A certain sense of community is expected no matter which apartment you buy
We already tapped into this earlier, but when you buy a co-op apartment, you are expected to take part in joint duties, such as maintaining the property, financial decisions etc.
This is also the case for condominium owners but to a lesser extent. Even though you own your home, you still share roof, common areas etc. with the other tenants in the building. As such, you are expected to contribute to maintenance expenses.
Your choice of apartment might limit your refurbishing dreams
Co-op apartment owners aren’t allowed to make major changes in their home without a permit from the tenant-owner’s association’s committee.
With a condominium, you are free to do whatever you want because you own the property.
Required maintenance varies between the different apartment types
Co-op apartment owners are required to maintain their home. Meanwhile, condominium owners decide for themselves how much effort they want to put into maintaining their home. However, it is advisable to maintain your property regularly to keep the value from diminishing.
Condominiums are usually more profitable when sold at the right time
A condominium can be a source of profit should you decide to sell it someday. Though for that to happen, you have to pay off your debt and your property’s value must increase.
Prospects of profit aren’t as favorable for co-op apartments, as they have a price cap. The price cap is determined by factors such as the property’s value and its debt.
As you can see, there are pros and cons to each apartment type. Whether you should choose one or the other depends entirely on your needs and wishes. A co-op apartment can be just as accommodating as a condominium and vice versa.