Co-op, condo, townhouse or house: choosing a home type in New York

Co-op, condo, townhouse or house: the types at a glance

The table below sets out how each type works in New York according to the state's own guidance. Details vary by building and community, so treat it as a map of what to ask about, not a substitute for the documents.

Sources: NYS Attorney General, cooperatives; NYS Attorney General, condominiums; Real Property Law section 461.

Buying a co-op in New York

The Attorney General describes a co-op purchase as buying shares in a corporation. The shares are allocated to a specific apartment, and owning them entitles you to a long-term proprietary lease for it. A co-op owner is both a shareholder in and a tenant of the same corporation. The corporation is run by a board that shareholders elect, and its by-laws and proprietary lease set the terms of living there, including the rules on subletting. Most co-ops are governed under the state's Business Corporation Law.

One trade-off to weigh is that the board decides who may buy under the building's own rules. Financial requirements for buyers, any flip tax and the sublet rules are set by each building's documents. The flip tax is a fee charged by the cooperative on a sale of shares, not a government tax, and New York's Business Corporation Law lets such fees vary. There is no statewide rate, so ask the seller's attorney for the building's figure and formula.

Before signing, the Attorney General advises buyers of co-op and condo units to read the entire offering plan and consult an attorney. Ask for the proprietary lease, by-laws, house rules and the most recent financial statements. Our guide to buying a co-op or condo in New York City goes through the process step by step.

Sources: NYS Attorney General, cooperatives; NYS Attorney General, co-op boards of directors; before you buy a co-op or condo; Business Corporation Law section 501.

Buying a condominium

In a condo you own your unit and hold an undivided interest in the common elements of the building. The condominium is created under the New York Condominium Act, Article 9-B of the Real Property Law, which covers how a property is submitted to condo ownership, including the units, the common elements, common expenses, liens for unpaid common charges, by-laws, reserve funds, insurance and rentals. Each condo is run by a board of managers under its by-laws.

Two features matter to buyers. First, common charges: each owner's share generally follows the unit's common interest unless the declaration and by-laws say otherwise. Second, liens: the board has a lien on a unit for unpaid common charges, and on a sale the unpaid charges are paid from the proceeds or by the buyer. Both buyer and seller can obtain a statement of unpaid charges. That is one reason a condo purchase calls for an attorney's review of the documents.

Whether a condo board can approve or reject buyers depends on the condo's own documents. Attorney General regulations require an offering plan to say whether the board has a right of first refusal on sales or leases, and where it has no right to approve purchasers, the plan must say so. Read that section of the plan rather than assuming a condo works like a co-op or the reverse.

Sources: Real Property Law Article 9-B; section 339-m; section 339-z; 13 NYCRR 20.3.

Townhouses and single-family houses

Buying a townhouse or a single-family house usually means owning the home directly, with no co-op or condo board to approve you, unless the home sits inside a condominium or a homeowners association. Ask which it is, because the answer changes the monthly costs, the rules and the paperwork. A townhouse can be part of a condo or an association, and the listing will not always say so.

When the home is a one to four family dwelling, New York's Property Condition Disclosure Act generally requires the seller to deliver a disclosure statement before the buyer signs a binding contract. The statement reflects the seller's actual knowledge and is not a warranty or a substitute for an inspection. The current state form includes flood questions, such as whether the property sits in a FEMA-designated flood zone and whether the seller has filed a flood insurance claim. Our seller disclosures guide explains the form, and the flood and storm insurance guide covers the coverage side.

If you are moving from a large house, ask what a smaller house or townhouse asks of you. It is still a home you maintain. Look at the roof, the systems, the outdoor space and the stairs, and get a home inspection so nothing surprises you after closing.

Sources: Real Property Law section 462; NYS Department of State disclosure form (2025).

55+ communities on Long Island

Some downsizers look east to Nassau and Suffolk, where a number of communities are age-restricted. We list several on our 55+ communities page.

Federal rules allow housing to be operated as 55+ if at least 80 percent of occupied units have at least one occupant 55 or older, the community publishes and follows policies showing that intent and it verifies ages through surveys at least every two years. New York's Human Rights Law also exempts housing intended and operated for occupancy by at least one person 55 or older per unit. In practice, the community's own documents spell out who may live there, so read them.

The Attorney General describes a homeowners association as an organization that developers create to manage a community of homes, townhomes or condo units. It enforces covenants, conditions and restrictions and manages the common elements. The Attorney General's rules also cover offering plans for senior residential communities. A developer selling homes or lots must generally file an offering plan with the Attorney General, and most associations are corporations under the Not-for-Profit Corporation Law run by an elected board. Ask for the plan, the declaration and the budget. They tell you what the dues cover and what the rules require.

Sources: NYS Attorney General, homeowners associations; 24 CFR 100.305; Executive Law section 296.

How monthly costs are structured

The names differ by type, and the underlying question is always what the monthly charge covers. This guide does not quote prices. Here is how the structures compare.

