Difference between...

A condo and a co-op??

This might have been asked before but I dont think I am searching for it properly cause I cant find a thread

But just wondering what's the difference between the 2. And if they are worth getting rather than a house?

FYI: I dont plan on having kids for another 5 or 6 yrs I am only 21 and will be 23 at time of wedding!! so I dont know if that comes into consideration when thinking about co-ops or condos and the space available in them?

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Posted by Espo22

A condo you own and a co-op you own shares in the building. Condo you dont need board approval but for a co-op you do. You also can do whatever you please in a condo and in a co-op you need board approval to do things

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thats so funny b/c when i read this post, i knew that those were the differences, but i couldnt remember if it was a co-op you owned or a condo... i thought it was the other way around but now that you say it, i realized i was wrong lol i'm very glad i didnt respond and give you wrong info!!!

A condo is a single unit that you own by yourselves. A co-op, or cooperative housing,, is when you own part of a unit/building/some type of housing, with other people.
They're pretty similar, it's just that with a co-op you don't own the unit by yourself..

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Posted by Espo22

A condo you own and a co-op you own shares in the building. Condo you dont need board approval but for a co-op you do. You also can do whatever you please in a condo and in a co-op you need board approval to do things

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adreed... i live in a co-op with my parents and anythign we did to the house we needed approval (kitchen, bathroom, knock down a wall)

also everythign is more a 'shared' deal, everythign is voted on and agreed apon for any upgrade or change in all the homes.

Yes Denise answered it well. Condo you actually own the apartment you live in and everyone in the building shares in the ownership of the common areas of the building. In a co-op you actually own shares in a corporation which owns the real estate building. To purchase a co-op you have the board has to approve you and it's difficult because they can refuse you for any reason. The taxes and the prices of co-ops are lower because of this. Also in a condo you can't be evicted because you actually own the apartment but in a co-op they can evict you and you will still own shares in the corporation which you would have to sell.

As far as maintenance fees, in a co-op you pay the same fees every month. A condo has lower monthly maintenance fees but if something needs to be replaced you have to pay out of pocket.

HTH

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

sounds more liek a condo...

we do not have a back yard or individual garages.

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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Co-ops are usually buildings, with a couple of floors and lots of apartments

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

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Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

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oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

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I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

---

I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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It depends on how big of a condo you want and where you are buying. In you wanted a 3-4 bedroom one it would probably be about the same price of a house, maybe a little cheaper. I remember looking for a one bedroom one in nassau once and they were around 350,000

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Posted by Espo22

A condo you own and a co-op you own shares in the building. Condo you dont need board approval but for a co-op you do. You also can do whatever you please in a condo and in a co-op you need board approval to do things

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be careful with your boards. they can be a pain in the a$$ to deal with. I work at an appriasal company and deal with them all the time.. and it is like pulling teeth!

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Posted by missigreg

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Posted by Espo22

A condo you own and a co-op you own shares in the building. Condo you dont need board approval but for a co-op you do. You also can do whatever you please in a condo and in a co-op you need board approval to do things

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be careful with your boards. they can be a pain in the a$$ to deal with. I work at an appriasal company and deal with them all the time.. and it is like pulling teeth!

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Yes I have heard it is very hard to get approval. ESPECIALLY since you are young they might give you a really hard time.

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Posted by cbcf

A condo and a co-op??

This might have been asked before but I dont think I am searching for it properly cause I cant find a thread

But just wondering what's the difference between the 2. And if they are worth getting rather than a house?

FYI: I dont plan on having kids for another 5 or 6 yrs I am only 21 and will be 23 at time of wedding!! so I dont know if that comes into consideration when thinking about co-ops or condos and the space available in them?

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I own a Co-op and I am on the Board of Directors.
FM me for any uestions.

Condos, you own the actual apartment that you purchase and there is a board involved because you do own shares. You are responsible for your own repairs., property tax, water, etc. Your maintenance fee goes towards the maintenance of the building.

Co-ops you own shares in the entire corporation. The building is the corporation and you do not own the apt., you own part of the corporation. There is a board. You are not responsible individually for your property tax, water, or repairs (outside of the walls). You pay maintenance and your portion is included in the cost.

My advice to you is to look into a CONDO.
In a co-op you are constantly on watch by the Board. You need approval from them for most things you do in the apartment. Some things you need approval for like structural work, but if for example you want to rent your apartment and make some extra money...you need to get approval from the board and there are restrictions.

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Posted by kimNanthony

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Posted by cbcf

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

---

I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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haha same here. i lived in the city my first 3 years of college in the dorms and then in an apt...but everything in the city seems like an apt so thats why i never really new teh difference between a co-op, apt or a condo haha

but condos can be very expensive right?

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It depends on how big of a condo you want and where you are buying. In you wanted a 3-4 bedroom one it would probably be about the same price of a house, maybe a little cheaper. I remember looking for a one bedroom one in nassau once and they were around 350,000

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wow it seems better to just buy a house...especially if you have maitenance problems you are paying out of your own pocket anyway so why not get a house...

i was just seeing cause i never knew hte difference and wondered if it would be worth it instead of buying a house when we saved up $ for that

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Posted by kimNanthony

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Posted by cbcf

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Posted by Espo22

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Posted by cbcf

Thanks everyone!! Your info is definitely helpful

now I am trying to figure out what a co-op and condo look like

are they pretty much the same- like actual houses with garages but they are attached to eachother...like you might have 3 houses kinda attached but you can have a backyard and front yard etc

sorry there are these co-ops or condos near my office building that i pass by all the time but i dont know if they are co-ops or condos....but there are like 3 houses with garages attached to eachother with a backyard (some of them have theirs fenced off frmo their neighbors) and they even have decks from their upstairs

sorry am i confusing anyone- i think i am confusing myself

---

Well alot of them are buildings. The way you describe it though as houses sounds like a condo though

---

oh ok so the ones that look like houses are prob a condo....now what do co-ops look like then? are they just bigger apts?? lolol

---

I think they are apartments. I only know this stuff in city context though so everything is an apartment in the city

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There is no way to tell what they look like or not. Its just the way they are incorporated.
Matter of fact many City owned Projects convert to Co-ops and such. My building was city owned and the tenants 15 years ago took advantage of a program that was offered to become their own Corporation.