What is a Co-Op and a Condo.

Urban dwellers and potential buyers looking to buy a new home in a common building or community will consider two types of properties, a co-op and a condo.

If you are wondering about the difference between condos and co-ops, you are not alone. These housing types are usually confused.

You may find it to be quite similar at first glance. They are similar in size and appearance so it is easy to get confused about the difference between co-ops and condos.

A co-op (short for "cooperative") and a condo (short for "condominium") are actually quite different.

The main difference between a condo and a co-op is how the ownership of each property works.

A condominium, or "condo", refers to a private residence located inside a shared building or premises that individual owners can purchase.

With a condominium, you own your home, but you only own nothing outside of your unit, not even the exterior walls.

A co-op is also contained within a larger structure, its residents do not actually have their own living space and have only proprietary leases that entitle them to live there.

The lease entitles you to reside in your particular unit and use the common elements of the cooperative as per its bye-laws and regulations.

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