When purchasing real estate in New York City, buyers must evaluate various factors beyond price and location. Agents stress the importance of understanding the differences between co-ops and condos. Condominiums generally offer more flexibility, appealing to investors due to fewer restrictions on subletting. Conversely, co-ops provide more value for primary home buyers despite stricter rules and board interview processes. Agents also consider the buyer's long-term plans and whether the property will be under an individual's name or an LLC. Ultimately, the decision is guided by the buyer's specific needs and lifestyle choices.
When showing apartments for sale, agents consider ownership structure, lifestyle preferences, and financial goals of buyers, particularly the flexibility of condos versus the community-oriented co-ops.
Co-ops require board approvals and have stricter rules compared to condos, which offer more freedom for renovations and the ability to sublet, impacting buyers’ decisions significantly.
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