ADVANTAGES & DISADVANTAGES OF EACH PROPERTY TYPE
ADVANTAGES:
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CO-OPS
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CONDOS
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CONDOPS
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1. Lower prices than condos
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1. Flexible financing, sometimes up to 90%
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1. Less strict application process than co-ops
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2. Lower closings costs than in condos
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2. Most often no board interview
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2. Easier to sublet than co-op
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3. Some part of monthly maintenance is tax deductible
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3. Small chance of rejection
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3. Lower prices than condos
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4. Integrity of the buildings is maintained. Everyone needs to go through board interview and approval
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4. Easier re-sale and subletting
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4. Similarly to co-ops, some part to the monthly maintenance is tax deductible
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5. High level of comfort and security
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5. Investors are permitted
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5. Lower closings costs than in condos
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6. Absolute ownership
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DISADVANTAGES:
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CO-OPS
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CONDOS
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CONDOPS
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1. Strict review of financing and board interview
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1. Much more expensive than condos
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1. Higher prices than in co-ops but lower than condos
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2. Minimum amount of down payment which is set by the board, usually 20-25 percent of the purchase price
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2. Higher closing cost than in co-ops
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2. Higher interest rate than in condos
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3. Difficult to sublet
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3. Supposedly, since it is easier to buy a condo, this makes the buildings less exclusive
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3. Normally higher maintenance fee
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4. When selling, board approves the new buyer
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