Marcie has some great points about the other differences between Co-ops and condos, but one more additional concern about the Co-op is that many of the boards in this area also don’t allow for rental of the unit. Meaning that if you no longer want to live there it can be complicated to rent it out and keep the property as an investment for the future. As where the Condo associations sometimes have limitations of the rentals it is usually easier to rent them out and hold on to the condo as an investment.

I would look in the long term investment of your property, everyone has different need and willing to different opinions, you need to look at your needs and consider a purchase that is right for you. I would like to help you if you still have any questions.

Co-ops are much less common here in Fairfield County than they are in major cities, such as New York, so people are not as familiar with them and that can make them seem "risky". When you are purchasing a co-op, you're buying shares in a corporation, not real property like a condo or house, which is a consideration. They can be more difficult to finance, as well, so be sure to check with your mortgage broker to see if you can qualify for a co-op mortgage. In a co-op the common charges include your share of the property tax and mortgage of the overall complex, as well as maintenance of the complex and sometimes heat & hot water (depending on the complex). All of these expenses make common charges high (in one Norwalk co-op complex they are around $1,000/month) so you need to factor that expense in to your monthly budget. Your finances will also be subject to review and approval by the co-op board, so be prepared to complete an application and provide them with lots of financial documents (tax returns, etc.). Not everyone is comfortable with that type of scrutiny by a group of their future neighbors, so think about that too. If a co-op is well maintained and financially sound, then it can make a good investment. Just be sure that you understand the co-op board's approval process and what your total monthly housing cost will be (mortgage, common charges & utilities) so that you can be sure that you're staying within your budget before you go forward with your purchase. You should also look at any condos in your price range, too, just to have something to compare it to. Feel free to contact me if you'd like any more assistance. It would be my pleasure to help you with your first home purchase.