Condo, Co-op or Home?

aladysiren · Joined: 10 May 2007 Posts: 22 8.78 Dollars($)

I hear so many good stories and bad stories of each type of property but for a single person which one will i greatly benefit from purchasing?

Guest 0.10 Dollars($)

Are you a first time buyer?

jameshogg

Hi Alady,

Welcome to forums.

A condo owner gets to hold title of ownership of one condo unit. He does not own the land beneath the unit. On the other hand, town houses are multistory units almost linked to each other by common walls. Now, co-operatives are another group of housing unit, in which the title to the real property is held by a corporation.

As a buyer of a co-operative, you would have to purchase stock in the corporation. You will thus be regarded as the shareholders and not real owner of the property. Being a shareholder, you will hold lease to the property for the life of the corporation.

I think it will be better if you do some kind of search for these types of housing units and then select the one you think can provide you with the best of facilities.

Thanks

aladysiren · Joined: 10 May 2007 Posts: 22 8.78 Dollars($)

Yes i'm a first time buyer.

aladysiren · Joined: 10 May 2007 Posts: 22 8.78 Dollars($)

Yes i'm a first time home buyer. I also took a home buying seminar to get more information on buying a home.

colin · Posted: Fri May 11, 2007 11:30 am Post subject:

Hi,

It depends on your affordability. You can look to buy a home, it would be better than a condo or co-op. You can make improvements upon your home and add more rooms if need later on.

What is your income and monthly expenses like? Your credit score and cash reserves? Looking into these factors will help you get an idea of what will be more suitable for you.

Colin

Guest 0.10 Dollars($)

What stories have you heard Siren. Share a few with us so that we are better aware of what is happening in the property market.

Baudisch

mikeshapiro · Posted: Fri May 11, 2007 1:46 pm Post subject:

I guess this really comes down to personality types and whatever will make YOU happy, not the population.

What would give you the best pleasure has to do with your life style. Do you travel a lot? Do you have animals? Do you like doing yardwork or would you rather pay someone? What is your work schedule like? Do you work from home?

Many of these factors will help you decide what is right for. If you're a busy person and dont really consider owning a home the "american dream" you might find a condo more suitable. If you like having a yard, have animals, work from home or like entertaining people you might find a single family detached your best option.

Income also has a big roll, don't stretch yourself too much or you will end up hating that property you so badly wanted... trust me Smile

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

aladysiren · Joined: 10 May 2007 Posts: 22 8.78 Dollars($)

Well i live in the big city of NY and for some reason it has so much condos being built everywhere i'm just worried that if i do purchase a condo the odds of me selling back for a profit is almost impossible. Then there is the issue of co-op there is also so many and almost all wants a board approval. So my advice to most of you is if you live in NY buying at this time could be up and down.

colin · Posted: Fri May 11, 2007 6:13 pm Post subject:

Thanks Aladysiren,

I think that will be quite useful for people looking to get some information about the property market in NY.

And yes as there are lots of condos and co-ops, chances are that it can get difficult to locate a buyer when you think about selling and moving out.

Colin

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