What's the difference between a condominium, townhouse, a homeowners association and co-op in the Long Island real estate market? Well, sometimes even the listing agent uses terms that may not be correct.
Seriously, there often is little rhyme or reason as to how properties are entered into the MLS. And condos/townhouses/hoa/co-ops aren't even different options when entering a listing. So your search for a condo or townhouse in a certain development often can come up incomplete depending on what the particular agent enters on a given day.
Here are the rough definitions for the different types of attached properties:
- Condo - A Condo is where you own the actual structure of the building jointly with the other members of the Association, along with common areas such as swimming pool, tennis courts etc. Indiviudally you own the airspace and interior of the structure, but not the building itself. You and the other members of the Association own the structure together. A Condo can be 1 floor, or two and can have a basement or no basement. Sometimes there will be neighbors above, below or both.
- Townhouse - A Townhouse refers to a style of construction and not a type of management, whereas Condo and Co-ops are the types of ownership. It is like a house in that the owner owns both the structure and the land on which it sits, but since it is not free-standing you own the front and backyard. It basically is a building or unit that shares a common wall with the building or unit next door. Townhouses usually are connected to one another in a row and usually have 2 or more stories. They usually do not have not have neighbors above and below, and can be a style of a condo.
- Co-ops - A Co-op is where you own shares of a corporation or organization that owns the larger structure, and ownership of those shares gives you the right to occupy a specific unit or apartment. Co-ops are usually attached units and can have neighbors above, below and on the same floor.
All will have homeowners' association fees that may or may not include taxes and common charges typically go towards upkeep of pools, tennis courts, security, landscaping, trash and snow removal. You pay for electric, and/or gas.
Looking for a particular townhouse, condo or co-op property? We can locate these listings for you. You can simply drop us a line through the contact form at the top of our blog, or email us at: longislandrealtors@gmail.com
Copyright © 2008 By Sheila Agranoff, All Rights Reserved.*Condo-Townhouse-Co-op...Oh My!* Contact Larry & Sheila for your Long Island Relocation Referrals*
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