What Are the Differences Between Condo Fees and Co-op Fees?
The differences between condo fees and co-op fees might seem small, but there are some key distinctions that UrbanTurf will outline in this article.
Condo fees are monthly or quarterly fees paid by condo owners to cover the cost of common area maintenance and repairs. This can include things like landscaping, snow removal, and building upkeep. In addition, condo fees may cover amenities like a gym or a pool, as well as utilities like water and electricity. The fees are typically based on the square footage of the unit and can vary depending on the level of amenities and services offered by the building.
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Like condo fees, co-op fees are also paid to cover the cost of building maintenance, repairs, and utilities. However, co-op fees can also cover the cost of the underlying mortgage on the entire co-op building. This is because in a co-op, residents do not actually own their individual units, but rather own a share in the entire building. The mortgage on the building is paid off through the co-op fees, which can make the monthly costs of living in a co-op higher than living in a condo. Monthly co-op fees also usually include property taxes.
Another important difference between condo fees and co-op fees is how they are calculated. In a condo, fees are usually calculated based on the size of the unit, with larger units paying higher monthly fees. In a co-op, fees are typically calculated based on the share of ownership each resident has in the building. This means that if a resident owns a larger share of the building, they will pay a higher monthly fee.
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See other articles related to: co-op fees, condo fees
This article originally published at https://dc.urbanturf.com/articles/blog/what_are_the_differences_between_condo_fees_and_co-op_fees/20714.
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