When out home shopping with clients in Washington D.C., we have found that there is a ton of confusion when it comes to the topic of condo vs. co-op and their many differences. Many people think that a condo and co-op are one in the same, which is not the case. From the way they are financed, to how ownership works – a condo and a co-op could not be more different.
Many people associate co-ops with New York City. In NYC alone, there are thousands of co-ops but did you know that we also have many co-op opportunities right here in Washington D.C.? According to the DC Cooperative Housing Coalition website
, “Today, there are more than 100 housing cooperatives with thousands of apartments in DC varying widely in location, size and architectural style including hi-rise buildings, garden-style buildings and detached houses…Washington DC is second only to New York City in the number of cooperative dwellings”.
The Washington Post
published an article (below) that we think does an excellent job in describing the differences between a condo and a co-op. What about these two concepts surprises you the most? Would you ever consider living in a co-op building? If you are interested in learning more about purchasing a condo or a co-op unit in the DMV, schedule a complimentary buyer’s consultation with us today! We can clear up any confusion and guide you through each step of the buying process.
Read the full article from The Washington Post below!