The Differences Between Condos and Co-Ops

Posted by Seo Beast on December 1st, 2020

For many people just beginning the search for the urban lifestyle, one of the first questions asked is "what's the difference between a loft, a condo and a co-op? " It's important to have a clear understanding of what's what. After all, for most Americans, the single largest investment they will ever make is their home.

Condominiums. Also referred to as condos, these represent the most common form of urban residence. Condo buildings are made up of anywhere from 4 to 4000 private residences, each of which is owned by a person or a family. Every resident is responsible for a share of the fees associated with utilities, maintenance, and upkeep. loft boarding If there is a huge storm and the building sustain's damage from wind, hail, etc, it is up to each resident to pay a fair share to have this fixed. There is generally a condo board, elected by residents, which is given the power to vote on and make decisions in the governing of the entire building.

Lofts. Often mistakenly believed to be their own type of housing, lofts simply refer to an aesthetic or style that condos sometimes utilize. Often found in antique buildings, lofts will generally utilize an industrial or rustic design. Some characteristics of lofts include very high ceilings, huge windows, exposed brick, timber, and concrete floors. Additionally, lofts will often have floor plans which are uninterrupted, making for a wide open style of living.

Cooperatives. Often referred to as co-ops. These are similar to condos in many ways, but with a few key differences. When one buys a home in a co-op, you are not buying a piece of property.

Instead, you are purchasing a share in a company which itself owns the property. Homeowners here are investers in a product in which they live. Beause of this, co-op boards tend to be highly selective about who they allow to buy in. With condos, a neighbor who is unable to pay their debt is unfortunate, but not necessarily the worst case scenario. With co-ops, however, everyone is equally responsible for the paying of bills.

If one's neighbor is unable to pay, the rest must shoulder the burdon. Accordingly, would-be residents are given a higher degree of scruitany, which is certainly understandable!
We hope that this primer has been helpful. As always, should you have any questions regarding the similarities, differences, advantages or disadvantages of either of these forms of urban living, we hope you'll reach out!