Washington DC Co-Ops vs Condos

Washington Dc Co-Ops DC Co-OPS vs DC CONDOS Circa Circa 1891 1963 OWNERSHIP OWNERSHIP SHARE LOAN MORTGAGE Residents are shareholders in a Unit interiors are owned corportation that owns the property. Owning a share entitles you to occupy a unit. individually, plus an undivided share of common elements. FHA, VA & CONVENTIONAL TAX BENEFITS Members pay co-op for their share of Owners pay dues to association for operating costs, maintenance of building mortgage & property tax based on non-profit operation of common elements, pay their own mortgage and property taxes. Buyers must remember to factor community. Co-op fees often seem in their property taxes and utilities. higher than condo fess because they include property taxes, some or all utilities, and possibly a monthly underlying mortgage payment. MONTHLY COSTS New owners may have to pay a move-in fee required by the association, as well as two months' advance dues and 1 to 3 months' capital contribution (like a 'membership New members pre-pay the first month's co-op MOVE IN COSTS tee.' It is non-retundable and does not fee and their monthly share of costs. credit towards any dues owed. Controlled by a co-op board made up of COMMUNITY Controlled by an association board made up shareholders CONTROL of unit owners Owners may receive interior Owners are responsible for maintenance and upkeep of the interior of their units. Dedicated plumbing, electrical and windows maintenance services such as COMMUNITY minor plumbing and electrical repairs free of charge or for a low fee. SERVICES are often the responsibility of the owner. Susan Isaacs, Realtor Coldwell Banker Residential Brokerage 5028 Wisconsin Ave NW DC 20016 bolesre (440) 533-5113 www.susanisaacsre.com [email protected]