 Photo by Thomas Habr on Unsplash Condos and co-ops play a substantial role in the NYC housing market, each presenting a distinct approach to home ownership. They vary in ownership structure and other critical aspects. Here, we highlight the key difference between owning a condo and a co-op: 1. Ownership Structure: Condo: When you buy a condo, you are purchasing an individual unit within a larger building or complex. You own the interior of your unit and have a share of ownership in common areas and amenities. Condo owners have a deed for their unit, and they can sell or rent it as they wish. Co-op: In a housing cooperative or co-op, you don't actually buy real estate. Instead, you purchase shares in a corporation or cooperative association that owns the entire building. These shares give you the right to occupy a specific unit in the building. Co-op owners do not have a deed to their unit; they have a proprietary lease or occupancy agreement. 2: Control and Decision-Making: Condo: Condo owners have more individual control over their units and fewer restrictions on how they use or modify them. They can make decisions about their unit without needing approval from other owners in the building. Co-op: Co-op owners have less autonomy. Major decisions about the building, including alterations to units or common areas, are typically made collectively by the co-op board, which is composed of shareholders. You may need approval from the board for various activities, including selling your shares, renting your unit, or making significant changes to your unit. 3. Monthly Costs: Condo: Condo owners pay a monthly fee known as condo association fees or maintenance fees. These fees cover the maintenance and management of common areas, as well as amenities like a swimming pool, gym, or security. Co-op: Co-op owners also pay monthly fees, but these fees often cover a broader range of expenses, including property taxes, utilities, building maintenance, and underlying mortgage payments for the cooperative. Co-op fees are typically higher and may include property taxes as part of the package. 4. Financing: Condo: Financing a condo is similar to financing a house. You can obtain a traditional mortgage from a bank or lending institution to purchase a condo. Co-op: Co-ops often have stricter financing requirements. Lenders may require larger down payments, and they may have specific restrictions or preferences regarding co-op loans. 5. Resale Process: Condo: Selling a condo is typically more straightforward because you own your unit directly. You can sell it on the open market to anyone who qualifies for a mortgage or can pay in cash. Co-op: Selling a co-op can be more complex. Potential buyers must often be approved by the co-op board, which may assess their financial stability and other factors. The co-op board can reject a buyer without providing a reason. These are the primary distinctions between condos and co-ops. The choice between the two depends on your preferences, financial situation, and the specific rules and regulations of the condo or co-op in question. If you're in the market to buy or sell a home in NYC, contact our team at 646-300-2012 to schedule a free consultation. ------------------------------------------------------ 📲 Let’s Connect! Follow The Big City Team on social media: Instagram ➡️ https://www.instagram.com/thebigcityteam/ LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/ Facebook ➡️ https://www.facebook.com/TheBigCityTeam X (Twitter) ➡️ https://twitter.com/TheBigCityTeam
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 Photo by Benny Rotlevy on Unsplash Buying a home is a major financial decision, and closing costs in New York City can be significant. They typically include a variety of fees and expenses. These costs can vary depending on the purchase price of the property, the location within NYC, and the specific terms of the transaction. Here are some of the common closing costs in NYC that buyers may be responsible for:
It's important to note that these costs can add up, so buyers should prepare for them before starting the home buying process. Additionally, the specific costs and who pays for them can vary based on the terms negotiated in the purchase contract. Working with an experienced real estate agent can help you navigate the complex process and understand your financial obligations when buying a home in NYC. If you're in the market to buy or sell a home in NYC, contact our team at 646-300-2012 to schedule a consultation. ------------------------------------------------------ 📲 Let’s Connect! Follow The Big City Team on social media: Instagram ➡️ https://www.instagram.com/thebigcityteam/ LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/ Facebook ➡️ https://www.facebook.com/TheBigCityTeam X (Twitter) ➡️ https://twitter.com/TheBigCityTeam Inviting 2-Bedroom Haven in Parkchester's Archer Cooperative Welcome to your new home at 1480 Thieriot Avenue #4C, nestled on a picturesque tree-lined street within Parkchester's coveted Archer Cooperative. This meticulously maintained apartment promises a move-in ready sanctuary, offering modern comforts and a tranquil atmosphere. Spanning 975 square feet, this revitalized gem greets you with a sense of spaciousness, highlighted by its six generously sized closets and an open layout bathed in natural light. Freshly