I'm back with part 3 of my series on what buyers need to know before buying a Co-op or Condo, I have outlined some additional facts and suggestions to further assist you with the decision making process.
Deciding what's best for you....
Before deciding to purchase a Co-op or a Condo, as an experienced Real Estate Professional, I can assist you in narrowing down your search in advance by deciding which form of apartment ownership is best suited to you and your family based on the information you have shared with me and your understanding of their inherent differences.
Deciding what's best for you....
Before deciding to purchase a Co-op or a Condo, as an experienced Real Estate Professional, I can assist you in narrowing down your search in advance by deciding which form of apartment ownership is best suited to you and your family based on the information you have shared with me and your understanding of their inherent differences.
A Co-op: Some people prefer
co-ops because they tend to be more restrictive about who can buy or sublease a
unit in the building. As a result, co-ops tend to have more occupied units than
condos (as opposed to investor-owned units which are sublet) and can impose
stricter guidelines for new buyers, such as all cash purchases, high levels of
savings, and so on. Many people feel that this increases both the security and
the financial viability of the building.
A Condo: Some buyers prefer a
condo because there is more flexibility in terms of subletting and apartment
usage. It is usually permissible to operate a business out of your unit. There
is usually no board applicant review required of new buyers so purchasers do
not have to reveal all their finances to the board, be interviewed, or obtain
board approval in order to buy a unit.
I'm available to help you.
Next week we will cover: The Financial Differences Between a Co-op and a Condo
Written By: Akim R. Smyer, Real Estate Associate Broker - Coldwell Banker Residential Brokerage
Written By: Akim R. Smyer, Real Estate Associate Broker - Coldwell Banker Residential Brokerage
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