These days, everyone is looking for ways to make life more affordable. Finding ways to reduce your housing costs is one way to do that -- so that has some people looking harder into cooperative housing as an alternative to owning a home, renting an apartment or buying a condo.
Are you hoping to make a few extra bucks renting your unused condo out through Airbnb or someplace similar? You'd better hold off -- at least until you read this article.
If you live in a rental unit in an urban area that's gentrifying, you may have heard of other buildings "going condo," after new management gets involved, much to the dismay of existing tenants.
A condominium is a property that is divided up into individual units. These units are then sold, not rented, to others. With condo properties, people who buy often have shared interests in community areas. These areas are known as common property and might include hallways, grassy areas or other parts of the property outside their homes.
While you may think that a co-op and condominium are the same, the reality is that these are two very different kinds of real estate. Condominiums are real estate you can own, whereas a co-op grants you only a share of a building.
Before you buy a co-op or a condominium, it's important that you understand the differences between the two. In a city, it's common for people to purchase one of these two types of properties. They are similar, but they're not the same in every way.
You've been interested in purchasing either a condo or a cooperative housing project. You have the money to put down on either, but you're not sure which one will end up making you more money in the end. You want to have an easy lifestyle there and also to obtain investors into your community.
Condominiums, which are usually referred to as condos, are homes similar to many others on the market. They offer you a place to live and provide you with many of the rights that you'd gain as a traditional homeowner. The difference is that the development of condominiums is managed by an association, and that association makes rules for the community. The individual owners of the condominiums share ownership of common areas while the association maintains the common areas and sometimes outside areas of the homes.
It has always been your dream to own a cooperative. You want to be part of something that grows a community while bringing you a passive income. It's possible, but you need to be careful.
Condominium living can be an exciting idea, but only if you understand what you are taking on. Is condo living really right for you? There are many things you need to consider before you make that decision.