does anyone live in a co-op?

[dec756]

title says it all. going to check out a 3 bedroom later on--its the next street over! I don't think I have ever been in one. What are the advantages? Disadvantages? Price is right and it's in an awesome school district in Northern Va. Thanks for your help.

[Giantbear]

Yes, 15 years, 5 on the board and am closing on my sale this thursday. Co-ops usually are priced better than condo's because you don't actually own the apartment, you own shares in a corporation and have a long term lease on the apartment. Because of that, the building has more control over what you can and can;t do and control your ability to buy or sell. If you don't mind ceding control, its not a bad thing. NYC area is predominantly co-op. A lot of it depends on the building and board, if they have lots of rules and are unreasonable when interviewing candidates, it can make it tough to sell.

[jd11365]

Yes, my mom just "sold" her co-op...until the board denied the buyer. It was an awful.

Co-ops generally are cheaper than condos, but with higher maintenance. Fine when you're young, but when the tables turn and you get older, you prefer not to have a higher maintenance. You want your mortgage paid off and a lower maintenance. Make sense?