what's the difference btw a condo and a co-op?

A condo - you actually own the walls of the unit that you purchase. On the hand, for a coop you only own shares in the property that is owned by a management company.

If you want to make changes to the interior of a coop then you have to request permission. Also, you pay a monthly maintenace to the coop board that covers electricity, gas, water...if there is a problem with most things in the unit - then the management comes in and fixes it (ie if you want to regrout your bathroom - they do it).

I am not sure if you pay a maintenance to a condo - but i do think that you pay your own electricity and heat and you pay taxes (maintenace for a coop covers taxes).

To purchase a coop you have to go through a coop board to get approved.

I think ultimiately a condo is better - but FH and I are looking for a coop because we cant afford a condo -

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Posted by AtticaQT

A condo - you actually own the walls of the unit that you purchase. On the hand, for a coop you only own shares in the property that is owned by a management company.

If you want to make changes to the interior of a coop then you have to request permission. Also, you pay a monthly maintenace to the coop board that covers electricity, gas, water...if there is a problem with most things in the unit - then the management comes in and fixes it (ie if you want to regrout your bathroom - they do it).

I am not sure if you pay a maintenance to a condo - but i do think that you pay your own electricity and heat and you pay taxes (maintenace for a coop covers taxes).

To purchase a coop you have to go through a coop board to get approved.

I think ultimiately a condo is better - but FH and I are looking for a coop because we cant afford a condo -

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Yes a condo you own all of the condo...Co-ops own a share of your home.

Condos and Co-ops do have to pay for common charges/maintenence...But they do not cover electricity. Condos pay taxes in mortgages Condos pay taxes in their common charges. Co-ops do have a board that you need approval of as a seller and a buyer.
Also VERY important...Condos you can lease out to renters..Co-ops you cannot!
IMO...A condo is the way to go! But it also depends on the situations of each.
I bought a Condo in Hauppauge and my friend is thinking about buying a Co-op in Smithtown...any more questions on either feel free to FM me

As stated above, buying a condo is buying real estate buying a co-op is buying shares in a coporation in the form of an apartment.

They both have maintenance fees which cover common areas and building personnel. Co-op fees include real estate tax and mortgage interest for the building and sometimes the gas & electric (my mother's building includes this).

If you are looking at co-ops, check with your lending institution about conversion rates. Some buildings started as rentals and 'converted' them to co-ops. One of my friends had a little difficulty getting a mortgage because the conversion rate was not high enough. But the board of directors or mgmt company should be able to help you in this area.

Check the by-laws of the both places for things like pets, subleasing, etc. They are different everywhere. For instance I sublet a co-op that doesn't allow pets. My mother's building does not permit subleasing and allows pets.

Good luck with your search!

Just wanted to correct a few mistakes in previous posts.

Renting: You CAN rent out a co-op. It is difficult, but it is possible. In fact, we are hoping to rent ours out as added income when we buy a house!

Construction: You CAN make major changes inside your co-op, you just can't take down any supporting walls (for obvious resons). My neighbor gutted his entire one bedroom and turned it into pretty much a studio with all new counters, appliances, ceiling fans, hardwood floors, etc. I've seen co-ops in my community in which the kitchen wall was opened up so that it looks out into the dining room. I've seen closets combined and opened into office spaces too.

Maintenance: We regrouted our own tub. Maintenance does not do that for us. DH does all of the minor repairs. However, when we were having problems with our heat, maintenance came in to fix that. Also, our electric is not included in our common charges. We pay that separately.

Pets: Varies from complex to complex. We are allowed pets in our community, but my brother is not in his.

Co-op board: Yes, you need approval to purchase, but most places are not very strict. They want to see that you are able to pay your mortgage and that you won't disturb the neighbors.

Hope that helps. If you have any other questions, please do not hesitate to FM me!