Why would you buy into a coop instead of a condo?

Question

Just trying to understand why people buy into a coop instead of a condo? What's the advantage?

Answer 1

I didn't get into details with her, but my realator advised me against coops all together.

Answer 2

Some buildings are co-ops. if you want to live there, you have no choice.
In a condo, you own the individual unit and pay your share of maintenance costs for the whole property.
A co-op is a property that is owned buy a group of tenants and you are give rights to occupy a specific unit. You will still pay maintenance fees.
Think of a co-op like a club where the members own the clubhouse.
One major drawback to co-ops is that the co-op board gets to vote on whether they want a particular "member' or not, just like a club.
This means that when you decide to sell your shares, they may prevent you from selling to someone who has the money and is ready to buy.
Many beautiful and prestigious buildings in New York City, for example, are co-ops. They control who they have living in their building. It's a bit of a status thing. It may have evolved as a way for tenants to own their apartments, but it has turned into an ellitist club.
Condos are much easier to buy and sell, with no board review asking personal questions about your habits, finances etc. But if you want to live in some of the most prestigious addresses, you have to endure the co-op process.

Answer 3

They are cheaper than condo's. I live in NY and in my neighborhood co-ops go for 200-300k and condo's are 500k - 1 million. You still get the tax write off however the boards are generally more strict.