CO-OP
Ownership/Terms of Purchase
- Proprietary lease
- You are purchasing shares of the apartment corporation
Pricing
- Generally less expensive with comprable/lower maintenance fees unless there are assessments
Financing
- Terms determined by co-op board of directors (case by case)
- Often have minimum cash requirements
Carrying Costs
- Maintenance fee contributes to general building upkeep, property tax, building staff, etc.
- A portion may be tax deductible
Subleasing
- Subject to co-op board rules but typically not permitted (co-ops are not investor friendly)
Additional Considerations
- Interview with co-op board required
- Board can approve or deny any applicant they choose
CONDO
Ownership/Terms of Purchase
- Real property
- You receive a deed as you would a house
Pricing
- Generally 20-30%+ more expensive versus co-op but typically considered more 'liquid'
Financing
- Flexible terms
- Often up to 90% financing is permitted
Carrying Costs
- Common Charges (CC's) contribute to general building upkeep (not tax deductible)
- Residents pay individual property taxes directly to the city
Subleasing
- Dependent upon management, but tends to be more flexible. Often with 6-12 month minimum lease term
Additional Considerations
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- Flexibility and straightforward nature of purchase appeal to investors and foreign buyers
Townhouse
Ownership/Terms of Purchase
- Real property
- You will receive a deed
Pricing
- The 'width' of the home is key. Price per square foot averages are generally higher than co-ops and condos
Financing
- Flexible terms
Maintenance/Fees
- Owner responsible for property taxes, structural maintenance, water/sewage, insurance, utilities, heat, trash removal, and repairs
Subleasing
- Ability to rent out for additional income, no restrictions
Additional Considerations
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- No services or amenities included but the ultimate privacy for those who seek the elite townhouse lifestyle