A cooperative apartment, also known as a co-op, is very different from a condominium. One is definitely not better than the other, though, but comparing their pros and cons can greatly assist in choosing which one is the best for you.
Purchasing a condo actually entails you to purchase the apartment as well, together with the area of the common space on the property. However, when you buy a co-op, what you are buying are shares in the company that owns the property, which explains why you rent your apartment.
Some areas have more condos available than co-ops and vice-versa. The more popular one in any area is usually thought of as being able to provide the best bargain however, this isn’t always the case.
If you prefer to buy a co-op, you have to ensure that you will be allowed to finance it. In some instances, you might have to shell out cash and provide substantial proof that you meet the required amount of assets.
The process of purchasing a co-op is typically more intensive than purchasing a condo. Some of the requirements include credit reports, numerous recommendations and sometimes even a live interview.
There is also a possibility that you will be declined by the co-op board. A lot of reasons could be behind this, but you are assured that it isn’t because of your race, religion, sex or because of a disability.
Buying a condo is normally a simpler process, much like buying a home. A credit report will still be needed but aside from that, it is very rare that intensive requirements like those when buying co-ops are being applied.
A condominium does not allow you much control over who your future neighbors will be. But because financing is permitted, you will usually find it much easier to sell your condo some time in future.
Chris Stanton has been writing articles about homes for the past two years. He also enjoys writing about New York real estate, including commentary regarding Morningside Heights apartments [http://www.wheretolivenext.com/morningside-heights-apartments] and Beekman Place apartments [http://www.wheretolivenext.com/beekman-place-apartments].