When purchasing a Co-op you are purchasing shares/stocks in the building, a proportionate interest. You will not receive a Deed but will receive a shares certificate, per se. Typically the monthly fees are higher and they include the real estate taxes for the unit. I currently have a co-op on the market in PA and have sold two others. This particular type of real estate is more prominent in New York and some other states so financing could also be a bit of a challenge. Most mortgage companies will shy away from giving a loan on co-ops or will charge extra high rates. You may do better going to a bank or savings and loan in the community where the co-op is located.
I hope this information helps.
It all depends on the housing market when you resell. As well, some boards assess a "flip tax" if you resell within a set period, such as one year to three years.
I hope this information is helpful to you.
Yes. As well, they are harder to resale. All prospects buyer have to be approved by the co-op's board of directors. There are many demands for personal-background and personal-finance information, comprehensive employment history and background checks.
It's also harder to sublease your co-op, and in many cases that is not allowed at all. Co-ops require larger down payments than condominiums, and all maintenance fees are higher than in condos, nevertheless they are tax-deductible.