• Co-op maintenance. Each co-op owner pays maintenance charges based on the number of shares allocated to the apartment. Ask what the maintenance includes and whether property taxes are paid within it or billed separately.
• Condo common charges. Generally set by each unit's common interest, and the by-laws must cover how common charges are set and collected. Ask what they cover and how they have changed over the last few years. Ask whether any special assessments are planned or have been levied. The regulation requires offering plans to explain the procedures for common charges and assessments, but the amounts are per building.
• House or townhouse. There is no board charge unless an association exists. You pay the costs of running the home yourself, and you should confirm how property taxes and any dues are billed.
• 55+ community. Charges and rules come from the association. Read the budget and the reserve information in the plan.

Property tax relief is a separate layer. STAR eligibility includes condominiums and cooperative apartments, and NYC's co-op and condo tax abatement is applied for by the board for the whole development. Outside the five boroughs, senior exemptions are a local option. Our senior property tax exemptions guide and the costs and money page cover them. Buyers also owe closing costs and, above certain price levels, extra transfer taxes, which the net proceeds calculator helps you estimate on the sale side.

Sources: NYS Department of Taxation and Finance, STAR eligibility; NYC Department of Finance, co-op and condo abatement; Real Property Law section 339-v.

Board approval, subletting and flexibility

Approval and subletting rules affect how flexible a home is if your plans change. Each type handles both differently.

• Co-op. The board decides who may buy, and boards are generally not required to give reasons for a denial. Sublet provisions are set in the by-laws and proprietary lease, so ask for them in writing. In 2026 New York City adopted a law that sets deadlines for co-op boards on applications. Ask your attorney whether it applies to a particular building.
• Condo. A board has approval or first refusal rights only if the condo's documents provide them. Rentals are addressed in the condominium documents, so read that section.
• House or townhouse. There is no board to approve a buyer or a rental unless an association exists. Ask your attorney about any local rules that apply.
• 55+ community. The community's documents and age policies govern who may live there and whether the home may be rented.

Fair housing law applies to boards too. The NYC Human Rights Law prohibits housing discrimination based on actual or perceived age and on lawful source of income, among other classes, and co-op and condominium board members can be liable. Complaints in the city go to the NYC Commission on Human Rights at (212) 416-0197.

Sources: NYS Attorney General, co-op boards of directors; NYC Fair Housing, rights and responsibilities.

Upkeep, stairs and living with less to maintain

For many downsizers, upkeep and stairs decide the question more than ownership structure does. Ask the same practical questions of every home you tour.

• How many steps lead from the street to the front door, and are there elevators or lifts in the building?
• Does the home have bedrooms, bathrooms or laundry on different floors, and can you live on one floor if you need to?
• Who maintains the roof, exterior, heating and cooling, hallways and grounds: you, the association or the building?
• What is included in the monthly charge and what is billed to you separately?
• What does the building or community do about repairs, and is there a capital plan for larger projects?

Our aging in place versus downsizing guide looks at the same questions from the standpoint of staying put. The where to downsize pages describe neighborhoods across the five boroughs, and it helps to walk a few of them before you settle on a type of home.

Insurance for each home type

The New York Department of Financial Services (DFS) explains how the policies differ. Standard homeowner and unit policies exclude flood, which needs a separate policy. Condo (HO-6) policies generally cover contents and property inside the unit, such as alterations, appliances, fixtures, improvements and interior walls. The condo building and common areas are typically insured under the association's policy. Loss assessment coverage covers certain assessments the association may make after a covered loss. Co-op and tenant (HO-4) policies cover contents and personal liability, and building insurance is usually the building owner's responsibility. DFS says owners should compare their own coverage with the association's policy.

What a specific building's policy covers is a question for the building. Ask for the certificate and insurance summary before an offer. For houses and townhouses, you carry the homeowner's coverage yourself, so get quotes early, including flood coverage where the property's flood zone calls for it. See our flood and storm insurance guide for the National Flood Insurance Program, the state's residual insurance pool and coastal coverage help.

Source: NYS Department of Financial Services, homeowner and tenant guide (2020 edition).

Questions to answer before you decide

• Do you want to own shares and a lease (co-op), a unit and an interest in common areas (condo) or a home and land (house or townhouse)?
• Are you comfortable with a board reviewing your finances and application, or would you rather avoid one?
• Do you want the option to rent the home out later, and do the documents allow it?
• Which monthly items are covered by the charge and which do you pay yourself?
• How much of the upkeep do you want to handle, and can you manage the stairs?
• Do you have an attorney who works on New York purchases and can review the offering plan or contract?

In downstate New York the seller's attorney usually drafts the contract. This guide does not give legal advice, and a New York attorney should review the documents.

If you would like to talk through the options, you can request an introduction. Introductions go to agents on the operating team at eXp Realty, so this is not a search of the whole market, and the agent, not this site, does the work on your purchase.