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Co-op versus condo: What is different and why is it important?

Updated: Jun 21

To understand the disparity between the size of condominiums and cooperatives, it is important to know the difference between the two. A condo looks a lot like an apartment. Where they are different is the property: an apartment is rented while a condo is owned. However, both are typically managed by a real estate firm and often share common spaces and amenities in a larger building.

Because a condo itself is wholly owned by the purchaser, the area must legally be included in the registration. Even resales must almost always explicitly report the square footage of the apartment being sold in the offering plan.

How do Co-ops work?

Coops are very different. In this case, a buyer buys shares in a company that owns the building instead of directly buying the property itself. The company basically provides leases of ownership for the home in exchange for investments.

Therefore, there is generally no official legal record clearly listing both the exact area of each apartment and the methodology used to calculate it. Therefore brokers often choose not to identify the size of a co-op.

because most of the numbers they use will be an approximate approximation, varying considerably according to the process used to measure and compute space.

Square Footage Isn’t All That Square

Units of measurement are both subjective and subjective. However, the square footage may vary considerably according to the method used. Some will measure the area from outside the unit's exterior walls, which means that the unsustainable space, including the one occupied by the brick and concrete, is included in the area.

Some measure the space inside the exterior walls themselves, meaning that the space in the inner walls is counted, but not the outer walls. Others measure that which can be a more practical element of living space. This appears to be the most useful and applicable for a purchaser, but can always be different:

certain measures of living space will include the whole area up to the windowsill, whereas others will understand the threshold and measure at the window itself.

Due to this disparity in professional measurements, there is no single objective process for measuring the area. Because the standards are different, the numbers that come out of them are different.

InRealEstate’s Recommendation

In general, we recommend that people make informed decisions about living space rather than the total area. Moreover, do not forget that other elements of a zone can make big differences in the feeling of a place. Two apartments that share identical layouts can seem completely different depending on the height of the ceiling, the size and number of windows, and the lighting.

In terms of real property, acreage is not a universal measure. Indeed, it varies greatly according to the method used to calculate it. At InRealEstate, we recommend that you work with your realtor to determine the exact amount of space and how it can inform your home buying process.

If you are looking for a qualified real estate broker with experience working with condominium and co-op buyers, don't forget to contact us at InRealEstate.

In our previous post: "What does a guarantor mean?''

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