🏢 1. Property Type: Co-op vs Condo

Buying a condo in NYC offers real ownership, fewer restrictions, and more flexibility than co-ops—ideal for investors and international buyers.

• Co-op: You’re buying shares in a corporation, not the actual apartment. The approval process is strict, subletting is limited.

• Condo: You own real property. More flexible with fewer restrictions—ideal for investors or first-time buyers.
  
  

✅ Tip: Condos are generally more suitable for investment or long-term flexibility.

🔍 2. Due Diligence

NYC condo due diligence includes reviewing the unit’s condition, building financials, title status, and arranging a home inspection.

1. Property Condition
   Any signs of water damage, outdated wiring, plumbing issues, or broken appliances?
   
   

2. Building Condition
   Are there structural issues or upcoming major repairs like roof or elevator replacement?
   
   

3. Title Search
   Make sure the title is clear—no liens, unpaid taxes, or legal disputes.
   
   

4. Building Financials
   Does the building have strong reserves? Any upcoming maintenance fee increases or assessments?
   
   

5. Home Inspection
   Even with apartments, always inspect the unit’s internal systems: heating, plumbing, electric, windows, etc.

💸 3. Costs & Taxes

NYC condo buyers should budget for closing costs like title insurance, mortgage tax, and property taxes—typically higher than co-ops.

• Closing Costs
  Condos usually have higher closing costs due to title insurance, mortgage recording taxes, etc. Co-ops are generally less expensive to close.
  
  

• Property Taxes
  Condo owners pay individual property taxes. Co-ops pay as a building and divide it among shareholders.

📄 4. Key Steps in the Purchase Process

The NYC condo purchase process includes submitting an offer, legal review, appraisal, and board package—usually faster than buying a co-op.

1. Offer Strategy
   Submit a fair offer based on comps and work with your agent to avoid bidding wars.
   
   

2. Legal Review
   Your attorney should review the contract, offering plan, board meeting minutes, and building’s financials.
   
   

3. Appraisal
   If you’re financing, the bank will appraise the unit. If the value is lower than the offer, you’ll have to pay the difference in cash.
   
   

4. Board Approval (for Co-ops)
   Co-ops require a board package and interview. They assess your financials, job history, and personal references.

🕒 5. Estimated Timeline

Condo purchases in NYC take 30–90 days with cash, or 60–120+ days with financing, depending on lender and building review time.