Condo or co-op?Know the difference
Condo or co-op? Know the difference!
When it comes to buying a home in NYC, many people find it difficult to make a choice between a co-op and condo. Although, they offer the same lifestyle, there are many factors that make them different. Having a clear understanding of these two will make it convenient for people to make the right decision.
When you buy a condo, you become an owner of the individual unit. It is like buying a house. You pay a maintenance cost of the common areas of the building. In co-ops, on the other hand, you don’t become the real owner of the property you’re living in. Instead, you become a shareholder in the cooperation that owns the building. The maintenance cost paid by people living in co-ops is usually higher.
Both, co-ops and condos, are governed by board of directors. As the condos are owned by people, the board of directors doesn’t enjoy much control. If you’re planning to buy a home in NYC, it’s important to be well-aware of the differences between condos and co-op.