Condo vs. Apartment in NYC: How Different Are They?

Condo vs. Apartment in NYC: https://www.hauseit.com/condo-vs-apartment-nyc/
Save 2% When Buying in NYC: https://www.hauseit.com/hauseit-buyer-closing-credit-nyc/Show more

What's the difference between an apartment and a condo? What's the difference between a condo and a co-op? We will demystify this topic in today's video. I'm Nick from Hauseit, New York City's largest for sale by owner and buyer agent commission rebate company. To learn more about ways to save money when buying and selling in the city, check us out at https://www.hauseit.com.

Now let's move on to today's topic. The term apartment is a generic way to describe a living situation when a building is subdivided into individual units that are occupied by different people. There are multiple types of apartment buildings. This is part of the reason why there is such confusion on the topic.

In NYC, there are generally speaking three types of buildings that may be referred to as apartment buildings. The first type is a landlord building. In this example, a landlord one individual or entity owns an entire building. They own every single apartment in that building and the people who live in that building are tenants of the landlord.

The second type of apartment building in New York City is a condominium. In a condominium, there are individual owners for each apartment. The owners of the condo purchased the property and receive a deed which gives them fee simple ownership of a specific apartment. Very similar to what would happen if you purchase a piece of land or a house.

The third type of apartment building in New York City is a cooperative. Similar to a condo, a co-op is a form of home ownership. That is different from a landlord building where an individual owns the entire building and the people who live there are tenants. In a cooperative, an individual purchases shares in a private corporation owns the cooperative building. The co-op also entitles that individual to the unique rights to occupy a specific apartment.

This is given to the purchaser through what's called a proprietary lease. So just to summarize, there are three types of apartment buildings. A landlord building also known as a rental building, a condo building and a co-op building. There is technically a fourth type of apartment in New York City and this is when you have a house that has been divided into multiple units, this is called a townhouse or a multi-family house and in such a scenario, there is an individual or entity who owns a townhouse and it has been divided say into two three or even four apartments.

The owner may live in one of the apartments and the other three apartments may be rented out so technically this is an apartment building in a sense because there are individual units that can be rented but it is different from a larger landlord building and certainly very different from a condominium building or from a cooperative.

We hope this gave you some insight into the topic of apartments versus condos in New York City. If you enjoyed this video, please subscribe to our channel and we promise to provide you with regular insightful content about the New York City Real Estate market. Thanks for watching!

Calculate Your Buyer Closing Costs in NYC: https://www.hauseit.com/closing-cost-calculator-for-buyer-nyc/
Condo vs. Apartment in NYC: https://www.hauseit.com/condo-vs-apartment-nyc/
.
.
Hauseit LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitnyc