Co-ops are very similar to condos. Both type of properties require monthly maintenance fees and both are considered common interest developments.
Co-ops
Co-op’s and condo’s have monthly “maintenance charges” to cover building-wide services (management, door staff, plumbing, roofing, common walls).
Co-ops are usually less expensive than condos, and are generally closer to public transportation. This is a very good advantage for those in urban areas.
Condos
Buying a condo is like a buying a single-family home that sits inside a building. You own the apartment plus a percentage of the building’s common areas.
Condo buildings have monthly “common charges” to cover building-wide services (management, door staff, plumbing, roofing, common walls) but these charges are usually much smaller than co-op maintenance charges.
Condo buildings have associations but they cannot veto sales or rentals-making condos very attractive to investors. Condos are usually more expensive than co-ops-there are fewer of them and there’s a high demand. Lending banks are lenient about. Mortgages for condos carry about the same low rates as for single-family homes.
What's the difference?
The major difference between Condo’s and Co-ops is that a Condo is real property financed with a traditional mortgage whereas co-op’s you are really purchasing shares in a corporation and is considered personal property.
At Foxx Capital we have years of experience with both types of properties and can assure you a smooth experience.
Call today for a free consultation.