Thinking about a move to Tarrytown and torn between a condo and a co-op? You are not alone. Many Westchester buyers, especially NYC move-ups and first-time purchasers, weigh these two options along the Hudson. In this guide, you will learn how ownership works, what approvals and timelines to expect, how monthly costs compare, and the specific factors that matter for Tarrytown’s riverfront communities. Let’s dive in.
Condo vs. co-op basics
What you actually own
- Condo: You own your individual unit in fee simple plus a share of the common elements. You receive a deed.
- Co-op: You buy shares in a corporation that owns the building and receive a proprietary lease for your unit. You receive stock and a lease, not a deed.
Fees and taxes
- Condo owners pay monthly HOA or common charges. You receive an individual property tax bill.
- Co-op shareholders pay monthly maintenance, which typically includes the building’s property taxes and often some utilities. There is no separate unit tax bill.
Transfers and insurance
- Condo sales transfer by deed. Owners usually carry HO-6 insurance for interiors and contents, while the association covers common areas.
- Co-op sales transfer shares and assign the proprietary lease. Shareholders also carry HO-6 coverage, and the corporation holds the building policy.
Approvals and timelines
Co-op board review and interview
Expect a full application with financials, references, and often an interview. Boards have wide discretion and can approve or deny applicants. This review can add 2 to 6 weeks or more to your timeline.
Condo review and right of first refusal
Condos usually require a lighter application and proof of financing and insurance. Some New York condos keep a Right of First Refusal, which is a procedural step, not a board interview. Closings are often quicker when loan and title work move smoothly.
Typical time to close
- Condo: Often 30 to 60 days from contract, depending on financing and HOA document delivery.
- Co-op: Often 45 to 90+ days, depending on board scheduling and lender review of the co-op’s financials.
Financing differences
- Condos: Broad options, including many conventional loans. FHA or VA financing may be available if the project meets agency guidelines.
- Co-ops: Financing is a share loan secured by your shares and lease. Lenders underwrite both you and the building, and down payment and liquidity requirements are often higher.
Monthly costs and financing details
Down payment expectations
Co-ops commonly require larger down payments, often 20 to 30 percent or more. Condos typically allow lower down payments with a wider range of loan products. Your lender and the building’s rules will drive the exact number.
Comparing fees apples to apples
Co-op maintenance often covers property taxes and sometimes heat or hot water. Condo common charges usually do not include your individual property taxes. When comparing monthly costs, break out what each fee covers to get a true view of affordability.
Reserves, assessments, and debt
Review each building’s reserves and recent capital projects. Low reserves can lead to special assessments. Many co-ops carry an underlying mortgage that affects maintenance, and condos can levy assessments for large repairs.
Flip taxes and resale rules
Many co-ops have flip taxes or transfer fees that impact seller proceeds and marketability. Some condos also charge transfer fees or have a Right of First Refusal. Understand subletting rules early, as tighter policies can limit rental flexibility and investor demand.
Tarrytown riverfront factors
Commute and amenities
Proximity to the Metro-North Hudson Line, riverfront parks, and parking can drive demand. Newer riverfront condos often package amenities like gyms and covered parking, balanced by higher HOA fees. Older co-ops may offer lower entry prices but stricter board rules.
Flood zone and insurance
Waterfront buildings face unique insurance and underwriting considerations. Ask for the FEMA flood zone designation and whether the building carries flood insurance. Elevation certificates, mitigation work, and coverage can affect both premiums and loan requirements.
Rental policies and resale
Condos generally allow easier rentals than co-ops, subject to HOA rules. Co-ops often restrict subletting or require ownership seasoning. Rental flexibility can broaden your future buyer pool and affect resale value.
Quick side-by-side example
Below is an illustrative comparison to show how costs can differ. Numbers are hypothetical and for education only.
Example A: Condo
- Purchase price: $650,000
- Down payment: 10 percent
- Monthly common charges: $700 (does not include your property tax bill)
- Financing: Wide conventional options, potential FHA or VA subject to project approvals
- Resale: Typically broader buyer pool and more rental flexibility
Example B: Co-op
- Purchase price: $600,000
- Down payment: 25 percent
- Monthly maintenance: $1,200 (often includes building taxes and possibly heat/hot water)
- Financing: Share loan with stricter underwriting and liquidity standards
- Resale: Stable owner-occupant base, but buyer pool can be narrower due to board approval
Buyer checklist for Tarrytown condos and co-ops
Use this list when you request documents and tour homes:
- Confirm legal form in the listing and title documents.
- Ask for recent financials, current budget, and reserve details.
- Review board or HOA meeting minutes for the past 12 to 24 months.
- Ask about litigation, recent assessments, and upcoming capital projects.
- Confirm parking assignments and associated costs.
- Clarify what utilities are included in monthly fees.
- For waterfront units, request flood zone, flood insurance cost, and recent mitigation work.
- Verify subletting policies and any minimum ownership periods.
- Ask about flip taxes, transfer fees, or a Right of First Refusal.
- For co-ops, clarify application requirements and expected interview timeline.
- Confirm what appliances and fixtures are included in the sale.
For a step-by-step overview of the purchase process, visit our Buyer Guide — Steps for Homebuyers.
How we help you compare options
You deserve a clear, side-by-side analysis that matches your budget, timeline, and lifestyle. Our team reviews building financials, application requirements, and flood-zone data so you can move forward with confidence. We also help you weigh commute needs, parking, and rental flexibility across riverfront communities and village neighborhoods.
If you are exploring riverfront living, start with our local pages for context on available buildings: Hudson Harbor building page and Tarrytown riverfront buildings. When you are ready to compare specific listings, we will assemble the documents, outline key differences, and craft a plan that protects your time and money.
Have questions or want tailored guidance for your search or sale? Reach out to Karen Stroub & Elvira Aloia for local, trusted help.
FAQs
What is the core difference between a condo and a co-op in Westchester?
- A condo gives you a deed to your unit plus shared ownership of common areas, while a co-op gives you shares in a corporation and a proprietary lease for your unit.
How do monthly costs differ between condos and co-ops in Tarrytown?
- Condo fees are common charges and you pay your own unit taxes, while co-op maintenance often includes the building’s property taxes and sometimes utilities.
What approval steps should I expect when buying a co-op in Westchester?
- Expect a full application with financials, references, and often an interview. The board can approve or deny, and the process can add several weeks.
Are condos usually faster to close than co-ops in Tarrytown?
- Yes. Condos commonly close in 30 to 60 days, while co-ops can take 45 to 90+ days due to board scheduling and extra lender review.
Can I use FHA or VA financing for a riverfront condo or co-op near Tarrytown?
- FHA and VA can be available for some condos that meet agency approvals, while co-op options are more limited and lender specific.
What flood-related questions should I ask about a Tarrytown riverfront building?
- Ask for the FEMA flood zone, whether the building carries flood insurance, any mitigation work, and typical annual premiums for your unit type.
