Given a choice, do New Yorkers prefer condos or co-ops?
Say you have a cool million (or, let’s be honest, two) set aside for real estate: Which type of apartment do you choose to buy—a co-op or condo? For many New Yorkers, it’s all about freedom—the freedom to sublet, say, or the desire to avoid judge-y co-op boards. For others, the higher ticket price for condos is a non-starter, despite the perks of condo ownership.
So, what do New Yorkers really think? We asked five to weigh in:
It’s all about the flexibility We are young so my husband and I would prefer to buy a condo, looking at it as more of an investment opportunity, a place we can live in throughout our 20s and 30s, slowly pay off our mortgage, and not burn all our cash on rent. Since condos have great rental options, we’d have a great source of income renting it out when we’re ready to move into a house or move to another city. Condos also give you lots of flexibility if you decide to pick up and travel for a couple of months and want to rent out your space. As a millennial, it's something I think about constantly! —Tammy, Harlem
Control matters I would rather buy a condo apartment because I’d want the control of owning real property, not shares. [Also], the role of the board during both the purchasing process and, in a condo, the ownership, is more hands-off. I also suspect that consumers’ preferences are shifting to condos, so condos will hold their value better over time (we’re already seeing this). —Rachel, Brooklyn
Price dictates a co-op choice Condos can be anywhere from 10 to 40 percent more expensive than comparable co-ops in NYC. As a result of their greater affordability, co-ops make the most financial sense.—Nick, Lower East Side
Independence matters most I’d rather purchase a condo because I’d be the full-fledged owner of it and, best of all, I wouldn’t need approval from my neighbors in order to sell it or sublet it.—Jeffrey, Flatbush (pictured below)
You can’t always get what you want I’d rather have purchased a condo but ended up purchasing a co-op. Such is life in NYC!—Jenna, Upper West Side
Verdict: Since we New Yorkers don’t like anyone telling us what to do—or whom to sublet our space—condos are way more desirable!
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