Co-ops vs Condos?
My son is looking to buy a Co-op or Condo. Co-ops are much less expensive than condo's. We understand owning a Condo you own the actual apartment. Co-ops you own shares in the entire building. A 1-bed/bath co-op sells approx $75,000-$129,000.
Condo's, same size, same sq ft, start close to $220,00 and go up from there.
What are the pros and cons? Why do Co-ops cost much less? This is all new to us and don't want to get involved in something we don't understand.