A buyer in New York has three fundamental choices. Whether he/she should buy property in: a condominium building, a cooperative building or a townhouse/brownstone. There are advantages and disadvantages to each and the choice is always a matter of individual preference. We asked our experienced staff to come up with the list of pros and cons about each one. Here is what they had to say.

Condominiums

In a condominium, a purchaser owns the apartment plus a percentage of the common areas of the building. The purchaser takes title by deed, which is recorded in the county clerk's office. If you intend to obtain a loan to purchase the apartment, you will sign a mortgage, which will be recorded in the county clerk's office. In a condominium there is an association that you belong to once you purchase the apartment. The association provides services such as general maintenance to the common areas in exchange for a monthly fee. Because it is real property you will pay your property taxes separately or inclusive with your mortgage payments. Generally your lender will assist you in this area. Because a condo is real property the closing costs are higher than those of co-ops. Whether you own a co-op, or a condo, you may have to pay assessments for any major repairs or renovations.

ADVANTAGES		DISADVANTAGES
Easier approval process Own actual real estate giving you more rights to it, i.e. you can transfer deed to family members, sublet or re-sell easier, etc. More control over building maintenance and development issues Lower monthly common charges		Typically higher purchasing price on per sq. ft. basis More legal responsibilities for the entire living facility

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