--- title: Condo or Co-op? What should you know? description: Learn the basic difference between a Condo and a Co-op before starting your real estate search. image: https://blog.onlythebesthomes.com/hubfs/Blog%20Images/Imagify%20compressed/Condo%20vs%20Co-op.jpg --- [![only the best homes](https://blog.onlythebesthomes.com/hs-fs/hubfs/Only%20The%20Best%20Homes%20logo%20rectangle-1.png?width=1500&height=500&name=Only%20The%20Best%20Homes%20logo%20rectangle-1.png "only the best homes")](https://blog.onlythebesthomes.com/) - [Home](https://onlythebesthomes.com/) - [Blog](\) - [Buyers](https://onlythebesthomes.com/property-search/) - [Property Search](https://onlythebesthomes.com/property-search/) - [Mortgage Calculator](https://onlythebesthomes.com/mortgage-calculator/) - [Sellers](https://onlythebesthomes.com/home-valuations/) - [Home Valuations](https://onlythebesthomes.com/home-valuations/) - [Why hire an agent to sell your home?](https://onlythebesthomes.com/why-hire-an-agent-to-sell-your-home/) - [Moving Promotion](https://onlythebesthomes.com/movepromo/) - [Exclusivity Exchange](https://onlythebesthomes.com/ecubed/) - [Investing](https://onlythebesthomes.com/investing/) - [About](https://onlythebesthomes.com/about/) - [Contact](https://onlythebesthomes.com/contact/) [![Ask Eli](https://no-cache.hubspot.com/cta/default/514937/237212bb-44a8-4bb7-aa5d-8fc0ad0da389.png)](https://cta-redirect.hubspot.com/cta/redirect/514937/237212bb-44a8-4bb7-aa5d-8fc0ad0da389) # Real Estate Blog ## [Condo or Co-op? What should you know?](https://blog.onlythebesthomes.com/condo-or-co-op-what-should-you-know) \[fa icon="calendar"\] Apr 20, 2020 4:56:24 PM / by [Eli Karpovski](https://blog.onlythebesthomes.com/author/eli-karpovski) ![Eli Karpovski](https://blog.onlythebesthomes.com/hs-fs/hubfs/headshot%20transparent%20back.png?width=35&name=headshot%20transparent%20back.png) - [Tweet](https://twitter.com/share) What’s the difference between a condo and a co-op? The easiest way to differentiate between condos and co-ops is in the type of ownership. A condo is “real property” – like a house – where you’re given an actual deed. Residential real property in NYC can be any these: - Single Family Home - Multi Family Home (up to 4 family) - Apartment - Loft - Townhome Co-ops generally apply to residential real estate and for this conversation we'll stick to that topic. ![Condo vs Co-op](https://blog.onlythebesthomes.com/hs-fs/hubfs/Blog%20Images/Imagify%20compressed/Condo%20vs%20Co-op.jpg?width=346&name=Condo%20vs%20Co-op.jpg)In a co-op, you’re basically buying shares in a corporation that owns the WHOLE building. It’s kind of like being an investor and buying stock in a company. These shares entitle you to a “proprietary lease.” A proprietary lease, also referred to as an occupancy agreement, gives a shareholder in a housing cooperative the right to occupy a particular dwelling unit.  Overall, most people find it is far less complex to deal with condos, both in buying/selling and potentially renting. Co-op boards have a stricter set of standards and usually require: - Higher down-payments - In-person interviews - Limited sublet policies - An application process that can fairly extensive. In most cases buyers tend to avoid Co-ops because of their challenges. Plus the boards can (and do) reject buyers as they see fit – often with no explanation given! Legally they aren't required to even give an explanation.  On the other hand co-ops tend to be more stable investments. Co-op pricing is no affected by investors or the stock market as greatly as the Condo market. In addition Co-ops can often create a closer sense of community because of the shared interests. And even though most buyers today prefer condominiums, co-ops still account for nearly 75% of the housing inventory in Manhattan. Topics: [Co-op](https://blog.onlythebesthomes.com/topic/co-op), [Condo](https://blog.onlythebesthomes.com/topic/condo) ![Eli Karpovski](https://blog.onlythebesthomes.com/hs-fs/hubfs/headshot%20transparent%20back.png?width=100&height=100&name=headshot%20transparent%20back.png) #### Written by [Eli Karpovski](https://blog.onlythebesthomes.com/author/eli-karpovski) ### Subscribe to Email Updates - Recent - Popular - Categories ### Lists by Topic - [Buying (8)](https://blog.onlythebesthomes.com/topic/buying) - [Glossary (4)](https://blog.onlythebesthomes.com/topic/glossary) - [Selling (4)](https://blog.onlythebesthomes.com/topic/selling) - [Travel (3)](https://blog.onlythebesthomes.com/topic/travel) - [Investment (2)](https://blog.onlythebesthomes.com/topic/investment) - [Beach (1)](https://blog.onlythebesthomes.com/topic/beach) - [Co-op (1)](https://blog.onlythebesthomes.com/topic/co-op) - [Condo (1)](https://blog.onlythebesthomes.com/topic/condo) - [Costs (1)](https://blog.onlythebesthomes.com/topic/costs) - [Relax (1)](https://blog.onlythebesthomes.com/topic/relax) ### Posts by Topic - [Buying (8)](https://blog.onlythebesthomes.com/topic/buying) - [Glossary (4)](https://blog.onlythebesthomes.com/topic/glossary) - [Selling (4)](https://blog.onlythebesthomes.com/topic/selling) - [Travel (3)](https://blog.onlythebesthomes.com/topic/travel) - [Investment (2)](https://blog.onlythebesthomes.com/topic/investment) - [Beach (1)](https://blog.onlythebesthomes.com/topic/beach) - [Co-op (1)](https://blog.onlythebesthomes.com/topic/co-op) - [Condo (1)](https://blog.onlythebesthomes.com/topic/condo) - [Costs (1)](https://blog.onlythebesthomes.com/topic/costs) - [Relax (1)](https://blog.onlythebesthomes.com/topic/relax) see all ### Recent Posts #### About Us Creating content about real estate should go beyond the education of the industry. 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