Only apartments I've known are rentals. Ones bought were called condos. Maybe its regional/by country?It's either a condo or it's not, regardless of the existence of a mortgage. In my case, it's a co-op and the remaining mortgage is trivial. Does that make it more or less than a co-op?
Perhaps you can think of it as a gated community but stacked vertically.
-
WANTED: Happy members who like to discuss audio and other topics related to our interest. Desire to learn and share knowledge of science required. There are many reviews of audio hardware and expert members to help answer your questions. Click here to have your audio equipment measured for free!
It really sucks living in an apartment
- Thread starter Pancreas
- Start date
- Status
There are co-ops and condos -- those are both where people purchase the units. And yes (at least here in the US) apartments are where the building is owned by a person or company and they rent out all the units. Of course some owners rent out their condos and co-ops, but that does not make them into apartments.
Co-ops are mostly a NYC thing. Co-ops and condos differ in terms of ownership structure. I am not a lawyer but it is explained here: Co-op vs. condo.
early rejecter
Member
- Joined
- Dec 21, 2023
- Messages
- 82
- Likes
- 81
I lived in a NYC co-op for many years, and I and all of the other owners referred to our living spaces as apartments. Apartment just refers to the physical space; co-op, condo, and rental refer to the ownership structure.
I guess there is variability here on the East Coast. Learn something new every day. Condos and co-ops are not referred to as apartments around here.
(source: I've worked for dozens and dozens of condos, co-ops and apartment building owners in the DC area over the last 30+ years)
(source: I've worked for dozens and dozens of condos, co-ops and apartment building owners in the DC area over the last 30+ years)
I understand about regional usage but what are condos and co-ops, in physical terminology, other than apartments?
JustJones
Major Contributor
I live in a condominium but most people would look at the neighborhood and think single family homes pushed slightly closer together. No unit over or under and only common wall is in the garage. I also have a small privacy fenced back yard. Some units have no common walls.
In Canada where I live condos are owned/financed property with a strata council regulating the use and collecting maintenance fees for all building maintenance. Co-ops are usually low income or subsidized housing that is rented.
Multicore
Major Contributor
- Joined
- Dec 6, 2021
- Messages
- 2,802
- Likes
- 3,185
Condos and coops are legal structures for shared ownership of the building which may be divided into apartments or some other architecture e.g. town houses. Apartments typically share common entrance, for example.
Last edited:
Multicore
Major Contributor
- Joined
- Dec 6, 2021
- Messages
- 2,802
- Likes
- 3,185
Sounds a bit different from what I'm familiar with in the USA.
JustJones
Major Contributor
Here it's called a condo association.
Regional variations on the terms I imagine. Condo ownership here basically ends at the paint and the owner owns the space and answers to the strata council for all complaints, new roofing, painting etc. I don't appreciate condo setups but many people enjoy the terms and also use them for starter homes, monthly rentals and by the day rentals. Co-ops are not very common but they are out there.
I have read about and seen some very sticky situations for associations/strata councils and the people that purchase condos. It seems to be a situation prone to issues.
Yep, if you have shared walls, floors, or ceilings I call it an apartment although you may own it under some legal description.
I hated living in an apartment, and my neighbors hated me back I guess. LOL
I bought my first home with a GI Bill guaranteed loan with Zero money down, the property had a small second "inlaw" building on it that brought in rent
to help pay the mortgage. Both were run down and needed a lot of work. I lived there for the next 32 years, payed the bills on time, etc. I had to work my ass off at one and sometimes 2 jobs to pay the mortgage all the bills. I learned how to do maintenance chores myself, doing plumbing, electrical, etc and put in as much sweat equity as possible.
Pancreas, there are options to explore, you have to dig into what's available to folks in low income brackets, minorities, and all the rest.
Build your credit, that's important. Do you have any credit cards? If so be sure to pay any balance down to zero, then only put on the card what you
can pay the monthly balance in full for every month. One other option I've shown to a few were the pre-paid credit cards that you open with a deposit of something like $500, then do the same as I just noted. One year of credit card balances kept current can raise your score 100 points.
Good luck.
JustJones
Major Contributor
This would vary by governing rules and regulations of the association. For instance in mine units can only be purchased for owner occupancy no renting allowed unless it's to a member of immediate family, sibling, child or parent only.
I like that. Here there is a shortage of attached homes, detached homes and rental properties. People are actually going homeless due to the issue. Subletting condos by the day only exacerbates this issue.
LoL... Hot tenting is all the rage and building squatter tent cities.I thought y'all in Canada could just dig another igloo in the snow and ice?
It's gets pretty bad some days. The insane are running the asylum comes to mind.
Pretty much the same here, only they don't use snow and ice. LOLLoL... Hot tenting is all the rage and building squatter tent cities.
- Status
Similar threads
