Co-op and condo living is an alternative to the high costs of owning and maintaining a home in the Long Island area. Those who choose this kind of housing do so for many reasons, not the least of which is the convenience factor. In a co-op, you can own a share in the building and live in the unit for as long as you own the stock.

Specifically, the building is operated and maintained by the board of directors for your benefit. While you are required to pay a fee each month (beyond your basic mortgage payment), this money goes toward upkeep and grounds fees. Long Island condos and co-ops allow you the freedom from maintenance that suits a busy lifestyle.

Successful Long Island agents often specialize in condo and co-op living in order to better serve that market. A specialized agent is a buyer's best option, since buying into a condo or co-op is very different than buying a single family property. For example, you will need to be familiar with laws governing co-ops and the election of boards, the rights and responsibilities of residents, and the maintenance items for which the condo owner is responsible. Without an experienced agent, this is a difficult market to navigate.

On Long Island, the most desirable units usually do not last long, and you must act quickly to ensure that you have the best chance for success. Currently, Queens is one of the ideal places to buy, since the area remains affordable, but prices are steadily appreciating. Prospect Heights is another up and coming neighborhood worth looking into. A condo here is likely to only rise in value over the next ten years.