7 edition of Keys to Purchasing a Condo or CO-OP found in the catalog.
October 1, 2000
by Barron"s Educational Series
Written in English
|Statement||by Jack Friedman Ph.D. CPA MAI and Jack C. Harris Ph.D.|
|Series||Barron"s Business Keys|
|The Physical Object|
|Number of Pages||180|
Some condominiums are underfunded and don't have the money to pay for regular maintenance. It's important to ask a lot of questions and make sure the association is well-run before buying a condo, and find out how many condos the association manages. If a dozen members struggle with paying dues in any given month and your community has condos, you aren't likely to feel the . Purchasing a condo is like joining a business arrangement with all the other people who own condos in the building. Because of this, condos have their own homeowners associations. This body puts rules in place to maintain the upkeep of both the building and neighbor relationships.
Q. What are the risks and pitfalls of buying into a condo or co-op as it's converting, both from a financial point of view and in light of continued occupancy by rent-stabilized tenants? A. Buying into a conversion can be a fantastic investment opportunity, but there are a number of things to be cautious about, say our experts. "The primary risk is that it may be difficult to. Given that buying a co-op is not a traditional real estate purchase, the contract of sale must address different issues than if you were buying a condo unit or house. This article addresses contract clauses unique to co-ops and what you as a purchaser should watch out for.
Every condo owner or co-op owner should have their own insurance. One of the problems that owners face when purchasing condos or coops is confusion about the insurance. Unlike homeowners, they do not always need to provide a binder of insurance to the mortgage company, because the basic building itself is insured on the condo or homeowner. Key Questions to Ask Before Buying a Condominium Before buying a condo, ask the neighbors up and down as well as sideways to turn on their TVs and stereos at normal level. Then go into the.
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Keys to purchasing a condo or a co-op. [Jack P Friedman; Jack C Harris] Home. WorldCat Home About WorldCat Help. Search. Search for Library Items Search for Lists Search for Book: All Authors / Contributors: Jack P Friedman; Jack C Harris.
Find more information about: ISBN: How To Buy a House, Condo, or Co-op: Revised Edition [The Editors of Consumer Reports] on *FREE* shipping on qualifying offers. How To Buy a House, Condo, or Co-op: Revised Edition Keys to Purchasing a Condo or a Co-Op (Barron's business keys) Jack Friedman.
out of 5 stars 4. Paperback.5/5(1). Fully updated to address the many changes that have occurred in the market since the first edition, Tips & Traps When Buying a Condo, Co-Op, or Townhouse, Second Edition, covers all the bases to help you navigate the process of buying into a shared-ownership development.4/5(11).
People buy a condo for different reasons than they buy a house. Knowing what motivates a condo buyer will help you market your condo using descriptive phrases that will be attractive.
Remember that the condo you are trying to sell is more than a building; it is a location with cooperative amenities that can appeal to many different potential buy. 5. The Board Approval Process – While both condos and co-ops elect a board of directors to make important decisions regarding the maintenance and upkeep of the building, the co-op board wields MUCH greater power.
In extreme cases, the co-op board can even evict a shareholder that it deems disruptive. When buying a co-op, you must go before the board and submit to a potentially. Condo vs. co-op: Know the differences before buying one Condos and co-ops are similar — up to a point.
Ownership and financial issues are important distinctions. A Condo: Buying a condominium, or condo, is a real estate transaction. The buyer purchases real property, which comes with a deed, much like purchasing a house.
Condo owners also vote for the board of directors, which runs the building in basically the same way as a co-op board, but with less sweeping authority.
When you buy the unit, you’ll receive a real estate deed. So, in many respects, buying and owning a condo is like doing the same with a single-family house. You own the property—and you will pay either a monthly condo maintenance fee, or a yearly homeowners association fee.
Coops. It’s a different story if you decide to buy a coop in. But when you buy into a co-op, you don't technically buy (or own) the property at all. "You are purchasing shares of stock in a corporation or. The purchase of a condo is known as a “fee-simple” purchase.
Unlike a condo buy, in which a condo board may lightly weigh in on your desirability as a resident, a co-op board typically will. Get this from a library. Keys to purchasing a condo or a co-op. [Jack P Friedman; Jack C Harris]. >In a city where everyone would love to have an extra s.f., it's amazing no one on this board expresses the advantage that for a fixed budget, you can buy % more square feet in a co-op than a condo.
And if the co-op / condo price ratio remains relatively constant, you've made a better return on your money in a co-op. Keep reading to learn the pros and cons of buying a condo, co-op or townhome.
Buying into a housing co-op. There’s no doubt that the concept of a co-op may invoke a “hippy vibe” for some; however, for those living in urban areas, it can be a great homebuying opportunity.
For one, urban living can often mean dealing with limited space. Both co-op and condo associations will charge monthly fees on top of your mortgage, which vary widely from building to building.
Unlike a condo building, the co-op fee typically includes an. Before You Buy A Co-Op Or Condo. The Physical Aspects. When purchasing a unit in a cooperative or condominium, most consumers focus on location, size, amenities, and the price.
Equally important is an analysis of the physical aspects of the property. This is true for newly constructed buildings, as well as existing buildings that are being.
Before purchasing a condo, it is advisable to request and read all the rules of the condominium complex. Many condominiums offer amenities like swimming pools, clubhouses, tennis courts, and golf.
An overview of the co-op buying process. Line up your team and obtain a pre-approval letter. “Make sure you have your team lined up before you start the process — mortgage broker or banker, engineer, lawyer,” Zerline Goodman, managing partner and founder of an eponymous real estate law firm based in Brooklyn Heights, told Brownstoner.“You have to be ready to move quickly in this.
When you sell your condo, you transfer ownership in the same way you would if you sold a house — by real estate deed. Florida Cooperatives. The major difference between condos and co-ops is in property ownership.
You do not “buy” a co-op; instead, you become a shareholder in the corporation that owns the co-op. About the authors: The above article “10 Tips for Buying Your First Condo” was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).
With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton.
For condos, the basic governing document is the bylaws, and for co-ops, that document is the proprietary lease. “In addition, the offering plan, amendments to the offering plan, articles of incorporation, condominium declaration, and the master deed are also important documents for a building,” says John Czajkowski, management executive for West End Avenue with AKAM Associates.
Considering buying a co-op as a good way to grow your portfolio? If you’re looking to rent the unit to tenants, a condo might be a better investment.
Unlike a condo where you own property, when you buy a co-op you own a share in the corporation that owns the building and the board members of the corporation can seriously limit your ability to rent it out.
I am looking to buy a condo or co-op in New Jersey. To my surprise, the co-op complex I was most interested in requires buyers to get their mortgage from only one bank. Let’s call it Bank A. Condos usually cost more to buy than a co-op, but you have more flexibility with your investment.
It’s usually easier to sell or lease out a condo. While co-ops will have higher fees, the initial cost of buying into a co-op is usually cheaper than a condo. However, it is usually harder to sub-lease in a co-op, so it’s best to plan on living.