Look at the ownership structure
A condo purchase generally conveys ownership of an individual unit and an interest in common areas. A co-op purchase generally involves shares in a corporation and a proprietary lease. Your attorney should explain the actual documents and their implications.
Ask how you intend to use the home
Full-time living, occasional use, renovations, and future rental plans can be affected by building policies. Verify the specific rules before narrowing a search. A neighborhood or ownership label alone does not answer these questions.
Compare the full monthly picture
Review the components of maintenance or common charges, real estate taxes, and any assessments. A lower purchase price does not necessarily mean lower total costs. Ask your lender and attorney to review the building’s financial information.
Allow time for the process
Applications, interviews, financing review, and building approvals vary. Build your timing around the requirements of the actual property rather than a generic closing estimate.
General educational information only. Requirements vary by property and transaction. Consult your own attorney, lender, accountant, and financial advisor for advice specific to your circumstances.
OFFICIAL REFERENCE & FURTHER READING ↗