Foxx Capital Funding, Inc.
Mortgage Brokers in Astoria, Queens, New York

Co-Ops and Condo’s

Co-ops or Condos? What’s the difference?

Co-ops are very similar to condos.  Both type of properties require monthly maintenance fees and both are considered common interest developments.

Co-ops

Co-op’s and condo’s have monthly “maintenance charges” to cover building-wide services (management, door staff, plumbing, roofing, common walls).

Co-ops are usually less expensive than condos, and are generally closer to public transportation. This is a very good advantage for those in urban areas.

Condos

Buying a condo is like a buying a single-family home that sits inside a building. You own the apartment plus a percentage of the building’s common areas.

Condo buildings have monthly “common charges” to cover building-wide services (management, door staff, plumbing, roofing, common walls) but these charges are usually much smaller than co-op maintenance charges.

Condo buildings have associations but they cannot veto sales or rentals-making condos very attractive to investors. Condos are usually more expensive than co-ops-there are fewer of them and there’s a high demand. Lending banks are lenient about. Mortgages for condos carry about the same low rates as for single-family homes.

What's the difference?

The major difference between Condo’s and Co-ops is that a Condo is real property financed with a traditional mortgage whereas co-op’s you are really purchasing shares in a corporation and is considered personal property.

At Foxx Capital we have years of experience with both types of properties and can assure you a smooth experience.

Call today for a free consultation.