Condos vs. co-ops: Know the differences before buying

The difference between condos and co-ops is one of the few things that can confuse anyone. You can easily understand this difference and can make an addition to your current knowledge.

There are very basic things that distinguish between these two, and when you understand the concept, you can quickly get to know more about these things. There are a few things that are very common in both these cases. Both these things are typically multi-unit, and you can find in-unit laundry, a guard, and pet-friendly policies. Also, you will get boards and other common facilities. If you are a first-time buyer, you need to be extremely cautious and a little ignorance can increase your expenses drastically.

WHAT IS A CONDO?

Condos are just like a residential home to you see with all the shared benefits. You will own this dedicated space with all related rights and the area that falls in these four walls. Condo owners are only responsible for their individual units and have to pay some monthly fees called common charges or HOA fees. These fees are usually lower than co-op and they are often easier to finance. 

WHAT IS A CO-OP?

Co-op stands for a housing cooperative. In this case, instead of owning a specific place, you own shares in a corporation. There are at times not even considered as real property apart from taxation purposes. When you purchase a share in a co-op, you will get a big share in the decision marking of the building and can say your decisions. In this case, you will have to pay less as compared to a condo. This will reduce your expenses but you will have to follow all the rules made by the board of members.

These are a few points to understand a brief about the difference between condos and co-ops. To know all these things in detail, you can check our youtube channel ‘Ask Angela’. There you will get all the potential information and details relating to real estate and property. This channel is purely dedicated to all the essentials of this sector. We also appreciate your views and will feel really honored if you can share your queries and suggestions with us. You can connect us through our channel and also through our social media handles. We assure you the best help we have in the best possible way.