By SUSAN STELLIN
MOST people looking to buy an apartment in New York City know the basic trade-offs between a co-op and a condominium: the approval process and building rules are usually stricter with a co-op, but co-ops make up a much bigger percentage of the city’s housing stock, and they tend to be less expensive than condos.
But once you dig into these differences, the comparison gets more complex. For instance, certain neighborhoods have more condominiums for sale than co-ops. And the tough vetting that co-op shareholders have to endure generally means more financial security for the building, even if it excludes certain buyers who cannot pass muster.
“A lot of people coming into the city immediately think they have to have a condo, and 90 percent of the time that’s accurate,†said Douglas Heddings, the president of the Heddings Property Group. For those who are on the fence or might be swayed in their preference, here are some factors to consider.
To read the full article: http://www.nytimes.com/2012/10/07/realestate/getting-started-choosing-between-a-co-op-and-a-condo.html?_r=0
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