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This is a very unique form of home ownership. Co-op buildings are like a corporation that has been divided into various apartments. When you buy a Co-op, you become a shareholder in a corporation. Unlike a single-family house, you do not own real property. Instead, you own shares of stock and a lease allocated to your apartment.
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Buying
a condominium is like buying an apartment
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Located on it's own piece of land-which you own
· Not attached to anyone else's residence · You can modify or improve the house as you wish · Higher re-sale value · No association fees ·
You, and you alone, are responsible for maintaining the entire
property
· May cost more (be less affordable) · Does not offer the security of community living · Maintenance costs may be higher (for example, you might have to replace your roof or fix plumbing) · You may have not have on-property amenities (like pools and playgrounds) · You will have to resolve neighbor disputes yourself |
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More affordable than most other forms of housing
· You may have access to common amenities (such as pools and play areas) that you may otherwise not be able to afford. · You have a neighbor's home attached to yours bringing a higher level of security. · Someone else removes the snow! ·
You don't own a piece of the property, you only own shares of
the corporation
· You must pay maintenance fees (in addition to your mortgage) every month. · It might take longer to sell. · All building expenses (utilities, insurance, taxes, mortgage) are paid jointly by all owners in the co-op, so each one shares liability for the payments of the others. This means that if an owner does not pay on time the other owners must pay his or her share, then try to collect. |
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More reasonably priced than single family homes
· You own a smaller piece of real estate (basically, the inside of your unit) · You may have access to common amenities (such as pools and play areas) that you may otherwise not be able to afford. · You have a neighbor's home attached to yours bringing a higher level of security. · Someone else removes the snow! ·
You must pay monthly Condominium Association fees
· You give up more privacy when compared to a single-family home · It may take longer to sell · You have to contribute to assessments for major maintenance or renovations. · You may need to follow certain rules for remodeling and may not be able to remodel as you wish. |
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