Rent, Condominium, Coop, Single – Family, Multi – Family?
There is, really, no such thing, as the perfect home, for everyone! Many factors, including, what one can afford (and feels, comfortable, paying), specific lifestyle, personal preferences, family situations, privacy concerns, etc, often, makes one form, more attractive, to a specific individual, than another. Some of these choices/ options/ alternatives, include: renting; buying a cooperative dwelling; purchasing a condominium; choosing a Single – Family home; or, determining, purchasing and becoming an owner – occupant, in a Multi – Family house, etc. Which, makes the most sense, for someone, depends on some of the above – mentioned conditions. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these options, for housing, and living one’s life.
1. Renting: Many, who can afford, to own, decide, they are better – off, renting. It might be, they don’t want to be responsible, for the potential, major and minor, maintenance and repair items, homeowners, eventually, experience. It may, also, be, because, the individual, is uncertain about his future, in terms of job – security, neighborhood preferences, potential desire to relocate, etc. Obviously, the disadvantage may be, when one rents, he doesn’t prosper, in terms of asset growth, yet, for some, they prefer, the more, care – free, existence!
2. Condominium: Some prefer purchasing a condominium, or a place, in a Homeowners Association, so they do not have to be responsible, for exterior, and common – use, maintenance, and up – keep. In most cases, these owners, own their units, and part – ownership, in common areas, and pay a fee, for those items. The responsibility, for interior maintenance, repairs, and renovations, are still the owners responsibility, as well as, usually, utilities (heat, electric, etc), within the unit.
3. Cooperatives: We see more cooperatives, in New York, than most areas of the country. These differ, from condominiums, in, one owns shares, in the overall building/ property, but it is not considered, real property. It may be challenging, to secure financing, and, in many cases, the buyer, must also receive acceptance, from the coop board.
4. Single – family: Owning a home, of one’s own, often, is a major component of the so – called, American Dream. Many desire, living, in a single – family house, because of the 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. Multi – family: Some feel, most comfortable, purchasing a multi – family property, and becoming an owner – occupant, in it. The philosophy, generally, is, this option, permits one to afford, with more comfort, ownership, because, the rents help to subsidize/ pay for, expenses, etc. On the other hand, some don’t want the responsibilities, etc, of being a landlord, etc.
Which approach, to living, and where, is best, for you? Since, for most people, one’s house represents, his single – largest, financial asset, doesn’t it make sense, to know, as much as possible, and make the best choice, for your personal situation, etc?