What is a Condominium? Unlike co-ops, condo apartments are "real" properties. Buying a condo is much like buying a house. Each individual unit has its own deed and its own tax bill. Condos offer greater flexibility, but are often priced higher than comparable co-op apartments. Real estate tax is charged separately from common charges that represent monthly maintenance fees. Advantages of Buying a Condo In most cases, buyers can finance a larger portion of the purchase price (up to 90%) and put less money down. With a condominium, buyers don’t have to deal with board approval. Condo apartments can be freely sublet, giving buyers more flexibility. Monthly common charge fees for condos are much lower than for co-ops. Disadvantages of Buying a Condo Condos are generally more expensive than comparable co-op apartments. Monthly common charge payments are not tax- deductible.
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