Keller Williams NYCJonathan Answers · Co-op or condo
Co-op or condo in Manhattan: which should I buy?
Answered by Jonathan NormolleFounder, NextGen at Keller Williams NYC
The short answer
If you want flexibility, buy a condo. If you want value and plan to live there, a co-op is often the better buy. Co-ops cost less per square foot and less to close, but have stricter boards and rules. Condos cost more, but are easier to buy, finance, rent out and sell.
The real differences
- Price: co-ops usually cost less per square foot.
- Approval: co-op boards review your finances and often interview you. Condos usually just have a right of first refusal.
- Financing: co-ops often require 20–30% or more down. Condos can be more flexible.
- Renting out: co-ops often restrict it. Condos generally allow it.
- Closing costs: lower for co-ops.
Who each one suits
A co-op suits a buyer who will live in the home, has a clear financial picture and values a stable, owner-occupied building. A condo suits investors, international buyers, pied-à-terre owners and anyone who may want to rent the home later.
What we do
We check every building's financials, rules and board history before you fall in love with an apartment, and we prepare your board package so it's approved the first time. Your legal fees are covered and so is 20–50% of your move.
Also asked
Is it harder to buy a co-op than a condo?
Yes, usually. Co-op boards review finances and often interview buyers; condos rarely do.
Can you rent out a co-op in Manhattan?
Often only with board approval and limits. Condos are generally far more flexible.
Are co-ops cheaper than condos?
Typically, per square foot, and they cost less to close.
The NextGen Promise
Your legal fees, covered. 20–50% of your move, on us.
Buying or selling, at every price. We're the only brokerage that does it.