NYC Condo Real Estate Attorney Natalia Sishodia Explains the Differences Between a Condo and a Co-op in New York
December 07, 2022 at 17:30
NYC condo real estate attorney Natalia Sishodia (https://sishodia.com/manhattan-condo-real-estate-attorney/) releases a new article explaining the differences between a condo and a co-op in New York. The lawyer mentions that New York City is facing a surge of homebuyers who are eager to return to urban living. However, the supply of housing options in the city is struggling to meet the demand.
“Condominiums have sprouted as the city’s popular answer to that demand. However, condominium buyers and sellers in New York City’s highly competitive real estate market face unique legal challenges. There are many different properties and property types available to prospective buyers in New York City. Aside from standalone housing choices, the main choice for apartments is co-ops and condos,” the NYC condo real estate attorney says.
The lawyer mentions that private apartment housing in New York City mostly consists of co-ops. However, co-ops have strict regulations for their apartment units. They can be particularly restricting for those who are interested in doing renovations or buyers who would like to have more control over their investment properties.Attorney Natalia Sishodia says that condos are still the popular choice for homebuyers in New York City.
Because there are a lot of economic challenges after the pandemic, the management flexibility of condominiums has become more appealing to buyers. Condominium purchases are still subject to board approval, but it is a less stringent process compared to the board approval process of a co-op.
In the article, the lawyer adds, “As new constructions and high-rises sprout all over the city, more and more options are available to prospective buyers who are looking for the elusive perfect home for themselves. You may be able to find a home that fits your budget and lifestyle among the many condominiums in New York City.”
Lastly, the real estate attorney emphasizes the importance of having a skilled attorney when it comes to dealing with matters such as buying a condominium. An experienced lawyer may be able to help the client understand their rights and make guided decisions about their purchase.
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