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Should you buy a condo

Updated: 9/14/2023
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13y ago

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In a coop, you buy shares in the entire building and then receive a proprietary lease that allows you to inhabit your apartment. A coop board has ultimate power and can determine whether or not you make any improvements to your unit, what you may keep on your terrace (if applicable), and all other communal matters including maintenance and assessments. In many coop you may not sublet or have pets. It is a strange form of "ownership." The coop board must approve any sales or purchases and can deny a proposed purchase without having to ever disclose any reasons for that declination.

In the purchase of a condo the purchaser owns the specific unit outright, pays a common charge for such things as gardening, elevators, etc. Condo owners pay their own taxes and a free to buy and sell without a board's appr5oval. Where both forms of ownership exist, generally speaking condos cost more money to purchase at the outset than coops. Condo owners also have more freedom and may sublet if they wish to.

Coop ownership exists in very few states including New York & Florida.

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Related questions

Where could someone buy a condo?

You can buy a condo by going to websites such as Craigslist and finding available condos for sale. In addition, you can see the newspaper to buy a condo.


What is the best way to buy a Sugar Beach Condo?

The best way to buy a Sugar Beach condo, would be to go through a reputable real estate agent. Once one finds the perfect condo for them, they should make an offer. Once an offer is accepted, it is time for a home inspection.


What should I expect when I buy my first condo?

The contract and closing process can be intimidating for any first time buyer but it is greatly rewarding. Be sure to find out the condo dues and fees and when they are due.


How much is a condo?

The cost of a condo depends on the size + quality. If you are looking to buy an amazing condo, about $50'000 is gonna go out your wallet.


Is good to buy a house or condo?

Good is a judgment and you are the judge about which you should buy. Owning real estate is generally considered to be a sound, smart and reasonable financial investment.


What should you do if you want to buy a condo?

Work with your financial advisor and a local realtor to confirm that your are financially and emotionally equipped to make this purchase.


Can you buy a condo if you receive ssi?

Your mortgage lender can answer this question for you.


Can you buy a condo for a good school district?

Yes, of course.


How do you get a heart room for your cub condo in Build-a-Bearville?

you buy it


When is the right time to buy a condo in Miami?

A local realtor can answer your question.


Where can one buy a condo in New York?

One can buy a condo in New York by looking at places that sell condos. One can find a real estate agent that can help them find condos that they like.


How do you get a club condo on Build-a-Bearville?

to get a condo you have to have a bear from babw and it will give you a exterier, interier and a room for your furry friend!!! you can buy rooms from the lumbear yard.