 The Financial Pros and Cons of Living in a Co-Op Property
There’s a stark difference when you buy a co-op property versus a traditional condo or home. When you buy a co-op property, you don’t own the property outright. Instead, you own shares of a corporation that give you the right to live in the home. The corporations that own co-op buildings or communities are typically not-for-profit.
The principal financial advantage of co-op properties is that they come with a lower sticker price. However, there is a caveat to the lower price. It’s much more challenging to get a mortgage for a co-op property, so sometimes, the only option is to buy with cash. Most people don’t have the money to pay for a property outright, but they don’t have to pay interest or PMI if they do. On a positive note, co-ops have more financial stability, unlike some homeowners associations that manage other residential communities.
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6125 Luther Ln, Dallas, TX 75225
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