What does co-op apartment mean?

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Hi Holocene,

This is a good question, and you may get a few different answers here. It is a little complicated, so let me know if it makes sense.

1. Co-ops (co-operative apartments) are mostly in New York City only. There a few in other areas, but very few.

2. It means you own your apartment in an apartment building, like you would own a house, but no garden or grass or trees. You may share them with everyone else in the building. That is the basic answer. Repairs and maintenance are shared by all the co-op owners (home owners) in the building.

3. Now, if someone who owns a co-op reads this, he or she will say that I almost right but not all the way. That is true. But the rest of the explanation is messy/complex, and the basic explanation is that you own your apartment. You do not rent, you own.

If you really need to know, I will cover it. Outside of New York City, Americans do not know what co-ops are. Most Americans who own their apartments have condominiums which is the other form of ownership. In condominiums, you also buy the apartment.

For now, let's go with this answer. Let me know if my answer is clear.


Sincerely,

Richard