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Navigating Condos and Co-ops in Hudson Valley Real Estate: Your Go-To Guide for Home Hunting

Hey folks! So, you're thinking of settling down in the gorgeous Hudson Valley. Well, you're in for a treat! Now, let's chat about the world of condos and co-ops in the Hudson Valley real estate scene. These are alternatives to single family homes that have different types of ownerships and rules that come with them. Let's explore some of the differences and the pros and cons of each type.

First, let's talk about the main difference between a condo and a co-op, which you'll need to understand if you're looking for some Hudson Valley real estate!

With a co-op, or cooperative, you do not actually own the physical space you live in, you purchase shares of the building, and those shares are just represented in the place you call home. Co-ops also tend to have strict financial requirements, like a minimum down payment, certain credit score, minimum income, and others. You will pay one monthly maintenance fee that includes both a type of HOA fee for maintaning the building as well as taxes. They are run by a board - and can be picky on what you choose to do with your space, and the board must approve every single applicant. However, they do tend to be cheaper on overall price and offer a good first option for someone who cannot afford a single family home yet but still want to buy real estate.

In a condo, or condominium, you do actually own the property you live on, no shares or anything like that, you will actually own your space. Condos have HOA fees, or HomeOwner Association fees, collected monthly for maintaining the premesis, and you will pay property taxes separately just as if you owned a single family home. The condo association is run by a board, similar to co-ops and can be equally as strict about what you can and cannot change about your home. Condos tend to be more expensive than co-ops but have no financial requirements to join, as long as you can afford the purchase price.

Pros of Condos:

  1. Privacy: When you are looking for a condo in Hudson Valley real estate and want some more privacy, a condo will more likely be able to offer that than a co-op.

  2. Extra Amenities: Think pools, gyms, and cool hangout spots. Condos in the Hudson Valley can come with these perks.

  3. Future-Proof Investment: Condos can be a savvy investment in Hudson Valley real estate. When you're ready for a change, selling is usually easier than selling a co-op, and they're always in demand.

Cons of Condos:

  1. Monthly Dues: Brace yourself for those monthly HOA fees. They mean well, and are supposed to be for upkeep of the premesis, but they're a luxury to pay so you dont have to do things like mow your own lawn.

  2. Group Decisions: The big calls about the whole condo community? Those are decisions made by the HOA, sometimes calling for votes from the entire association.

  3. No say in your space: Want to paint the outside of your unit a different color? You can probably only choose from 1-2 colors that the board has approved. Anything that pulls from uniformity will likely get denied.

Pros of Co-ops:

  1. Bundled Fees: Monthly fees can cover a bunch – like utilities, taxes, and maintenance, and you can still write off some of them on your taxes.

  2. Affordability : Co-ops tend to have a low purchase price making them affordable for most people.

Cons of Co-ops:

  1. Approval Game: Joining the co-op club in Hudson Valley real estate isn't as easy as clicking "accept." You've got to get approved by the board, and they often have strict requirements.

  2. Resale Riddles: Selling a co-op in the Hudson Valley can be tough since you may have a buyer who can get a loan or has the cash to buy the unit's price, but they need to meet the board's requirements too.

  3. Board Decisions: Want to change up your space? Probably can't. The board has to approve all major changes to any unit, and they tend to be very strict.

Finding your dream spot in the Hudson Valley is like picking the perfect ice cream flavor – a bit tricky, because there are so many great flavors, but totally worth it. Hopefully this helps you navigate the Hudson Valley real estate scene when it comes to condos and co-ops! Let me know if you have any questions!

Thanks for listening,

Anthony Ruperto

Team Lead | The Ally Team at J Philip Real Estate

Licensed RE Associate Broker

6 Eliza Street,

Beacon, NY 12508

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