Condo vs Coop
Both condominiums and coops are types of dwelling units that offer an alternative to independent bungalow-style properties. For busy individuals who don’t have the time to manage the upkeep and maintenance of a separate house, moving into an apartment – either a condominium or a coop – may be a better option. Understanding the differences between condominiums and coops can help you decide which one suits you best.
Key Takeaways
- The main difference between condominiums and coops lies in the form of ownership: you own the unit in a condominium, while in a coop, you own shares in a non-profit organization and have the right to lease space in the building.
- In a condominium, common areas are jointly owned by all the dwellers, whereas in a coop, they are owned by the cooperative.
- Monthly maintenance fees tend to be higher in coops, as they include the house tax that is paid by the cooperative and shared by the members.
