Advantage: Low Maintenance
Condos and coops relieve owners of the responsibility of maintenance and repairs on the community proper. People with busy schedules enjoy freedom from mowing and caring for a lawn, shoveling snow or cleaning the exterior of the property. There's no need to buy and maintain a lawn mower, snow blower or other expensive gear, which also reduces storage needs. The homeowners association or management board manages all these tasks on behalf of the owners.
Advantage: Reduced Costs
According to the Utah State University Extension, owning a condo or coop is often cheaper than renting an apartment or town house. Ownership also provides long-term price stability compared to renting. In many cases, condo and coop ownership also offers a low-cost alternative to owning a single-family house. Condos and coops allow people to live in expensive urban areas where real estate prices may make it difficult to purchase a single-family home. These types of housing also reduce the risk of expensive repairs and maintenance. Any major expenses are shared by all owners, reducing the burden on individual investors.