What are the different types of apartments?
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You’ve probably come across a ton of real estate jargon while apartment hunting, from “rent-stabilized” to “flex apartments.” Here’s a comprehensive dictionary of all the different types so you can more easily find the home of your dreams.
Buying a co-op — short for “cooperative” — entails buying shares in a corporation that owns your space instead of owning your home. The bigger your home is, the more shares you will have. With co-ops, you are responsible for maintenance fees, which can include property taxes, management fees, electricity, gas, and more. Your fees increase with the size of the unit and can fluctuate over the years.
Rent stabilized apartments are in buildings built before 1974 that have more than six units. Having a rent-stabilized apartment means there are limits to how much your landlord can increase your rent, and you are guaranteed the opportunity to renew your lease with options.
A studio apartment is a living space which often combines the bedroom, kitchen, and living room into one room. Sizes of studio apartments can vary.
One bedroom, or two bedroom apartments, often abbreviated as “1-br/2-br,” are apartments that separate the bedroom(s) from the kitchen and living room.
In New York, a railroad apartment is essentially one without hallways, where each bedroom opens into the next room. It gets the name because of its similarity to a series of railroad cars.
Flex apartments are situations where space is split by a temporary wall(s), creating more space, a separate room, and a roommate(s). This solution is a popular option to turn a 1-bedroom apartment into 2 bedrooms.
When an apartment is advertised as a no-fee apartment, it means that the landlord or property owner pays the brokerage fees. If you find an apartment without a broker’s help and go straight to the landlord, there are no fees included.
Condo vs. apartment
Condos and apartments mainly differ in ownership. A condo is usually managed by a Homeowners’ Association, and each unit has a separate owner. You can buy or rent a condo, but if you rent, your landlord is the owner of the unit.
An apartment unit cannot be bought and is often leased to an individual tenant.
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