The process of buying a home in New York City involves a series of steps in three phases:
1. The Finances
2. The Search
3. Offer to Contract
4. The Close
Phase 2: Conducting Your Search
As you begin your search, we will help bring your vision of home into clearer focus by surveying the market landscape, setting parameters based on price, location and inventory, and establishing an initial timeline.
Co-ops, Condos and Townhouses
The housing stock in New York City primarily consists of cooperatively-owned buildings, condominium buildings and, to a lesser extent, townhouses.
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Co-op |
Condo |
Townhouse |
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Approval Process |
The board interviews all prospective owners and has the right to approve or reject any applicant. |
No interviews are required. Application is not as rigorous as the co-op board process. |
No condo or co-op board involved in the purchase or sale, creating a much faster transaction from contract signing to closing. |
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Financing |
Be prepared to put down at least 20% of the purchase price, plus closing costs. |
Be prepared to put down at least 10% of the purchase price, plus closing costs. |
Be prepared to put down at least 10% of the purchase price, plus closing costs, depending on the loan-to-value ratio determined by your bank. |
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Monthly Fees |
Maintenance fees based the number of shares the tenant owns (typically dictated by apartment size and floor level). |
Common charges, for services and amenities shared by residents, and property taxes. |
All maintenance costs and property taxes. |
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Subletting |
Must be approved by the co-op board. |
Typically permitted |
Permitted |
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Selling |
Buyer must be approved by the co-op board. |
Can be sold at will |
Can be sold at will |
Co-ops account for approximately 75% of available NYC apartments at any given time. Condos make up the bulk of the remainder, while townhouses represent around 2%.
