Helena Talbot's blog - Should You Buy A Condo Or A Co-Op?

If you are looking for a new home 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 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

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

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 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.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry.  As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele.  If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems.  I would appreciate the opportunity to earn your business.  I am experienced in listing and selling short sales.  For information on the short sale process, please visit  www.LoudounShortSaleSolutions.com.

For a free market analysis on the value of your home, please visit http://www.LoudounHomeValues.com

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors,  Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors.  I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979.  I am married with two grown children and two grandchildren.  My son in law is my business partner in real estate.  I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker. I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William  Counties.  Our local neighborhoods includeLeesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont.                        Cell 703.727.9885    Office 703.574.3800

Free iPhone/Android Mobile App to search Northern Virginia real estate.  2 easy ways to get the App:  Text “Exit9” to 87778 or enter http://87778.mobi/Exit9 into your browser.