What’s the Difference Between a Condo and a Co-op

1. With a Condo, You Own the Unit

Buying a condo (short for condominium) means you:

  • Own your individual unit outright (just like a house)
  • Share ownership of the building’s common areas (like the gym, hallways, pool) with other unit owners
  • Receive a property deed
  • Can often rent out or sell your unit freely

This gives you more personal freedom and equity, making condos a popular choice for those who want more control with less maintenance.

2. With a Co-op, You Own Shares—Not Property

When you buy a co-op (housing cooperative), you don’t buy the unit—you buy shares in a corporation that owns the building. Those shares give you:

  • The right to occupy a specific unit
  • Access to shared spaces, based on co-op rules
  • A say in how the building is run (if you join the board)

Co-ops usually require board approval before buying or selling and may limit subletting, making them best for long-term, community-oriented residents.

3. Choose Based on Your Lifestyle and Flexibility Needs

Here’s a quick comparison:

Feature Condo Co-op
Ownership Own real property Own shares in a corporation
Flexibility Easier to rent/sell Stricter rules, board approval
Financing Traditional mortgages May require special lenders
Maintenance fees Usually HOA dues Typically co-op maintenance fees
Best for… Independent ownership Community-minded living

Condos offer more freedom, while co-ops offer a stronger sense of shared responsibility—you choose what fits your goals.

Still Deciding Between a Condo or a Co-op? Let’s Compare Side by Side

📘 Download our free “First-Time Buyer Game Plan” eBook — includes a condo vs. co-op comparison checklist
💬 Chat live now to ask about financing, resale value, or approval timelines
📞 Schedule a call with a Stairway Mortgage advisor to explore mortgage options for each type

At Stairway Mortgage, we help you make smart, confident choices—
because it’s not just about the walls, it’s about how you want to live.

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