- Should You Buy or Rent?
- Choosing a Home
- Buying New Construction
- Buying Existing Construction
- Should You Buy A "Handyman's Special?"
- A Detached Home or a Condominium?
- A Word about Cooperatives
The cooperative form of ownership (the co-op) is generally found only in large cities. Buying a co-op is quite different from buying a condominium. When you buy a condo, you are actually buying tangible real property. With a co-op, you buy shares in a corporation that owns the building in which your apartment is located. The number of shares you own is proportional to the amount of square footage your unit occupies in the building.
There is only one mortgage and one tax bill and each unit is billed based on the number of shares allocated to it. If you are buying a co-op, the items you need to consider are the same as if you were buying a condo, but pay closer attention to restrictions which may be placed on your ability to renovate or expand your unit or sell it in the future.
Co-op restrictions on who may buy a unit are attractive while you are resident in that co-op, but could become a big headache for you when you try to sell your interest, especially if time is important, such as with a relocation.
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| Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Infinex and the bank are not affiliated. Community Wealth Advisors is a trade name of the bank. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed by insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value. | ||
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