What Is Co-Op Short For In Real Estate?

A co-op, which is short for cooperative, is basically a condo. But you don’t get a warranty deed, which is what we consider full ownership.

What you will get is a certificate of ownership, which is pretty much like you purchased a share of stock. It’s the best way to look at it.

The benefits of buying a co-op is that maybe you want to get a really nice view or you want to buy a property without paying a whole lot up front. But then you’re paying a lot more in your HOA fee, which typically you get a lot of amenities with this co op. Not all do, but that’s typically the situation.

You’re paying a low amount upfront, but then you’re paying a lot more in your HOA fees. Now, most people that buy a co-op in Michigan, they’re typically buying it because they want an additional place to stay on the weekend or they also are at the age group where they need to downsize. They don’t want a true condo or be responsible for a house, but they also don’t want to rent.

So if you have any questions, please leave a comment below. Please share with anyone think it’d be helpful to and as always, close with Patrice.

This has been “What Is Co-Op Short For In Real Estate?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channels for all your real estate tips, home tours and advice.

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