You are tired of renting, of landlords and of yearlong leases. You want something permanent. You want to purchase a property. However, you don’t want an entire house. That would be too much – too much space, too much money, just too much. As such, you are left with two options: a condo or a co-op.

A condo would mean that you own essentially four walls. You own a unit within an apartment complex. You would hold the title and be responsible for all that was inside of it. Any replacements or repairs would fall to you. When the fridge broke, you would be the one at Home Depot, not your landlord or an unknown corporate head. But you would also pay a monthly fee to the complex, which would cover some maintenance, possibly a few utilities and other odds and ends such as garbage removal.

In a co-op, on the other hand, you would be a part of a multi-family dwelling unit. Rather than owning just the space you lived in, you would have a share in the entire project. You would be a part of a corporation. The monthly fee you paid would encompass not just utilities and grounds upkeep but appliances and inside maintenance as well. Taxes would be handled by the co-op, taken from your monthly fee.

Both options have their benefits. Both have their limitations. What you should choose depends on what you are looking for. If you want an ownership in which you are solely responsible, look for a condo. If you want a more community-like experience, try a co-op. One or the other should meet your needs and give you the satisfaction of ownership.