Which is better: Condo or Co-op? 200-300k? (coop, to buy)

[nycnyc11209]

1 BR, in Brooklyn, Queens?
which has more costs as in taxes, maintence ? etc.

[Cida]

I have the feeling that if you're asking these questions, you're not ready to buy. Start with some research first.

[prospectheightsresident]

That's going to take personal research on your part; every building/unit will be different.

[nyccs]

Condo is better, but cost significantly more to buy. They were almost double what a coop cost when I was in the market 6 years ago.The maintenance cost and taxes vary a lot, so no clear answer between the 2

[K 22]

Originally Posted by nyccs

Condo is better, but cost significantly more to buy. They were almost double what a coop cost when I was in the market 6 years ago.The maintenance cost and taxes vary a lot, so no clear answer between the 2

Another thing is a condo is YOURS. A co-op will get you shares for the corporation that owns the property but a lot of co-op expenses are tax-deductible.

[nyccs]

Originally Posted by K 22

Another thing is a condo is YOURS. A co-op will get you shares for the corporation that owns the property but a lot of co-op expenses are tax-deductible.

Yes that's true, but at the end of the day, you can sell either and get most of your money back. That's all that matters. Some more red tape with co ops when you sell.

[nybklyn]

Condo cost:
Maintenance fee (monthly)
property tax (for your own unit, almost like paying for a property tax of a regular house)

Coop cost:
Maintenance fee and property tax are all combined together and split equally among all shareholders or the number of unit you have in that building, and that could be proportion as well, meaning you could be paying 30% while someone could be paying 20%, all depend on what the agreement said.

That's pretty much the difference of Condo and Coop in term of cost. Everything else is pretty much the same, such as gas and electric, cable bill, etc....