What are the differences between Co-ops and Condominiums? Co-ops are apartment buildings owned by a corporation. Technically they are not classed as real estate. Individual tenants do not own their apartment; instead they own shares of stock in the corporation. The corporation pays all building expenses including, real estate taxes, maintenance expenses and the mortgage. The monthly amount a shareholder pays towards these expenses is in direct proportion to the number of shares owned in the corporation. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we also see many condominiums in these areas. Condominiums are considered real property and are bought and sold just like a single family residence. Condominium ownership also involves a monthly Association Fee that is based upon the square footage of a particular owner’s apartment. Real estate taxes are excluded from the common area charges and are paid by the condo owner to the City separately. Ownership and occupancy of a condo is governed by a set of rules and regulations called Covenants, Codes & Restrictions that cover everything from the allowable noise levels permissible to pet types and breeds permitted on the grounds. Check out the active listings in Country Club Village in December 2015:
39462 Champion Court, Northville: 2 bedrooms, 3 bathrooms, 1,229 sq. feet, 2 car garage, Listed Price: $249,999
Country Club Village Active Listing
December 2015
39496 Village Run Drive, Northville: 3 bedrooms, 2.1 bathrooms, 2,197 sq. feet, 2 car garage, Sold Price: $329,900
Country Club Village Active Listing
December 2015
Some disadvantages of co-ops are: Owners are usually not permitted to use their apartments for professional or business purposes and almost all renovations must be approved by the board. Also, owners looking to sell their apartments must have the new buyer approved by the board through the application process before a sale can be made. For more information on Country Club Village, or similar Northville or Novi neighborhoods such as Blue Heron Pointe, Hickory Creek and Lairdhaven, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.