Condo vs Coop...
whats the difference??
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Condo vs Coop...
Member since
Re: Condo vs Coop...
let me try to tackle this...
when you buy a coop, you buy a share in the corporation that owns the coop. you need to be approved by the board to even buy a unit in a coop. there is a maintenance charge/fee monthly that usually includes tax.
when you buy a condo, it's like buying a house. you don't need a board to pre-approve you, just a pre-approved mortgage. sometimes there's a community tax/fee.
hope that answers some of your questions.
when you buy a coop, you buy a share in the corporation that owns the coop. you need to be approved by the board to even buy a unit in a coop. there is a maintenance charge/fee monthly that usually includes tax.
when you buy a condo, it's like buying a house. you don't need a board to pre-approve you, just a pre-approved mortgage. sometimes there's a community tax/fee.
hope that answers some of your questions.
Member since
Re: Condo vs Coop...
Right. When you buy a condo, it's like buying a house - you own the complete unit. If it's in a building / complex you pay monthly maintenence so there's someone to clean common areas, plumbing problems, snow plow, etc.
When you buy a co-op, you're not exactly paying for your unit, you're paying for a share of the entire building / complex, and I believe you still pay monthly maintenence, like you would at a condo.
I don't think it makes much of a difference in your day-to-day living at the place. I am subletting a condo, and had to go through a lengthy and annoying application process in front of the Board.
When you buy a co-op, you're not exactly paying for your unit, you're paying for a share of the entire building / complex, and I believe you still pay monthly maintenence, like you would at a condo.
I don't think it makes much of a difference in your day-to-day living at the place. I am subletting a condo, and had to go through a lengthy and annoying application process in front of the Board.
Member since
Re: Condo vs Coop...
Forget the coop, go with a condo if your desired area has them.
Condos tend to be abit more expensive depending on the area you live in, but they are more worth it because:
1. you OWN the place so you can do whatever you want to it, from painting to putting up sheetrock
2. you dont need to get approval from the board to buy the place or to do anyting to your condo, can be very trying an experience dealing with a board!
3. you pay less maintenance
4. you don't have to reveal your financial info to strangers, ie. the board
Go with a condo if possible. Good luck.
Condos tend to be abit more expensive depending on the area you live in, but they are more worth it because:
1. you OWN the place so you can do whatever you want to it, from painting to putting up sheetrock
2. you dont need to get approval from the board to buy the place or to do anyting to your condo, can be very trying an experience dealing with a board!
3. you pay less maintenance
4. you don't have to reveal your financial info to strangers, ie. the board
Go with a condo if possible. Good luck.
Member since
Re: Condo vs Coop...
Just one thing to add. You don't always need board approval for a co-op. If you are purchasing a sponsor sale, meaning you are purchasing from the original owner, you do not need board approval for the purchase.
