When buying a property it is important to know exactly what you’re spending your money on. In NY there are even certain types of property that you may not find in other parts of the United States.
Coops:
When you purchase a coop, you’re actually purchasing shares of a company that owns the physical building. You don’t own any real property but you sign a lease, and are given the rights to live in that space. Unlike renting an apartment, you yourself can sell your coop to someone else. Because you don’t actually own the physical property, subletting, or any major changes must be discussed with the board of the coop first.
Condo:
When purchasing a condo, you are purchasing real property. However, this property is part of some larger building that is owned by some corporation or person. Condos often have various amenities like a pool, gym, tennis court, etc. which you pay for through dues. Condos are often more expensive than coops but you have more freedom with what you can do with it, because you own the physical property. Unlike the coop, you can sublet your condo and make changes to it as long as these changes are confined within what is legally your property. Condos are often a good option for those who want the amenities but can’t keep up with maintaining them.
Multi-families:
As the name tells, these properties can be home to multiple families. When purchasing a multi-family you can use it however you want, whether that is renting, or even keeping the whole space to yourself.
Single family home:
A home for you and your family to live in. You own both the physical property and usually some land around it as well. It is also possible for the house and land to come with certain amenities, such as a pool or yard, and it is your responsibility to upkeep and maintain these parts of your property.
Remember to consider prices, and where you see yourself in the future when choosing property to purchase.
If you are interested in finding out more about purchasing or selling property or any realty issues, contact our office at 718-539-1100 or email us at info@jckimlaw.com. Also, Check New York Personal Injury Lawyers