What is a major disadvantage of owning a cooperative compared to a condominium?

Owning a cooperative comes with a significant disadvantage when it comes to the level of control residents have over their property. In a cooperative, individuals do not own their units outright; instead, they own shares in the corporation that owns the building. This structure means that decisions about the property are made collectively by the shareholders, and individuals must often seek approval from the board of directors for various actions, including modifications to their units or other significant decisions.

This collective decision-making process can limit personal autonomy compared to a condominium, where each owner holds the title to their unit and has more direct control over their property. Condo owners have the freedom to make decisions about their unit without needing a group consensus or board approval, allowing for greater flexibility and control over their living space.

This distinction in ownership structure is critical and highlights how cooperative ownership can lead to challenges that affect a resident's ability to manage and enjoy their property fully.