Very few financial institutions offer loans for co-ops in Virginia. You purchase and own shares in the cooperative if you are approved by the existing partners after clearing strict “ownership” requirements. DC has quite a few co-ops as well and pretty much all the condo-like buildings in New York are actually cooperatives.Ī few things to note regarding co-ops. It is not my intention to deal with this type of residence at this time rather I just want to alert you to be aware that they exist, with Virginia having a few buildings. They look exactly like condos, but are totally different animals. Many people have never heard of cooperatives (co-ops). WHAT IS THE DIFFERENCE BETWEEN A CONDO & A COOPERATIVE (CO-OP)? The building would have been registered as such (a "condominium") under the Virginia Condominium Act which contains rules and regulations by which the condominium through its owners’ association must abide, in addition to the Covenants, Conditions and Restrictions document.ĭifferent states have their own Condominium Acts. So what makes it a condo and not a rental apartment? Simply, because you are allowed to buy the space between the walls giving you a "condo” ownership in the particular building. corridors and elevators are called "common areas”. That is, each unit is attached to another and spaces outside of the individual unit, e.g. This guide goes a long way to alleviate misunderstandings, offer some food for thought and insight and definitely a wealth of information which I hope you will find useful.Ī condo is a category of housing recognizable by the fact that it is part of a larger building which looks like a rental apartment. So if you have a home, one could say you are paying "fees” when you carry out maintenance activities such as replacing the roof, heating and air equipment, painting etc.? Couldn’t they? Are there costs associated with keeping up your beautiful lawn and gardens, removing snow and trash? But have you considered the why and the what surrounding those fees? A fee by any other name Is still a fee. It is not unusual to hear a comment such as "I am not interested in a condo because of all those fees”. There are so many people who lack clarity about what a condominium is or are totally misinformed. This guide is meant to inform and educate on all things condo. The Definitive Guide to Buying a Condo in Arlington VA Any unauthorized dissemination of this information is in violation of copyright laws and is strictly prohibited.Ĭopyright 2023 Bright MLS.
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