What is the difference between a Condominium and Co-Op Ownership
What is a co-op, anyways? This question comes every so often when working with buyers who are interested in buying a property that happens to be a co-op style of ownership here Virginia real estate. They are sort of few and far between in Northern Virginia; we don’t see nearly as many as in The District and New York City, but they do exist, and knowing what the tax scenarios and ownership rights are for you as a buyer are up front are very important.
Condominiums and co-ops are totally different types of ownership, and have their pros and their cons, just like buying anything does. My broker brought up a wonderful article recently which is delightfully written, elegantly stated and sums up just about everything you’ll need to know about buying a co-op. I can’t thank DC Urban Turf’s staff writers enough, and the folks who commented on this write up enough for their awesome commentary. Good work, you guys.
If you ever have any questions about what the differences are, let’s talk and see what it means for your personal situation.