Condominiums – Pros
• Condos are generally less expensive than Townhouse in Manhattan
• Most Condo often including amenities such as pool, gym and rooftop or terrace
• Good to be a vacation home
• Easy approval
• Flexibility in financing
• Lower maintenance fee
• Freedom
Condominiums – Cons
• High price and Legal responsibility
• Noise from neighbors
• Homeowner association fee, and building reserve fund
• Building policy and CC&R restrictions
• Share the common area
• The common areas and facilities of the condo complex are shared by each of the units’ owners
Cooperation – Pros
• Control your own living space
• As a shareholder, you are entitled to deduct your share of the real estate taxes and mortgage interest paid by the cooperative on tax years. Check out Tax Deductions for more info
• Most the buildings are co-op in Manhattan, and you have wide choice
• Co-ops cost 20% to 30% less than the identical condos
• Closing costs of approximately 1% of the contract price which is far less than condos
• A lot of new co-ops have a amnesties, pool, gym or Terrace
Cooperation – Cons
• Purchase the co-op is stringent co-op board
• It may restrictions on the sublease, allowing guarantor, co-purchase, gift money from parents, pied-a-terre
• Usually require a minimum down payment of 25%
• Most Boards inspect a prospective buyer’s liquid assets, income, debt, work history, etc.
• Often the monthly maintenance of amount exceed than condo’s common charge plus real estate tax
• When the owner of the unit sells their apartment, the buyer has to approval by the board through the application process.
• There is a flip tax when you sell the unit to benefit the building’s reserve fund
• Usually the unit is not allowed to use for business purpose
• Renovations may have to approval by the board
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房源最多 效率最高 口碑最好 |
Diana Wu 黛安娜吳 Email: diana.wu@elliman.com
I used to work with the Award Winning Sales group, The Voda Group from Prudential Douglas Elliman, and now I am co-broker with Shirley Chow. We are confident that the value of service and skill we deliver is unparalleled. We pride ourselves as specialists in Manhattan real estate. If you want to buy, sell or lease your home, please contact us at 516-320-0231 (cell) or 516-639-6807. We can discuss your specific Real Estate needs. Thank you!
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To read more about Manhattan real estate, please click the following link:
- What You Can Get For Your Money – the Neighborhoods of Manhattan
- 5 Tips for Purchase Real Estate in Manhattan







