or send us an email.