The assessed value of a condominium is usually higher than a similar <u>Cooperative</u> because of outright ownership.
This is because a cooperative's assessed value is often lower than a condominium's because cooperatives are not owned outright.
In a condominium, each unit within a larger complex is sold, as opposed to being rented out. These apartments, townhomes, or even commercial warehouses may have undergone renovation. Contrary to common misconception, the term "condominium" refers to the legal ownership structure rather than the specific sort of unit. Any building with several units has the option to "become condominium," which requires tenants to leave the property or buy their apartments outright. The walls of a condominium are theoretically owned by the people who buy
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