The key difference between a condo and a co-op is the ownership structure. When you buy a condo, you own the unit and a percentage of the common areas. When you buy a co-op, you actually purchase a share of the property, and your lease enables you to live in a unit.19 Apr 2021
Why are co-ops cheaper than condos?
The difference in costs. Co-ops tend to be cheaper per square foot. They typically offer buyers more control as an individual shareholder and often have lower closing costs. Property taxes often are lower for co-ops than condos.31 Jan 2018
How does coop housing work?
A housing cooperative or "co-op" is a type of residential housing option that is actually a corporation whereby the owners do not own their units outright. Instead, each resident is a shareholder in the corporation based in part on the relative size of the unit that they live in.
Is cooperative the same as co-op?
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social, and cultural needs and aspirations through a jointly-owned enterprise".
Is the co-op a cooperative business?
Co-op Ownership and Control The people who benefit from the products or services of a cooperative business own the cooperative business. Just as the stockholders or shareholders of a business have a say in how the business is owned and operated, the member-owners of a co-op have a say in how the cooperative is run.
What type of business is a co-op?
According to the University of California, Davis, a cooperative business, also known as a co-op, is, “a private business organization that is owned and controlled by the people who use its products, supplies, or services.” These kinds of organizations differ from other companies because they exist for the benefit of 25 Jul 2019