Condo vs Co-op

Hello everyone,

I'm pretty new to this site and I'm wondering if I may ask for some assistanct. I may sound a bit naive, but what is the difference between a Condominium and a Co-op?
What are the pros and cons of owning either a condo or a co-op?

FH and I are thinking about purchasing something soon but we are both inexperienced with this. Thank you all for your help.

Cynn

Re: Condo vs Co-op

With a condo you own the unit (and possibly the land that it's on in some cases), a co-op you own shares in the corporation and because of this there are many more rules, but they can be less expensive.

Re: Condo vs Co-op

Yes, a condo is generally more expensive because -- as the pp said -- it's a better form of ownership (you actually own the unit) with fewer restrictions. Also, with a condo, you pay monthly common charges, as well as property taxes. With a co-op, your monthly maintenance includes your pro rata share of the property taxes for the complex, the exterior maintenance, and usually will also include utilities such as heat and water.

Feel free to FM with questions.

Re: Condo vs Co-op

Thank you both for the responses. I understand better the differences.

Re: Condo vs Co-op

Also, it is easier to re-sell a condo than a co-op..

Some past LIF threads discussing the differences:

http://www.lifamilies.com/chat/topic.aspx?ID=644175&Highlight=condo
http://www.lifamilies.com/chat/topic.aspx?ID=505511&Highlight=condo