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Are You a Condo Person or a Co-op Person? What you need to know about NYC's most popular properties

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Manage episode 313196530 series 3261627
Вміст надано Douglas Elliman Podcast. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Douglas Elliman Podcast або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

Welcome to Episode 4 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Topics covered in this Episode:
☆ Everything you need to know about Condos and Co-ops
☆ Similarities and differences
☆ Approval processes
☆ Are you a Condo person or a Co-op person?
NOTES FOR THIS EPISODE:
CONDO AND CO-OP SIMILARITIES:
☁ NYC's most common property types
☁ Managed buildings
☁ Both have Executive boards
☁ Both vary in terms of their policies
☁ Both have extensive due diligence process to purchase
☁ Both have monthly maintenance fees
☁ Both appreciate over time
☁ Both require an application and approval for purchase
CONDO-SPECIFIC CHARACTERISTICS:
☁ Considered Real Property
☁ You receive a deed when you close
☁ Many of the newer buildings in the city and luxury New Developments are condos
☁ Priced at a Premium, about 30% more expensive than co-ops
☁ Management reserves the Right of First Refusal before apartment is sold
☁ Minimum 10% down payment (usually)
☁ Easier review/approval process
☁ If you have the finances to make the purchase, you are typically easily approved
☁ Monthly fee is called Common Charges
☁ Property Taxes are paid separately directly to the city, not to the Condo
☁ Higher Closing Costs: Title Fees and Mortgage Recording Tax
☁ Tend to have more flexible building policies
☁ Subletting is usually allowed and more flexible
☁ Tend to have more transient residents (renters)
☁ Ideal property type for investors and non-US purchasers
COOP-SPECIFIC CHARACTERISTICS:
☁ Shares of a Corporation
☁ You receive a Proprietary Lease when you close
☁ Many of the older buildings with character are co-ops
☁ More affordable - about 30% less expensive than condos
☁ No Right of First Refusal, but very diligent and thorough review/ approval process
☁ Minimum 20% down payment (usually)
☁ Financial review during application looks into income and employment history, assets, bank accounts
☁ Financial requirements to purchase include DTI Ratio and Post-Closing Liquidity
☁ Board application is tedious
☁ Board interview is required for purchase
☁ Co-op Boards typically have more power over purchases and sales in the building and building culture than Condo Boards
☁ Monthly fee is called Maintenance, and it includes Property Taxes. The % of the Maintenance fee that is your property tax can typically be written off when filing taxes
☁ Typically has a Flip Tax
☁ Lower Closing Costs
☁ Community focused, often with stricter policies
☁ Subletting is usually not allowed or regulated/limited with associated fees
☁ Ideal property type for Primary Residence
☁ Can be difficult for non-US Citizens to purchase
Don’t miss the next video which will explain the property purchase process!
If you ever have Real Estate related questions, feel free to Email me any time: Christina.Kremidas@elliman.com
Follow me on Instagram: @downtownnative
Discover the value of your home: https://bit.ly/2Z91OLE
If you enjoy this podcast, I would truly appreciate you giving it a 5-Star review so it can reach more people!
Please subscribe!

  continue reading

53 епізодів

Artwork
iconПоширити
 
Manage episode 313196530 series 3261627
Вміст надано Douglas Elliman Podcast. Весь вміст подкастів, включаючи епізоди, графіку та описи подкастів, завантажується та надається безпосередньо компанією Douglas Elliman Podcast або його партнером по платформі подкастів. Якщо ви вважаєте, що хтось використовує ваш захищений авторським правом твір без вашого дозволу, ви можете виконати процедуру, описану тут https://uk.player.fm/legal.

Welcome to Episode 4 in my Series REAL ESTATE INVESTING IN NEW YORK!!
Topics covered in this Episode:
☆ Everything you need to know about Condos and Co-ops
☆ Similarities and differences
☆ Approval processes
☆ Are you a Condo person or a Co-op person?
NOTES FOR THIS EPISODE:
CONDO AND CO-OP SIMILARITIES:
☁ NYC's most common property types
☁ Managed buildings
☁ Both have Executive boards
☁ Both vary in terms of their policies
☁ Both have extensive due diligence process to purchase
☁ Both have monthly maintenance fees
☁ Both appreciate over time
☁ Both require an application and approval for purchase
CONDO-SPECIFIC CHARACTERISTICS:
☁ Considered Real Property
☁ You receive a deed when you close
☁ Many of the newer buildings in the city and luxury New Developments are condos
☁ Priced at a Premium, about 30% more expensive than co-ops
☁ Management reserves the Right of First Refusal before apartment is sold
☁ Minimum 10% down payment (usually)
☁ Easier review/approval process
☁ If you have the finances to make the purchase, you are typically easily approved
☁ Monthly fee is called Common Charges
☁ Property Taxes are paid separately directly to the city, not to the Condo
☁ Higher Closing Costs: Title Fees and Mortgage Recording Tax
☁ Tend to have more flexible building policies
☁ Subletting is usually allowed and more flexible
☁ Tend to have more transient residents (renters)
☁ Ideal property type for investors and non-US purchasers
COOP-SPECIFIC CHARACTERISTICS:
☁ Shares of a Corporation
☁ You receive a Proprietary Lease when you close
☁ Many of the older buildings with character are co-ops
☁ More affordable - about 30% less expensive than condos
☁ No Right of First Refusal, but very diligent and thorough review/ approval process
☁ Minimum 20% down payment (usually)
☁ Financial review during application looks into income and employment history, assets, bank accounts
☁ Financial requirements to purchase include DTI Ratio and Post-Closing Liquidity
☁ Board application is tedious
☁ Board interview is required for purchase
☁ Co-op Boards typically have more power over purchases and sales in the building and building culture than Condo Boards
☁ Monthly fee is called Maintenance, and it includes Property Taxes. The % of the Maintenance fee that is your property tax can typically be written off when filing taxes
☁ Typically has a Flip Tax
☁ Lower Closing Costs
☁ Community focused, often with stricter policies
☁ Subletting is usually not allowed or regulated/limited with associated fees
☁ Ideal property type for Primary Residence
☁ Can be difficult for non-US Citizens to purchase
Don’t miss the next video which will explain the property purchase process!
If you ever have Real Estate related questions, feel free to Email me any time: Christina.Kremidas@elliman.com
Follow me on Instagram: @downtownnative
Discover the value of your home: https://bit.ly/2Z91OLE
If you enjoy this podcast, I would truly appreciate you giving it a 5-Star review so it can reach more people!
Please subscribe!

  continue reading

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