Own Real Property
Low Down Payment
Ideal for Foreign Buyers, investors, and pied a terre
Lower Closing Cost
On Average 25% Less Expensive
Which is Best for Me?
Condo: Condos are ideal for investors as there is substantially more flexibility in subletting and renovations when compared to coops. However, you will be paying a premium to have this flexibility. Condos are also a favorable option for second time home buyers, purchases with 1 or more other properties, or purchasers looking for a secondary or vacation home “pied a terre”.
Coop: Coops are ideal for first time home buyers who intend to use the property as their primary residence. Prices overall will be less than the same size and style condo. There are also tax advantages when compared to condos, therefore unless you have plans to sublet your property in the near future it may make more sense to save the cash and receive the tax benefits of owning a coop.