When it’s time to buy a property in Harlem, looking to a condominium or a co-op makes the most sense for a lot of people. Both options offer the benefit of routine maintenance and upkeep for the building, which does not have to be entirely your responsibility. Both are often governed by a board of directions and managed by a professional management company.
There are differences, however, in ownership and in maintenance as well as oversight and management. We approach condos differently than we approach co-ops, because of the legal differences and also because boards and homeowners in each type of building often need different services and expertise.
Here’s how it breaks down when we think about professional property management in Harlem condos and co-ops.
Defining a Condo and How It’s Managed
A condominium is a privately owned piece of property, and it’s located within a condo building or community. When you buy a condo, you own the interior of your home. The exterior of the property, including communal spaces and the physical building, belongs to the condo association. You’ll pay a condo fee in exchange for maintenance, landscaping, amenities, parking, and other features.
Condominium associations function like homeowners associations (HOAs), and as property managers, we are often called upon to help with communication, accounting, maintenance and repairs, meeting management, and enforcement of rules and regulations. Property managers in Harlem work closely with the condo board to ensure the entire community is managed in a way that’s effective, efficient, and accessible to the condo’s homeowners.
How a Harlem Co-Op Might be Different
When you buy into a co-op you are buying shares in a corporation, which means you effectively own a unit or an apartment within the building. It’s not necessarily real property that you own, rather shares in that asset. A corporation owns and operates the property. These are popular in areas like New York City because the cost of living is high and this gives people an opportunity to own a share in where they live.
Most co-ops will elect a board of volunteers that’s similar to a condo board of directors to collect fees and maintain things like common spaces. All owners in the co-op share maintenance fees, pay property taxes, and contribute to the mortgage on the building. Typically, a property management company is handled to take care of the daily operations of the building.
A co-op, unlike a condo, will also have to approve new buyers. Sometimes, they’re picky about who they will allow to move into their community. Applications must be approved, interviews are often conducted, and financials will be carefully scrutinized.
Harlem Property Management Benefits Condos and Co-ops
Whether your building is a condo or a co-op, partnering with a professional property management company can ensure there’s consistency, efficiency, and automation whenever possible. We have the latest technology at our fingertips, and we can make sure that the necessary systems and processes are in place to keep your residential building compliant with all laws and serving its owners.
If you’d like to hear more about what we can do for you, please don’t hesitate to contact us at Harlem Property Management.
Harlem Property Management is the authority on co-op and condo building management in Upper Manhattan and a member of the Real Estate Board of New York. We specialize in managing condos, co-ops, and multi-family buildings up to 99 units.