Should I Buy A Co Op A Condo A Town House Or A House

Should I Buy A Co Op A Condo A Town House Or A House

 You want to buy something, but what? You hear from all the family and the friends. Everyone has an opinion and you know what they say about that! How to decide? Here is some help. A co-op usually has a lower purchase price and a higher commons charge. You own shares in the cooperative and you have a board of directors that sets rules and approves purchases. The good part? You can get in for less, you have no repairs, they are included in the maintenance fee,  and you are protected from excessive rentals or unpleasant neighbors by the board. The board can also help maintain value by refusing to approve sales that they believe are degrading the value for all. The downside – you can’t always sell when you want to whom you want. Major repairs result in a special assessment that everyone pays for, the boards can be personal, and the unit is often not able to be rented so once in, sometimes hard to get out. A condo is a condominium and it is real property. You own the unit. It is usually more money than a co-op. The maintenance is usually less. The taxes are entirely your responsibility. The good things? You can sell when you want to whom you want and you can usually rent. The bad things? It costs more and your neighbor can sell to whom they want and when they want and you can’t say anything about it. There are also far fewer condominiums available. A house – makes you a worker. There is always something to be done, fixed, replaced or changed. You have complete freedom within the zoning laws to do what you want. The whole shooting match is on you. You can rent or sell. You also can get anyone living next door to you and there is nothing you can do about it. If you love your own yard and the ability to putter around the house, this is the one for you. Your finances and willingness to tackle your own maintenance are two of the biggest determinants in deciding what kind of housing option is best for your situation. You should consult with your financial advisors to get your complete picture on ownership and how it fits you best. 

Mary Kingsley Headshot
Phone: 917-292-5378
Dated: May 21st 2014
Views: 4,593
About Mary: I have a long background in public service. I am a Registered Nurse with a BA and an MPS in Health C...

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