Since, there is no such thing, as, one – size – fits – all, especially, in terms of selecting, the housing, which, makes the most sense, for an individual’s specific set of needs, priorities, uses, and financial abilities, wouldn’t it make sense, for all of us, to clearly, understand the differences, and be better able, to determine, which type, might be best, for them? Some rent, while others purchase! For certain people, buying a Cooperative Apartment, makes the most sense, while others, prefer, living in a condominium. In other cases, some determine, their best option, is living in a single – family home, while others, believe, they might be better – off, buying a Multi – Family house. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these options/ possibilities, in terms of precisely, what they are, and touch – on, the positives, and negatives, of each.
1. Rent: Renting/ leasing, a place to live, provides a form of housing, where, someone else owns it, but you get to live there, without having to worry, too much, about maintenance, and other expenses, as well as eliminating the need, for any downpayment (other, than, usually, one or two months, security, up – front). Some of the reasons, renting is preferred, by some, are: uncertain plans; no reserve funds (capital needed, for downpayments, etc); eliminates maintenance concerns (landlord is responsible, not renter); and, uncertain plans, etc.
2. Cooperative Apartment: Unlike other forms of housing, a cooperative apartment, is not, real property. Rather, you purchase, shares, instead of owning! Some of the reasons, some, prefer this form, include: usually, lower prices (but must abide by strict Board rules/ guidelines); no external maintenance costs (included in fees); and most costs, included in Monthly Maintenance Fees. The disadvantage may be, when you choose to sell, the prospective buyer, must be approved by the Board, which doesn’t have to explain its reasoning, if they turn the individual, down!
3. Condominium: Ownership, without having to be concerned, with external maintenance issues and expenses, etc., and owning your unit, but generally, not the ground/ property, it sits on! This is a convenient way, to own, and, when one selects, wisely, which one to buy, makes home ownership, less stressful. You pay Monthly Fees, which, usually, include, external maintenance, security, land and common charges, etc.
4. Single – family home: Many believe, owning a home, of one’s own, may be a major component of the American Dream! It offers, what, to most, represents, their single – biggest, financial asset, combined with, the ability to customize, according to individual needs, etc!
5. Multi – family houses: Some, wish to combine, home ownership, with investing in real estate. For them, a multi – family house, provides, personal housing, as well as an opportunity to invest in the real estate industry, while, often, significantly, reducing one’s personal, housing expenses, etc.
It’s up to you, to determine, which form, may be, best for you. The more you know, and understand, the better – off, you will be!