Q: I will be relocating to NYC within a few years for work and have started casually looking around for housing options. I had a few questions. How exactly does a co-op work? Are appliances generally included? How soon ahead of moving should I start working with a real estate agent?
A: Co-ops are a common form of housing ownership in New York City. Purchases are typically subject to approval of the co-op board of directors, and new owners become both shareholders of the co-op (with a stock certificate relating to the number of shares issued to them) and tenants of the corporation (with a proprietary lease permitting the new owner to occupy the apartment that they have “purchased”). Closing costs tend to be lower when purchasing a co-op, and there are many differences from owning a condominium. Consult an attorney for a more detailed explanation.
Appliances are typically included in apartment purchases in New York City. The timeline for your real estate search really depends on your individual requirements, such as whether you’re looking to rent or buy, and what type of property you’re looking for.
If you’d like, we can introduce you to an agent who can assist you in this important decision. We can also provide the most up-to-date financing options if you choose to purchase a home.