Condo
What It Is: You own an individual apartment.
Maintenance: Stuff like hallway cleaning and landscaping is taken care of, but you have to pay a monthly fee.
Property Taxes: Paid individually.
Buying and Selling: Board-approval is almost never required.
Co-op
What It Is: You own shares in a corporation, not your individual apartment.
Maintenance: Same as a condo.
Property Taxes: Part of your monthly maintenance fee -- that’s why these fees are generally higher than a condo's.
Buying and Selling: Any buyer must be approved by the co-op board.
Single Family Home
What It Is: You own a home and the land it’s on.
Maintenance: It all falls on you -- either do it yourself or hire someone.
Property Taxes: Paid individually.
Buying and Selling: You’re free to sell to anyone you want.
by Betsy Wiesendanger
2/12/08
See more:
buying a home,
Real Estate