However, if you want to make a major change to your condominium, you will need to get approval from the condo board. A second advantage is that condominiums are often less expensive than houses. However, they are also slower to rise in value and the first to lose value in a bad real estate market. In addition, a condominium association has the right to refuse a buyer if you decide to sell your unit. The corporation holds title to the complex, and the shareholder has the right to live in a particular unit.
Cooperatives are more common in big cities, where there is a shortage of housing.
Because cooperative buildings are owned by a corporation, and the people who live in it are shareholders, they tend to be the most selective of all of the housing options. The selectivity, however, can be an advantage. Townhouses are individually owned, but are physically attached to other units. They are usually two or three stories, and may have a small yard attached. Townhouses are usually less expensive than houses, but have less privacy.