New York City is one of the most coveted real estate markets in the world. When it comes to apartments, prospective buyers are generally presented with two options: co-op or condo. However, owning a condo in NYC has several advantages over owning a co-op, according to a recent article released by New York real estate lawyer Natalia Sishodia (https://sishodia.com/what-are-the-advantages-of-owning-a-condo-in-nyc/) of Sishodia PLLC.
Sishodia is an experienced attorney who has worked with clients from around the world, helping them make important decisions about their real estate transactions. The New York Real Estate Lawyer stresses the importance of seeking legal advice from a skilled NYC real estate lawyer when dealing with matters such as the purchase of a condo. “Having a skilled attorney may be able to help you assess what may be the best option for you and help you avoid making mistakes,” she says.
The article explains that with a condo purchase, buyers own real property, whereas, with a co-op, they are purchasing shares of a cooperative corporation. The New York Real Estate Lawyer notes that this difference has important implications for buyers: “With the purchase of a condo, you get a deed and own the unit in the building as well as a portion of the building’s common areas.”
Sishodia also highlights the fact that with a condo, the homeowners association (HOA) cannot dictate anything about the financial transaction of the purchase. “While you are expected to pay your monthly HOA fees toward the maintenance and expenses of the building, the board of directors of the HOA has no access to any of your financial information and can’t accept or deny you based on that,” she explains.
Another advantage of owning a condo, according to the article, is that the condo board does not have the right to accept or reject the sales price or buyer of a condo in the same way a co-op board does. However, the condo does have the right of first refusal to purchase the unit under the same terms and conditions.
Sishodia notes that owning a condo also gives buyers more control over what they can do with their units. While they must abide by the rules and by-laws of the homeowners association, in most cases, condos can be sublet and used as investment properties as long as they comply with by-law restrictions. “Sometimes, condo by-laws will restrict rentals to avoid short-term rental of the unit. Consequently, some condos have tried to discourage investors in favor of owner-occupants,” she says.
The article also explains that condos are easier to sell than co-ops in NYC because co-ops impose stringent rules on residents, from limiting renovations to limiting subletting. Additionally, many co-ops do not allow a unit to be used as a pied-a-terre and discourage investors.
Sishodia notes that condos are easier for international purchasers to buy because they have fewer restrictions and are generally more flexible. This is an important consideration for buyers from around the world who are interested in investing in NYC real estate.
Owning a condo in NYC has several advantages over owning a co-op, including owning real property, more control over what buyers can do with their unit, and fewer restrictions. “However, it is important to seek the guidance of a skilled NYC real estate attorney to assess what may be the best option for you and help you avoid making mistakes,” says Sishodia.
About Sishodia PLLC:
Sishodia PLLC is a boutique law firm in New York City that offers a range of legal services related to real estate law. With years of experience and a deep understanding of the complexities of NYC real estate transactions, Sishodia PLLC provides clients with the guidance and support they need to achieve their real estate goals.
Sishodia PLLC | Real Estate Attorney and Estate Planning Lawyer | Asset Protection Law Firm | 1031 Exchange – NYC
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Opinion Bulletin journalist was involved in the writing and production of this article.