05/20/2024
Condominiums and co-ops are great choices for first-time homebuyers, singles, couples, roommates, and downsizing families, but they represent very different types of property ownership.
Condominiums are often located in high-demand areas near jobs and entertainment districts. You own your unit and share amenities like garage parking, fitness rooms, and swimming pools with other owners. Homeowners association (HOA) fees are levied to maintain common areas and can vary widely based on amenities and market conditions.
Co-op owners, on the other hand, own a percentage of the building and property based on their unit size, but do not own their individual units. They have the right to approve new owners based on financial criteria and can reject applicants they don't find suitable, though they cannot discriminate against protected classes.
Diana Hiotis
Licensed RE Salesperson
BHHS Laffey International
(c) 516-322-4893
(o) 516-224-4600