In-City Co-ops

A lot of the fabulous vintage buildings on Capitol Hill, Queen Anne and even the U-District are co-ops. How are co-ops different from condos. Ownership is held differently. You own a condo, with a co-op you own stock in the co-op, a non-profit entity.

Co-ops typically are somewhat cheaper to purchase than comparable condos. Things to remember: 5% down are required on a co-op. Interest rates a a tad higher than on comparable condos. However, property taxes are included in the HODs, together with other items such as hot water, for example for some co-ops. No FHA allowed. All lending goes throught the National Cooperative Bank.

Posted on August 30, 2013 at 11:12 pm
Kim Edwards-Fukei | Category: Uncategorized

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