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Condo vs co-op: what’s the difference?

If you’re considering finding a new place to live, you may consider buying a home or renting an apartment. However, these are only two of the options available to you. If neither of these housing options are within your desired budget, co-op housing is an option you may want to consider. If you live in Michigan, here are some of the ways co-op housing can help you acquire your new residence.

What is a housing co-op?

A housing cooperative, also known as a co-op, is a housing option that is a corporation meaning the owners do not outright own their units. Every resident in the building is a shareholder based on the unit they reside in according to corporate housing law.

The co-op arrangement is common in condominium communities. In many cases, condo owners are able to sell their units on the open market. However, this is often subject to approval from the co-op board.

Benefits and considerations for co-op housing

Co-ops are usually more affordable than apartments for rent since they operate on an at-cost system and collect money from tenants to cover outstanding debts. In places where the cost of living is high, co-ops could be appealing for residents who want to save money. However, the fees associated with living in a co-op may be higher than the fees paid to a

In addition to costs and fees that are applicable to co-op housing based on cooperative housing law, there are social aspects that must be considered as well. Smaller co-ops are resident-run while larger co-ops are run by a board of directors.

A real estate attorney can explain your options and help you understand your responsibilities as a residential property owner.

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