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Upcoming Meetings

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Annual Budgets/Expenses

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Rules/Regulations

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Condos vs. Co-ops

Before condominiums there were co-ops - short for cooperative housing project. While common in New York (some 80% of the market) co-ops are also found in most large cities. There are differences between the two, as shown below.

Ownership

Condo: title, same as a house
Co-op: own shares of a corporation

Property Taxes

Condo: unit owners taxed separately
Co-Op: typically lower taxes

Financing

Condo: same as a house
Co-op: few lenders willing to give a mortgage

Deductions at Tax Time

Condo: same as a house
Co-op: more complicated

Monthly Assessment

Condo: includes maintenance
Co-Op: includes maintenance, property taxes

Re-Sale

Condo: same as a house
Co-op: less costly; sale not recorded (no title)