Renters must know CONDO vs CO-OP before renting.

Two months free rent? Same day approval? Three months move in cost? That’s a lot of money!

You might be bombarded with these words when looking for an apartment, but do you know the difference?

Here are the differences between a condo and a co-op.

In legal terms a building run by condo associations is a condominium complex where each apartment with the owner having a deed. A building with rental association is owned by a company, legally known as co-op. There is no deed for an apartment in co-op, but a proprietary lease which is a share of a cooperation.

If you only expect to rent for a few months or less than a year, a co-op can save you a little. But If you expect to rent for more than a year and build up your credit history and save to buy in the future, condo is definitely better because co-op will eat into your savings with higher rent and expenses for the upkeep. Especially when the rental rate is flexible, a co-op offers little concern for savings for your buying plan.

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Disclaimer

Listings in this video are for informational purpose only, not for solicitation. No part of this video shall be copied, reproduced, distributed, transmitted, broadcast, displayed, sold, licensed, or otherwise exploited for any other purposes without the prior written consent of the owner of this YouTube Channel or the respective licensors of the content.

I am a realtor but not necessarily your realtor unless you have signed an agreement with Shiyue Zhang P.A. (which creates realtor-client privilege). Today’s video is for informational purposes only should not be considered real estate advice. Before making decisions, it is always best to have a candid conversation with a realtor about your specific circumstances.

#Condo #Coop #BrickellRental