Condo, co-op, townhouse – what’s the difference? Do you know? It could (should) affect what you buy and how. There are differences in what you own and what you can do with your space. Also, fees with each vary.
Here are the basics.
With a condo, you own only the interior – not the roof, exterior of the building, or ground below. You can have neighbors sharing all of your walls, ceiling, and floor. You pay fees to maintain the structure, grounds and common areas.
With a townhouse, you own the structure itself as well as the land it’s on. Because of this, you have no neighbors above or below, only on the sides (one or both) of the unit. As with a condo, you have monthly fees and rules to follow.
With a co-op, you actually own personal property, not real property. You have purchased shares in a corporation that owns the building and you lease a space in that building. Before you can purchase, you are interviewed by the co-op board and you must be accepted into membership. You will be required to pay monthly fees to the board and comply with their rules.
How will knowing this impact your buying decisions?