Whats the difference between a condo and a housing co-op?
Louis St-Amour replied on August 31, 2008 04:15 // A condo is a place you buy and own as an individual and can resell later, like a house. An apartment or condo rental is where you don’t own it, and you instead pay a monthly fee for rent. The advantage to a rental agreement is that you don’t have to try and finance a mortgage up front, and compared to new yet-to-be-built condos, you already know what you’re getting, as you can see the place before you move in. Plus, initial repairs, appliance costs, and sometimes extra services, are offered in a rental situation – for instance, you will never have to worry about paying the plumber if it wasn’t you who caused the problem and the pipes back up somehow. A housing co-operative, in Ontario, is very different from the above situations – it’s like a combination of the two, with a twist. While you can’t resell housing co-operative lands, every person who lives in the co-op is a “member” and owns a share of the co-operative. The membership as a
Demote Louis St-Amour on August 31, 2008 04:15 A condo is a place you buy and own as an individual and can resell later, like a house. An apartment or condo rental is where you don’t own it, and you instead pay a monthly fee for rent. The advantage to a rental agreement is that you don’t have to try and finance a mortgage up front, and compared to new yet-to-be-built condos, you already know what you’re getting, as you can see the place before you move in. Plus, initial repairs, appliance costs, and sometimes extra services, are offered in a rental situation – for instance, you will never have to worry about paying the plumber if it wasn’t you who caused the problem and the pipes back up somehow. A housing co-operative, in Ontario, is very different from the above situations – it’s like a combination of the two, with a twist. While you can’t resell housing co-operative lands, every person who lives in the co-op is a “member” and owns a share of the co-operative. The membership as a who
