Co-op vs. Condo, which is better to own and why.?
337885
Coop's are real property, Condo's are real estate.\n\nThe above is the biggest difference in the properties, and thus affects the rest...\n\nAs far as the differences for common charges, you will actually find them to be relatively similar in buildings that offer the same level of services, condo's or coops.  Coop common charges include the taxes, while condos are broken down separately into common charges and taxes.\n\nTo make this as easy as possible, a condo is a better purchase because of your rights of ownership typically.  This is why you see condo prices in NYC 10-20% higher for the same unit as a condo compared to a coop.\n\nIf you buy a condo, you own that condo (real estate).  If you buy a coop, you own... the building, (shares are issued as part of the corporation controling the building, these shares represent your assignment of a space... that is owned by the coop corporation.)\n\nNow, let's take another step... if your neighbor in a condo does not pay his taxes or condo common area fees... who's liable.  He is... Real estate.\n\nIn a coop, if your neighbor does not pay, or cannot afford to pay their maintenance fees... the corporation and you to your share percentage are liable for their bills... real property. (because of this, coops are a little more sensitive as to who they will and won't let into their buildings.)\n\nBanks see a difference too.  Because they cannot account for what your neighbors will and won't pay in a coop, they typically will lend to a lower ltv in a coop over a condo...
220031
Renting would give you the most flexibility. Your cash would also be available for investment, emergencies, etc.\n\nIf you rent you don't have worry about upkeep on your home and maybe no yard work. \n\nThe down side, less control over who your neighbors might be. Probably less privacy.
333126
I am not sure whether you are asking which is the better purchase option for you, or if you are asking whether you should purchase a home at all. If your question is the second one, yes, you should purchase one or the other, as you will be building equity of your own, rather than paying rent, which is building equity for someone else.  If you are asking which to purchase, there are a number of things you should consider.  While a house may appreciate faster, thus allowing equity to build faster, it requires a lot more maintenance, repairs, and yard work.  Are you equipped to do these yourself, or have the resources to pay someone else to do them?  Talk over everything with a real estate professional you can trust.  Look at every consideration you can think of, and decide which would be best for you.  Only then should you start to look at potential properties.  Good Luck!
834210
Condos are not much different than that of a residential loan, it is when you get into co-ops with management companies that things take longer with all the red tape...call me up.\n\nManolo Borja, Senior Account Executive\n\nAapex Mortgage Corp. and Modern Tech Industries, Inc.\n\n366 North Broadway, Suite 206\n\nJericho, NY 11753\n\n(516) 345-1136 Phone \n\n(516) 706-7700 Fax\n\nEmail: nolo430@aol.com\n\nWebsites: www.aapex.com\n\nwww.18776loanyes.com
181960
You need to do some math. What are you spending now on rent for a similar place? Now figure out how much the mortgage, homeowner's dues, and property taxes are. Then factor in the tax deduction for the mortgage interest and property taxes. You may qualify for a first time home buyer's tax credit, check with your county. Then compare what you're spending on rent versus what you would be spending on the condo. If they are close, then yes it is a good time.
300720
Actually in the Vegas market, Condos will appreciate more (by percentage) than houses over the next few years.  Every market is different.\n\nCondos are usually less money to get into.  Minimal maintenance.  Easier to rent out if you need to in the future.  Most have access to a pool and workout center.\n\nAssociation fees are usually a little higher than a house, but you are not required to have full insurance coverage as your association covers that.
970852
I don't think there is a generic answer that satisfies your question.  If you overpay for either a house or condo, you will get a lousy return on your investment.  Also, note that the supply of condos in NYC is relatively low also as most of the apartments for sale are co-op units.  If you buy a condo, I would recommend buying at least a two bedroom apartment.  1BR and studio apartments aren't as good for resale.
796775
You have to check the insurance of the condo company.  \nUsually the condo associations insurance only covers the exterior and roofing of the house.  You are almost never covered for the pocessions in your house.   Condo insurance for just your personal items is very inexpensive (compared to home owner insurance)  I would recommend you get it.
