There is a sense of pride and accomplishment that you attain when you own your home. You have the satisfaction of knowing that any improvements, upgrades and repairs that you make will enhance the value and desirability of your property. You are no longer "making the landlord rich," rather, you are setting off on a mission of financial independence.
New homes aren't always single family residences, but how do you decide if a house, a condo, or co-op is the best choice for your housing needs? Here are a few explanations to help you sort out the differences and similarities in ownership of those two types of real estate.
An individual condo owner holds title to the unit only, not the land beneath the unit, so condos can be stacked on top of each other.
All owners share title to common elements. Common areas include land, the exterior of buildings, hallways, roofs, swimming pools -- any area used by multiple owners.
Condo owners pay property taxes on their individual units.
A property owners' association usually manages the complex and collects fees from all owners in order to maintain common areas.
Co-operatives and Co-ownerships
generally, title to all associated real estate is held by a corporation. Buyers purchase stock in the corporation and are considered shareholders, not owners of real property. Each shareholder holds a lease to his apartment that runs for the life of the corporation.
Taxes are paid by the corporation. The mortgage is normally held and paid by the corporation. Those costs plus the costs to operate the building are shared by shareholders.
New shareholders must usually be approved by an administrative board.
My Personal Commitment
My "Guaranteed Service, Exceptional Results"™ guarantee is a commitment to provide the highest quality professional service. We will negotiate on behalf of the buyer the lowest price under the most the favourable terms, and to make the process as helpful, convenient, informative, and problem-free as possible. We can also introduce you to the best mortgage services, lawyers, home inspectors, home insurance companies, movers and more… so you don't have to look any further for help with the entire transaction.
If you are considering purchasing your first home, don’t be overwhelmed. Contact Lawrence Day’s Team and let them help you make the process as problem free and enjoyable as possible.