In real estate, the phrase Co-op is short for cooperative housing. But what does it mean if you own a co-op? This guide explains.
What is a Co-Op?
In a co-op, which usually just looks like an apartment building or condominium complex, people don’t own their own units. Instead, they own shares of the entire building. What co-op owners do is actually buy stock in the housing complex. Then, the ownership in the housing complex comes with a lease for the home they live in.
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Are There Co-Ops in Tampa?
There are a handful of these types of properties in the Tampa Bay area, but they’re not as common here as they are in other major cities, such as New York and Chicago.
Related: 5 signs to watch for when you tour homes in Tampa Bay
The Three Types of Co-Ops
There are three main types of co-op housing:
- Market rate, which are treated like standard properties. Owners can sell whenever they like, and for whatever price they can get.
- Limited equity, which are often more affordable than others. There’s a limit on how much equity members are allowed to earn in their homes, which means they can’t typically sell for a huge profit.
- Group equity or zero equity, Which don’t allow members to build financial equity in their homes. However, they pay rental rates that are generally below market value.
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