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Difference Between Condo and Coop

Condo vs Coop

Two popular spaces for modern living are the condominium, or condo, and the coop. These two differ a lot from the usual bungalow kind of property. Most young professionals, who have set aside a portion of their savings, find it difficult to decide on which kind of unit they should buy. This is due to the busy lifestyle that comes along with working, thus not having the time to do simple chores, such as maintaining the grass in the lawn and keeping the backyard clean. Most of the youngsters prefer settling down in apartments (such as the condo and coop) than buying an entire property. What is a better choice between the condo and the coop?

Condos are housing units wherein people buy only a specific part of the building along with facilities shared by other tenants. These may include a swimming pool, stairs, elevators, etc., which are all under joint ownership. Condos are sometimes called apartments and vice versa. In other places, rented spaces of living are called flats while the units bought are called condos. Ownership in condos is limited only to the covered area of the residence. For legal purposes, a document then sets these boundaries on what the buyer owns. During joint ownerships, like for condos, the joint exterior areas are the responsibility of all the owners. During the event of an owner selling his unit, he/she can do so, but this cannot include the common areas. Owners of the units in a condo are given individual property taxes. Quite different from a coop wherein the house tax is shared by the dwellers.

A coop, (short for housing cooperative), on the other hand, is a kind of dwelling unit wherein shareholders of the housing live under one area with several units. There is an agreement containing terms the shareholders should follow to be able to be granted the right to stay in the unit. These are the rules and regulations by which everyone should follow. There is usually a body of officers, sort of like a non-profit organization, all elected by the owners and are responsible for managing the coop. The funds come from the rent of the members and are used for maintaining the coop. Monthly maintenance fees are higher in a coop as this includes the house tax that is paid by the cooperative. Common areas are owned by the cooperative. In a condominium, the common areas are jointly owned by all the dwellers. The dwellers don’t really own an estate. Instead, they own a share or shares which gives the owners the right to lease space dependent on their shares.

Basically, the life and the activities of the people living in a condo and a coop are very similar. From the outside, it is almost impossible to tell a condo from a coop. Both include maintenance fees paid monthly and are dependent on the structure’s facilities. The difference in living will only be obvious after months of living in either a condo or coop. These differences have a huge effect on the lifestyle of the dwellers. The big difference between a condo and a coop is the kind of ownership. Condo owners actually own the unit which is not the same in a coop.

Summary:

1.Condos are housing units wherein people buy only a specific part of the building along with facilities shared by other tenants.

2.Owners of the units in a condo are given individual property taxes.

3.A coop, (short for housing cooperative), on the other hand, is a kind of dwelling unit wherein shareholders of the housing live under one area with several units.

4.The dwellers don’t really own an estate. Instead, they own a share or shares which gives the owners the right to lease space dependent on their shares.

5.The big difference between a condo and a coop is the kind of ownership. Condo owners actually own the unit which is not the same in a coop.


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