- You can buy into a coop, usually, for much less than the price of a condo.
- If you like exclusivity, you can get it with a coop because all owners have to be approved by the coop board. They can disapprove if they don't like your hair or the way you dress because you are not buying a unit, but you are becoming a business partner with the ability to live in one of their units.
- Utilities are typically part of the coop fee
- You can get elected to the board and wield your own power over who gets to live there.
- Your coop fee is mostly tax deductible because it includes taxes and interest on the building mortgage
- They tend to have more security measures in place than condos for allowing outsiders in on a daily basis
- You don't actually own the unit you live in and any changes you make to it have to be approved by the board before you make them.
- The coop fee is a LOT higher than a condo fee, but that's because it typically includes utilities, taxes and interest on the building mortgage
- Coops can be very restrictive. If you need to move and want to keep the coop, they can restrict whether or not you can rent it out, or put a time limit on how long you can rent it.
- Selling a coop can be a long drawn out process, depending on who sits on the board and who manages the building. A buyer has to be approved before you can sell to them.