When you buy a co-op, you don't own your specific unit; you are buying shares in the entire building.
You are then essentially leasing out your own unit.
That means that if your next door neighbor fails to pay their mortgage, the entire building could get foreclosed on, and you could get evicted.
To me, having to rely on someone else paying their mortgage so that I can stay in my unit sounds horrible.
If I fail to pay my mortgage and get evicted, fine, that's on me.
But it doesn't sit well with me having to rely on strangers to pay their bills.
Solution: Buy a regular condo instead and you will not have this problem.