86932
A condo policy will provide liability, personal property and some building coverage for interior walls.  The condo association will cover outside walls.  Depending on your credit score, location of the condo and how much coverage you need, I would ball park it at about $350 for the year.\nContact a local agent - http://www.insuremyhouse.com
985220
Its totally up to the both of you mike,renting a place IS dead money,you are correct,its a fact--a mortgage though is a millstone around the neck--another fact,so really,you're fecked if you do,you're fecked if you dont,fecked if i know the answer to that one!!Then you have the patter of tiny feet to consider in the future,and everyone knows how costly those little feckers are...very!! Wish you all the best in whatever you decide mike,i know its not easy-decisions,decisions,decisions:-/
1095396
If the owner occupancy rate drops too low (e.g. 60%), the complex will lose its status as a Fannie Mae approved condo complex, making it very difficult for prospective buyers to get a loan. This would lower property values.\n\nIf the complex is mostly occupied by tenants, who have no regard for property values, it will not be treated the same way as if it were occupied mostly by owners, who have a vested interest in the condition of the property. This could lead to quicker depreciation of common areas which results in higher expenses for the association.  Also, if rental units aren't maintained with the same pride of ownership as an owner occupied unit, when it sells, it will command a lower price, generating lower comps and bringing down property values.\n\nSome cons to limiting the percentage of rental units would be greater administrative expense, tracking and approving proposed rental units.  Also, you may have the occaisional homeowner who, if not approved for rental status, challenges the number you've chosen for your rental % cap, which could possibly result in mediation/litigation for the association.  The association is allowed to cap the percentage of rental units, but not to the point where it could be considered unreasonably preventing an owner from using their property.\n\nAnother consideration is that, depending on your CC&Rs, you generally will need to get membership approval for such a change.
396013
There are a number of questions that would have to be answered before anyone could really give you advice on this.\n\nAre you definitely moving in 2 years?  When you move, will you sell the condo or rent it out.  Do you have a systematic savings plan right now?  Is your interest rate you're paying now fixed or variable?\n\nIf you are currently saving toward a down payment and are sure you'll have enough when the time comes to move, then it's fine to pay extra toward your 2nd mortgage.  Also, if your moving in 2 years is uncertain, then I would think about paying extra against the mortgage. \n\nHowever, if you are not currently saving toward a down payment, or if you are but you're not sure if you'll have enough, then I would contribute toward that savings instead of extra against the mortgage.  You want to make sure you have saved enough because you have no idea what the real estate market or interest rates will be like in 2 years.  The condo market may crash again like it did in the 80's.  It's always better to have the cash set aside.  It gives you more options down the road.
69634
consider yourself lucky to be a new home buyer.  Yes you will have more out of pocket costs initially but you will receive tax benefit bigger then you have received previously.  You will have an association fee, hazard insurance, taxes etc...  your interest on your home loan is a write off.  Talk to your tax advisor for more details on the benefit.  Write me an email and I'll send you a free .pdf on the benefits of home ownership if you prefer.\n\nYou need to know your current county tax base.  In CA we estimates taxes at 1.25% depending on the county the home is locate in (your taxes may higher so check with your county recorders office or ask a realtor, they will know).  Hazard insurance can be estimated at $50 or less for your condo (just a guess) and your association is based on your HOA (Home Owners Association) so ask them or simply ask any current owner what they are today.
86958
Depends on the condo project. Not all condo projects are created equal.\n\nFirst, do a cash flow analysis on each using comps in the area.\n\nSecond, evaluate the condo project itself. Consider the % of investors in the project, health of the condo assoc, age of the development (needing repairs in common areas etc.), and condo developers role (if any) still in the project. It's good to have the homeowners in complete control - especially when some work is left to do.\n\nOnce you get comfortable on the condo project, pick the one with the better cash flow.
1130857
Property investment is much more stable and sound, but the maintenance and up keep is a big responsibility.  The value still has a chance to go down.\n\nShare or stock investment is exciting but volatile where it will go up or drop flat.  Mutual Funds are between the two.  Bonds are below property investments.
1140204
depends on your lifestyle, you like to move around, rent , if you are looking for something set then make the jump on something while the market is down then renovate and sell. or stay which ever. apprasials are going up for taxes, that is something to think about talk to a realitor, but they get about 6% of sale price and dont think about owner finance its not good for that. good luck
1006007
We have several of these in the Bay Area.  They range from very small, moderate prices to high end.  I'm married and trying to start a family, so this would not appeal to me.  However, if I were single, I would be very interested in the high end type.  The one around here has apartments for rent and condos for sale.  The shopping center has mostly high end shops (Tommy Bahama, Furla, Diesel, etc.), restaurants, bars, a hotel, and a movie theater.  I would expect this type of community to appeal to single, professionals with fairly high income.