While home ownership is a dream most people aspire to, for some it is a difficult one to reach. As housing costs continue to rise, the hope of affording even what was once called a “starter home” seems out of reach for many people. Many people see renting as a better alternative to buying, but renting provides no equity. The answer for people who want to own their own home or who want equity but like the convenience of apartment-type living is to purchase a condominium or a cooperative apartment.
Condominiums and cooperatives are known as common interest communities. All the common space, including hallways and corridors, lobbies and common rooms, and exterior grounds, are commonly owned or maintained by all the tenants in the development. Although condominium ownership differs in significant ways for cooperative ownership, both afford the buyer with the opportunity to achieve equity at a relatively reasonable price without giving up some of the amenities of apartment living, such as on-site repair people.