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Rental, condo, cooperative, single-family, multi-family?

There really is no such thing as the perfect home for everyone! Many factors, including what one can afford (and is comfortable paying for), a specific lifestyle, personal preferences, family situations, privacy concerns, etc., often make a shape more attractive to an individual. specific than another. Some of these choices/options/alternatives include: rent; buy cooperative housing; buy a condo; choose a single-family home; or, determining, buying and becoming an owner – occupant, in a Multi – Family house, etc. Which, makes more sense, to someone, depends on some of the conditions mentioned above. With that in mind, this article will briefly attempt to consider, examine, review, and discuss these options, both for housing and for living one’s life.

1. Rent: Many who can afford to own decide they are better off renting. It could be, they don’t want to be responsible for potential major and minor maintenance and repair items that owners eventually experience. It may also be because the individual is unsure of their future, in terms of work: security, neighborhood preferences, potential desire to relocate, etc. Obviously the downside can be that when you rent you don’t prosper, in terms of asset growth, but for some, they prefer a more carefree existence!

2. Condominium: Some prefer to buy a condo, or a place, in an HOA, so they don’t have to be responsible for the exterior, common use, maintenance and upkeep. In most cases, these owners own their units and some of the property in common areas and pay a fee for those items. Responsibility for interior maintenance, repairs, and renovations remain the responsibility of the owners, as well as typically the utilities (heat, electric, etc.) within the unit.

3. Cooperatives: We see more cooperatives in New York than in most areas of the country. These differ from condominiums in that one owns shares in the building/property in general, but it is not considered real property. It can be challenging to secure financing, and in many cases the buyer must also receive agreement from the cooperative board.

4. Single family: Owning your own home is often an important component of the so-called American Dream. Many want to live in a single-family home, due to a combination of privacy issues, specific features/preferences, having a lot/property (to enjoy), and a wide variety of options and alternatives, in terms of styles, types, sizes, and locations. .

5. Multifamily: Some feel more comfortable buying a multi-family property and becoming owner-occupier of it. The philosophy, in general, is that this option makes it possible to face the property with more comfort, because the income helps to subsidize/pay expenses, etc. On the other hand, some do not want the responsibilities etc of owning etc.

Which approach to living, and where, is best for you? Since, for most people, one’s home represents their biggest financial asset, doesn’t it make sense to know as much as possible and make the best choice for your personal situation, etc.?