Condos In New York City

How much do you know about condos and co-ops? Do you know what the difference is between a condo and a co-op? OK, well when you're finished with this tip you'll know the difference.

Both a condo and a co-op are considered to be a Common Interest Development, or CID. Co-op is short for 'cooperative' and describes a residential living building that is owned by a cooperative housing corporation. The key point to remember here is that in a co-op the building is owned by a corporation.

A condo differs from a co-op in one important way. In a condo each individual owns an individual residential living unit within the building. Each individual also owns an undivided interest in some things exterior to his unit. These include recreational areas, roofs and walls.

In each cas expect to pay a monthly maintenance fee to cover routine maintenance. Its always a good idea to investigate exactly what the fee covers before you buy.