Although, it is considered by many to be an essential ingredient / component of the American Dream, unless he wants to risk it turning into a nightmare, instead, a person should seriously consider, the best way, forward, for him, personally, and think in something. of the most relevant questions, related to the place where one resides and calls – his – home! One’s housing options include: what you want; need; and you can pay, and choose, whether to rent or buy, an apartment, condominium, or other type of cooperative home. With that in mind, this article will briefly attempt to consider, examine, review, and discuss these 4 options and determine which one might best meet and satisfy your needs.
1. Rent: Many people decide, or can only pay, to rent a place to live, instead of making a purchase! Some may not enjoy the prospect of having the responsibilities inherent in the property, while others may not be sure of their employment plans, possibilities, safety or possible need / desire to relocate to another region / area / neighborhood, etc. . . Others, may not have the necessary, necessary credit to secure financing / a mortgage! For some, they have not booked the reserves necessary for the down payment and other reserves necessary for closing costs, renovations, reservations, moving / furniture, etc. Sometimes people aren’t ready, just yet, for the entirety of the homeownership experience.
2. Cooperative apartment: Possess a cooperative, or cooperative apartment, it is not considered to be a property owner, because one is buying shares, instead of a property! Securing a mortgage, for these, generally requires different standards, as well as a higher down payment, etc. This is generally less expensive, up front, than buying a condo, but often has higher monthly charges / costs.
3. Condominium: Ownership of a condo, in general, means that you own your house, directly, but there is a common property, of what we refer to as common areas, such as streets / paths, patios, etc. Mortgage terms and requirements are often very similar to buying a home. Some are drawn to this, because it requires less individual maintenance, etc.
Four. Houses: The necessary decisions, when buying a home, include not only the area, etc., but also what you can afford, meets your needs, and what style of home is best for you. Consider how much land you want, taking into account maintenance, costs, etc., as well as personal needs, and what makes you the happiest! Also, what style of home makes sense and will you like it (ranch, bi-level, colonial, etc.)? While one ranch is one story, others often require climbing steps, etc., and for some, that’s important!
Since, for most of us, our home represents our greatest financial asset, doesn’t it make sense to proceed with caution and with a lot of thought, etc.? Will you become a wiser homeowner?