Condo, coop, or house. What’s the best value?

condo-coop-house-which-to-buy-attorney-nyc-01Are you trying to figure out whether to buy a Condo, coop, or house? This article should help you make your decision. New York City housing prices are high. The median home price in New York is $681,600. Tenants and owners want the most value for their money. Once you find the dream home with your reach, the law offices of David J. Aronstam helps eliminate hidden costs and obtain the value you seek.

Housing Prices in New York City

New York City real estate is expensive. Even after falling ten to twenty percent from a 2015 peak, the average price of a home is out of reach for many. The median price fell to an astronomical $999,000. Manhattan real estate prices fall directly in line with this trend.

Rental prices are no different. The median monthly payment is over $3500.

Overall, Manhattan price per square foot remains the most expensive in the country. The $1773 paid is nearly double that of San Francisco, the next most expensive city and quadruple that of Boston.

How do I find a valuable property in New York City?

nyc-condo-coop-house-which-to-buy-attorney-02With prices remaining so high, owners want the most for their money. Finding that value is difficult. Even the smallest apartment rents for more than a much larger space in Boston or Miami.

Potential homeowners should consider whether they are seeking the space of a home, the flexibility of a condo, or the lower expense of a co-op. Each type presents different benefits to buyers.

Buyers are complex. Their needs differ. You need to consider exactly what you want before making a decision.

Benefits of a Co-op

The most inexpensive option for buyers is a co-op. When purchasing a home in this type of building, you are receiving shares. Buying into the corporation grants you access to a proprietary lease.

Co-ops tend to be much less expensive than other options. The total expense is forty percent lower than for a condo.

While less expensive, this apartment type is not with everyone’s reach. A co-op is a perfect choice for long-term residents. Corporations limit the use of subletting and create strict bylines to ensure that shareholders do not intend to rent their apartment. You also do not own your home.

Benefits of a condo

Condominiums are like co-ops in that you receive access to an apartment-sized property. However, the similarities end there. As an owner, you have full access to your home regarding that you follow bylaws and pay dues.

Investors and short-term owners are not limited to the restrictions placed by a co-op board. Obtaining the right permits, allows you to rent your home while you are absent.

Still, a condo is more expensive. The attention of investors means that supply is much lower than demand.

Benefits of a home

attorney-house-purchase-vs-coop-condo-03Home ownership is by far the most flexible option. Owning a home grants access to a much larger space and the ability to avoid many of the requirements of condo ownership.

The increased space and amenities come at a cost. Homes are the most expensive option aside from luxury spaces in the city. Contract negotiations and assurances for spaces that tend to be over forty years old are also a major consideration.

Finding a real estate lawyer

No matter what space you are looking for, a real estate lawyer helps avoid significant complications. We prepare documents, help with mortgage transfers, and find the most appropriate solution to your situation.

The law offices of David J. Aronstam helps clients from inspection to closing. Get in touch with our top-notch real estate lawyers today.

(646) 759-0400

 


Resources

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  • Is it Worth Buying a Coop in NYC? Hauseit. 2019, https://www.youtube.com/watch?v=9drLEEO-SDE&app=desktop
  • 7 Important Facts About New York Landlord and Tenant Laws. Avail. 2 Apr 2018,
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  • New York Property and Real Estate Laws. FindLaw. 2019,
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  • New York Condo Association Rules. Griffen and Alexaner P.C. 2018, www.lawgapc.com/practices/community-association-law/new-york-condo-association-rules/
  • Rent Control. New York City Rent Guidelines Board. 2019, https://www1.nyc.gov/site/rentguidelinesboard/resources/rent-control.page
  • Sarac, Florentina. Condo vs. Apartment: Which One Should You Choose When Renting? Rent Café. 21
    Nov. 2018. https://www.rentcafe.com/blog/renting/condo-vs-apartment-which-one-should-you-choose-when-renting/
  • Segal, Troy. What do real estate attorneys do? Investopedia. 16 Apr 2018,
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  • What is the Difference Between a Condo and a Coop? Law Offices of Craig Delsack, LLC. 2019,
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