What are the benefits of living coop vs condo?

Answer 1

The difference is in the style of ownership of the real estate, and the style of the buildings.

Some townhouses are stand-alone buildings, others built in rows. There is no standard style of real estate for condominiums.

Answer 2

When you purchase a condominium, you purchase a unit, plus ownership of common areas that you own with all the other unit owners. A lender will give you a loan, based on your ownership title to this property.

When you purchase a unit in a co-op, you purchase shares in a corporation and the shares represent your unit. Lenders are less likely to grant you a mortgage for a co-op, since your ownership is represented by shares, not by a title to a unit.

Answer 3

Both forms of real estate ownership afford the luxury of sharing the maintenance, safety, and preservation of real estate assets among all owners according to each owner's allocated interest.

Both may restrict or otherwise limit owners who rent to tenants, which can be a benefit if you believe that pride of ownership is important as a value to be exhibited by all residents (often not evident from tenants).

The key is for you to identify the values you want reflected in your life style, and then find the co-op or condominium governing documents that best fits your value set.

In some situations, because of the screening processes followed by the board when interviewing prospective buyers, your neighbors in a co-op are likely to be 'more like you' than you may find when you buy a condominium.

Your lower cost of entry-ownership when you buy a condominium, given the willingness of a bank finance your mortgage -- typically not available to buyers of co-ops -- may be more attractive to some buyers.

Answer 4

A condo is usually larger than a apartment. Apartment buildings have more people in the building, which would include more noise. Condos are more expensive because it usually consists of just one other person living in the other Condo.

Answer 5

The difference is that townhouses are multi level dwellings and the owner of a townhouse owns the unit and land beneath their unit in fee. The owner of a condominium owns their unit in fee and a proportionate shared interest in fee in all the other property encompassed by the community except the other privately owned units.

Townhouse

The ownership of a townhouse is a fee simple estate. Generally, a townhouse is one of a row of attached dwellings that share common walls. The term 'town home' is used in some regions. A townhouse is an individually owned attached building and the owner owns the land underneath. There are lot lines that separate the ground under the buildings even though the buildings are attached. The lots at the ends of those buildings generally contain more land. The exteriors of the buildings are owned by the townhouse owners. There may or may not be common areas set up by the developer.

To confuse the average person who is not experienced with property law, some condominiums are called townhouses. In that case the term refers to the style of the condominium buildings.


Condominium

Generally, a condominium project is a form of fee ownership by which several owners share ownership of a building(s) and common areas. Each unit owner owns their respective units. In addition to their unit, each owns a proportionate interest in the land that forms the condominium property, facilities and common areas of the condominium such as pools, recreation areas, game rooms, community rooms, elevators, stairwells, corridors, streets, surrounding land, laundry rooms, and unassigned parking areas. By the acceptance of their unit deed each unit owner agrees to have their unit subject to the provisions in the Master Deed. Although a condominium is governed by statutory law, the unit owners association can promulgate rules and regulations and assess monthly maintenance fees.

• Types of Condominiums:
• Generally, a "Townhouse condominium" is a building style that describe a condominium unit on multi-levels. There are also condos in high-rise buildings, two or three in several separate buildings, patio style and garden style condos. Duplex style single homes have been converted into condominiums with each unit owner owning a 50% interest in the ground under the dwelling. The exterior of the buildings is the responsibility of the Condominium. The different types of condos are only limited by imagination and the laws of the jurisdiction. The primary factor is that you own the unit, have a common interest in the common areas and facilities and own a percentage of the fee simple interest in all the land owned by the condominium.

Ownership of both townhouses and condos are typically accompanied by homeowners association fees, which cover maintenance, repairs, improvements and special assessments.

Answer 6

Condominium is a form of real estate ownership. Loft is a style of the interior. Some lofts are condominiums; not all condominium units are lofts. Some lofts are not condominiums.