Answer #1

Today’s modern living includes a coop, condo, and the condominium. These two however differ from the bungalow. Most young people today who have decided to save some money for a house are unable to decide the best kind of property to buy. This is expected because of the ever busy work lifestyle and commitments, therefore not having ample time to complete even the simplest of tasks like keeping the lawn clean and backyard presentable. This is the reason most youngster prefer apartments like coop and the condo than buying a bungalow. Well, here are the differences between coop and condo.

A condo is a housing unit wherein people only buy part of the main building along other facilities shared by the tenants. These might include elevators, stair, a sauna and so forth, which are owned by different people. In another scenario, rented places that act as shelter are known as flats, whereas the units sold are classified as condos. A legal plan is drafted to set the boundaries since condos are jointly owned and the owners have the responsibility for the exterior areas. Simply put, owners of each unit are given personal property taxes unlike a coop where tax is jointly shared by the residents.

Also known as housing cooperative, a coop is a type of shelter where shareholders live in several units under a single area. However, there are rules by which all shareholders must follow when granted the opportunity to reside in the area provided. A group of officers are elected by all shareholders to manage the coop.

In summary:

1. A condo is a housing unit where people only buy a specific part of a building as well as the facilities shared by all tenants.

2. After buying condos, owners are given personal property taxes.

3. A coup is a jointly owned unit wherein shareholders live in several units under one area.

Answered By: daniel [554 ]