mauimix
June 27th, 2005, 09:31 AM
I know the legal differences between coops and condos -- in a coop you own shares in a corporation, not property; in a condo you own property (your unit) as well as a percentage of the common space.
My question is a pragmatic one -- do they actually function differently?
Each is governed by a board elected by the residents. It seems to me that the quality of the living experience will be determined by the quality of the people on the board -- their choices in managing agent, their decisions re maintenance and upkeep, etc. Ultimately, the management of the building falls to the board.
The common assumption is that generally a condo will be better managed and run than a co-op, but I'm wondering whether this is true.
Any thoughts or advice?
My question is a pragmatic one -- do they actually function differently?
Each is governed by a board elected by the residents. It seems to me that the quality of the living experience will be determined by the quality of the people on the board -- their choices in managing agent, their decisions re maintenance and upkeep, etc. Ultimately, the management of the building falls to the board.
The common assumption is that generally a condo will be better managed and run than a co-op, but I'm wondering whether this is true.
Any thoughts or advice?