Ask a Canada Law Question, Get an Answer ASAP!
Good morning Susana,
In terms of any disadvantages of living in a co-op, some to consider includes:
1. Having to pay a mortgage as well as a maintenance fee (HOA). While I own my place, I still have to pay for the maintenance in the complex. Some may consider this paying "double rent". Since some buildings that are now co-ops used to be apartments, the onsite care of the complex could add up.
2. Co-op rules are also specific in terms of who you can sell to if you decide to move later on. You would have to review the bylaws of the co-op to see what their rules are in terms of sales. Subletting is also something that may not be allowed.
3. Board of Directors have power within the rules of the co-op. Sometimes there are politics within the board that cannot allow certain things to get done.
4. Pricing depends on when to sell as the price to sell may not rise as highly as a house for example.
I would suggest reviewing all the proper paperwork before signing any acceptance in moving into a co-op. Ask to speak to the residence owners to see their thoughts on living in their particular co-op. My complex I live in is run very well and although there is politics on the board, I was lucky to find a great complex. My hope is that you will find the same where you are looking.