Would You Rather?
Condo vs. co-op: The debate rages on
If you could buy a NYC apartment, what kind would you choose?
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We know that to some city-dwellers, nothing's more quintessentially New York than a prewar co-op (the likes of which you've probably seen in neighborhoods like the Upper West and Upper East Sides). Meantime, others prefer the newness and relatively fewer restrictions of a condo (Tribeca and FiDi are full of 'em).
We asked six New Yorkers: Would they prefer to go the co-op or condo route?
- New and improved, quickly approved I like newer buildings and the amenities that come with them. I'd rather not deal with a long application process, either. I'll take a condo! —Jen, Astoria (pictured above)
- Risk aversion I guess I'd rather submit to examination and approval process and buy in a co-op. That way there's more control also in who can be my neighbor. That's the main thing: It's not as risky. Plus, if the price is cheaper, that's even better. —Maria, The Bronx
- A degree of control and affordability I like older buildings, and I like lower price tags. And I've had enough of sh**ty rental neighbors to last a lifetime, so I think a co-op is best for me. —Alli, The Bronx (pictured above)
- What about freedom? With condo you actually have more ownership over your place. Like you can rent it out without restrictions, which is a huge advantage over co-op. What if I want to live in another country? Or just want it as an investment? —Jacob, East Harlem
- But then again ...My friend owns in a co-op and I was asking him why they don't allow rentals if it helps the owner. He said renters don't take care of the place like owners do and they don't invest in the community either, so that's how they protect themselves. I see his point, so if I'm buying, I'd invest in a co-op. —Leanne, Jackson Heights
- Say no to hoops Condo means I have actual ownership over my own place and can rent it out, sell it to whomever I want, and not have to jump through hoops. I'll take a condo. —Aleesha, Hamilton Heights
Verdict: There is none! It's a question worth debating, and debating some more.
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