Where Do I Live? Apartments, Condos, & Co-Ops

Usually condos, apartments, and co-ops are pretty similar in what they offer, but there are differences in how you pay and what you own.

Apartments

You only rent apartments, and do not actually own anything there. In an apartment you have essentially no upkeep because the complex owns everything and takes care of it. This gives you very little freedom to change the apartment, but gives you more freedom to move as soon as your lease is up.

Condos

If you buy a condo you are actually purchasing that small piece of property within the larger development.In condo developments you have to take care of your own property, which also means you have the most freedom to do with your unit as you please. The public spaces are taken care of by a condo owner’s association that you pay into.

Co-Ops

With a co-op, however, the building and your unit are owned by a corporation, and you buy shares that entitle you to live in a unit. In a co-op you have to take care of your unit, but the co-op board can review and major proposed changes. They also get to review whether or not you can buy in the first place, unlike in a condo, and can deny you for any reason.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s