A board whether it is a condo or co-op board is a group of elected volunteers. It is a boards duty to overlook complaints, hire a property manager, create and enforce the rules of the building. Co-op boards and condo boards have a lot of similarities in their functions, but there are some key difference you should be aware of when choosing between a co-op or a condo.
The elected officials of a co-op board generally hire a property management company to supervise the care and maintenance of the building. The only exception is found amongst smaller buildings that may choose to self-manage with the intent to save money.
In addition to hiring a property manger the board is responsible for creating and enforcing the rules of the co-op. Some common board rules are:
- Whether you can speak on your cell phone in the lobby.
- If (and what kind of) dogs will be allowed in the building.
- When and what kind of renovations can take place inside your unit.
- What activities are allowed to transpire on the roof deck.
A co-op board also holds the right to evict overly disruptive shareholders and force them to sell their unit.
The directors of a condo board hold many of the same responsibilities and functions of a co-op board. However, most condo boards tend to have a more laissez-fair approach to rule making.
This more hands-off approach is mostly due to the fact that condos wield less legal power to enforce their rules. A board can’t evict an owner from an apartment like a co-op board can. This is because condo owners actually own their unit versus owning shares as in a co-op. A condo board can, however, get a court ordered junction to stop any rule infraction from occurring again.
An important fact to keep in mind is that in both a co-op and a condo, your voting power has a direct relationship with the size of your apartment. Thus the bigger the apartment the greater the voting power you will posses. Both condos and co-ops have their pros and cons. The question you need to ask yourself is, would you prefer a more hands on or hands off approach to governing in your building?
All Area is New York City’s leading real estate management company specializing in full-service property management for cooperative and condominium boards in the Manhattan area.