painted walls complement the newly refinished hardwood floors, while updated hardware on all doors adds a touch of elegance. The 8-foot ceilings soar, creating an airy ambiance throughout. The kitchen has been thoughtfully updated with new countertops, sink, and flooring, providing a stylish backdrop for culinary adventures. The king-sized primary bedroom and queen-sized second bedroom offer ample closet space, ensuring storage solutions are effortlessly met. Included in the monthly maintenance fee of $1001.00 are all utilities, with the added benefit of eligibility for a STAR exemption and tax abatement, promising reduced monthly costs. Please note that subletting is not permitted. The building at 1480 Thieriot Avenue boasts attentive management, featuring a video intercom system, elevator access, and onsite laundry facilities. Outdoor enthusiasts will appreciate the shared courtyards, meticulously tended by the live-in superintendent and dedicated staff. While garage parking currently has a waitlist, residents enjoy convenient access to a wealth of amenities, including nearby restaurants, shops, supermarkets, gyms, banks, and parks. Commute with ease via the #6 local and express trains at Parkchester Station, along with multiple express bus lines. Ready to experience the charm of this Parkchester oasis? Schedule a showing today by contacting Jonathan Ettricks at 347-470-2272. ------------------------------------------------------ 📲 Let’s Connect! Follow The Big City Team on social media: Instagram ➡️ https://www.instagram.com/thebigcityteam/ LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/ Facebook ➡️ https://www.facebook.com/TheBigCityTeam X (Twitter) ➡️ https://twitter.com/TheBigCityTeam Meet Beth Davis: Your Premier NYC Real Estate Expert with Berkshire Hathaway HomeServices10/15/2023 Introducing your NYC Real Estate Expert: Beth Davis. With her personable, loyal, and hardworking approach, Beth is dedicated to finding her clients their dream home in the Big Apple. Her white-glove customer service means she's both an educator and navigator, guiding clients through the process with expertise and care. From her own family's relocations from DC to Switzerland and finally to NY, Beth understands the complexities of moving and is committed to providing top-tier service to her clients. As the co-founder of The Big City Team at Berkshire Hathaway HomeServices Fillmore, Beth handles every detail of relocation with precision. She goes beyond the transaction, helping clients choose neighborhoods and settle into their new homes seamlessly. Additionally, as an experienced listing agent, Beth knows how to market properties effectively to get the best results for her clients. For a consultation with Beth Davis, contact her at 914-574-3169. Let's make your move to New York City a smooth and successful one! ------------------------------------------------------ 📲 Let’s Connect! Follow The Big City Team on social media: Instagram ➡️ https://www.instagram.com/thebigcityteam/ LinkedIn ➡️ https://www.linkedin.com/company/thebigcityteam/ Facebook ➡️ https://www.facebook.com/TheBigCityTeam X (Twitter) ➡️ https://twitter.com/TheBigCityTeam  Photo by Andy Henderson on Unsplash New York City offers a plethora of neighborhoods that are popular among young professionals due to their vibrant social scenes, proximity to job opportunities, and a variety of amenities. Here are seven great neighborhoods in and around NYC for young professionals:
It's essential to research the current housing market, commute options, and neighborhood amenities when considering where to live in New York City as a young professional. Additionally, personal preferences and priorities will play a significant role in choosing the right neighborhood. If you're in the market to buy or rent a home in NYC, contact our team at 646-300-2012 to schedule a free consultation. In New York City, sellers typically incur various closing costs when selling a property. These costs can add up significantly and should be taken into account when determining your net proceeds from the sale. The specific closing costs can vary depending on factors like the property's location, the purchase price, and negotiations with the buyer, but here are some common closing costs that sellers may be responsible for:
It's important to note that these costs can be negotiated between the buyer and seller, and in some cases, the buyer may agree to cover some of these expenses. Additionally, closing costs can vary depending on the specifics of the sale, so it's advisable to consult with a real estate attorney who is familiar with the NYC market to get a more accurate estimate of your closing costs based on your specific situation. If you're planning to sell your home in NYC, contact The Big City Team at 646-300-2012 to schedule a free consultation.  Photo by Harry Gillen on Unsplash New York City offers a plethora of fun activities for families. Here are seven enjoyable things to do:
 New York City is a fantastic place to visit in the fall, with its cool weather, beautiful foliage, and a wide range of activities to enjoy. Here are seven fun things to do in NYC during this season:
NYC in the fall offers a wide range of activities to suit different interests, so you're sure to find something fun to do during your visit. |
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