condo vs coop

wifey08 Posted: Mar 04, 2007 07:52 PM

condo vs coop

whats the difference??

jteach711 Posted: Mar 04, 2007 07:54 PM

Re: condo vs coop

I think a condo you own like a house and a co-op you own part of the bigger community. Condos make more sense financially to me. My fh said that we will nevr buy a co-op and he's a mortgage broker so I guess he knows a little more than I do.

wifey08 Posted: Mar 04, 2007 07:56 PM

Re: condo vs coop

ok thank you!!

MikeandJess Posted: Mar 04, 2007 08:07 PM

Re: condo vs coop

with coops you're part of a cooperation. Technically you don't own an apt you own one share in this large cooperation. They are much more affordable than condos. Condos you own and you can really do anything you want with it, with coops you have a board and some things you want to do must be approved. Obviously a condo is better but they are also much more expensive than coops.

Munchkn16 Posted: Mar 04, 2007 09:30 PM

Re: condo vs coop

With a condo, you own the unit, whereas with co-ops, it's like owning shares in a company. Condos are typically more expensive, but there are very few of them out there. (FFIL is a realtor, can you tell? LOL).

HTH

KSquared Posted: Mar 04, 2007 09:34 PM

Re: condo vs coop

so glad I came across this post, I was wondering the same thing

I Love my bear Posted: Mar 04, 2007 10:01 PM

Re: condo vs coop

Condo=better investment but more money....
Coop=headache..you have to get everything approved by a board

vmystique33 Posted: Mar 04, 2007 11:25 PM

Re: condo vs coop

Posted by I Love my bear

Condo=better investment but more money....
Coop=headache..you have to get everything approved by a board

so true LOL I have a co-op and I hate it !! for a million reasons !!

MikeandJess Posted: Mar 04, 2007 11:26 PM

Re: condo vs coop

I have a coop too, we've already been through a lawsuit with the management company. I'd tell you to run in the opposite direction but it really is the most affordable thing to own if you're living in ny