When exploring housing options in urban areas, two common choices are condominiums (condos) and cooperatives (co-ops). While they may seem similar on the surface, they differ significantly in terms of ownership structure, management, and financial responsibilities.
Ownership Structure
In a condo, you purchase an individual unit, giving you ownership of your space and shared interest in common areas like hallways and amenities. This means you own the unit outright, like owning a house but within a building. You receive a deed and have full control over your property.
A co-op operates differently. When you buy into a co-op, you're purchasing shares in a corporation that owns the entire building. These shares entitle you to a lease for your
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