Thinking about purchasing a co-op apartment unit or a condo and you're not sure which one would be the best buy? The answer is that both can be the right choice depending on your financial circumstances.

Throughout the five boroughs of New York City and the county of Nassau, there are plenty of opportunity to own either an attractive cooperative apartment or condo. The main differences between these purchases are the following:

With a condo, the purchaser actually gets a title and deed to the specific unit purchased. Buying a co-op unit, the owner is considered a shareholder receiving a proprietary lease and a specific number of shares in the ownership of the entire complex. Furthermore, the cost of a condo is normally 50 to 100 per cent higher than a coopertive unit for the same square footage space.

Purchasing co-op units have further complications since a board of directors must interview and approve the potential new shareholders. With a condo, the only requirement is the ability to qualify for a mortgage.

If you can't afford to purchase a home, ownership of a co-op or condo is the next best choice since over a reasonable length of time either one normally builds up equity and both permit tax benefits for their ownership. When you continue to rent, you occupy a space for a certain time period while your rent money pays off your landlord's mortgage and grows his equity. Since you have to live somewhere, under normal conditions it's best to own something that both reduces your tax liability while building equity.