Although considered by many to be an essential ingredient/component of the American Dream, unless he wants to risk it turning into a nightmare, instead, an individual should seriously consider the best path forward for him personally and think in some of the most relevant topics, related to the place where one resides and calls – his – home! Housing options include: what you want; need; and can afford, and choose, whether to rent or buy, a cooperative apartment, condominium, or other type of home. With that in mind, this article will briefly attempt to consider, examine, review, and discuss these 4 options and determine which might best meet your needs.
1. Rent: Many people decide, or can only afford, to rent a place to live, instead of making a purchase! Some may not enjoy the prospect of having the responsibilities inherent in homeownership, while others may be unsure about their employment plans, possibilities, security, or potential 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 set aside reserves, needed, for down payment, and other reserves, needed for closing costs, renovations, reservations, and move-ins/furnishings, etc. Sometimes people are not yet ready for the full experience of home ownership.
two. Cooperative apartment: own a cooperative, or cooperative apartment, it is not considered owning real estate, because one is buying shares, instead of real estate! Securing a mortgage for these generally requires different standards, such as a higher down payment, etc. This is generally less expensive up front than buying a condo, but often comes with higher monthly fees/costs.
3. Condominium: Condominium ownership, in general, means that you own your house, outright, but there is common property, which 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 attracted to this, because it requires less individual maintenance, etc.
Four. Houses: Decisions needed 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, maintenance, costs, etc., as well as personal needs and what makes you happiest. Also, what style of home makes sense and will you like (ranch, split, colonial, etc.)? While one ranch style is on one floor, the others often require climbing steps, etc., and for some, that matters!
Since, for most of us, our home represents our single largest financial asset, doesn’t it make sense to proceed wisely and with considerable thought, etc.? Will you become a wise homeowner?
