Should You Buy A Florida Condo Or A Co-Op?
If you are looking for a new home in Florida and are considering the different types of living that are available to you, then you probably have a few questions. Such as what is the difference between a Florida condo and a co-op. For most people, buying a home is one of the largest investments of their lifetime. Therefore, it pays to learn all you can about your options before you begin. Here we are going to talk about the differences between a condo and a co-op. After reading this article you will be better able to make an educated decision about which one is right for you and your family.
Condos, short for condominiums, are a very common style of urban living. Condos are a group of just a few homes up to several thousand homes that are privately owned by each individual person or family. Each homeowner pays an equal share of the upkeep of the common areas of the property such as maintenance, amenities, utilities, etc. However, the homeowner is not required to participate in the upkeep of those common areas. Thus the fees to have the work performed by a contractor. If there is a large storm or the property experiences some hail damage, the repairs will be completed and the bill will be divided among all of the current homeowners. In most cases, each condo property has a board or association that makes all of the governing decisions about what’s best and what’s necessary for maintaining the property standards.
Co-ops, short for cooperatives, are very similar to condos in many ways. However, when you buy a co-op you are actually buying a share in a company and that company owns the property not the tenant. That means you’re not buying a piece of property, you are buying a share.
Co-ops are therefore very particular about who they allow to join. Because if they have a tenant that’s not able to pay, everyone else will have to pick up the tab. Additionally, it’s also important that you do a little research before buying into a co-op. If there are a large number of vacancies or if the property is not being run properly, this could cost you more money for the shared expenses.
The less people paying into the shared expenses the more each individual will have to pay. You should ask to see a copy of the financials and the property’s bylaws before making your final decision. It would also be a good idea to talk to the neighbors to find out how they feel about living there and how happy they are with the way things are handled.
Talk to your Florida Realtor to learn more about condos and co-ops. Your realtor will be able to supply you with the knowledge you need to make an intelligent decision about which property is a good investment and which ones to avoid.
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Author Millie Gil: I have been in the real estate service business in Florida for many successful years and will be here for many more. This longevity and confidence comes from my residential lending and real estate services to great buyers and sellers, and their recommendations to others that result in repeat and referral business that keeps me productive and successful.
Doing real estate relocation is also a passion, by assisting transferees with every residential or commercial real estate need. I know that “Relocations occur for business reasons, but more often they succeed because of a combination of family needs that are met”. My commitment to my clients is that I work diligently and quickly to produce results.
As a full service Broker-Owner of Bold Real Estate Group in Stuart Florida. I assist buyers, sellers, renters and investors in real estate transactions spanning all of the price ranges and property types. I am fluent in English and Spanish with a strong network of real estate professionals worldwide.