Most people have heard of housing cooperatives and the utter difficulty of getting into them that even some of the most influential people have been denied access to them. Condominiums operate on the concept that you are buying real estate as if it were a single family home much like a real home on a lot except your property is stacked one on top of the other. This is good for you pay people and the developer who normally owns the property and maintains it. Housing Cooperatives on the other hand owns the building itself as a corporation, with the residents living within it’s walls as tenants/co-owners rather than sole owners. The cooperative owns the unit you live in and you get a lease/rental contract with the building maintained by the cooperative.
This type of housing arrangement is advantageous for it can have the same benefits as a condominium but without the hefty taxes for a cooperative is considered to be a small business entity that falls into a group of non-profit businesses. Tax discounts and other incentives are given by the government for such housing groups allowing more people to enjoy the benefits of communal living that is not only cheaper but more community than business oriented.
Housing Cooperatives Vs. Condomunium Associations
Greatest perk a condo can give you.
If the pipe of you water service provider’s cut, what do you do? If the electricity’s down, how can you accomplish things? This is one of the major reasons why people prefer living in a condo. First off, condominiums have water tanks. Depending on the size of the condominium but normally, they have large ones enough to accommodate the dwellers. If the water pipe becomes busted, the pre-collected water inside the tank will be the thing that’s going to be distributed. Since these tanks are big and not most of the time the units are occupied, water will suffice the units until the pipe has been fixed.
Second, condominiums have generators. Since generators run on oil, all you have to worry about is the amount of your next month’s association dues (you have to pay for the used oil).
Well at least, you didn’t suffer bit.
Photo taken from http://www.acoustiblok.com & http://www.cartoonstock.com