Although, many consider, an essential ingredient/ component of the American Dream, unless, you want to risk it becoming, a nightmare, instead, an individual must seriously consider, the best path, forward, for him, personally, and think about some of the more relevant issues, related, to where, one resides, and, calls – his – home! One’s housing options, include: what you want; need; and can afford, and, choosing, whether to rent, or purchase, a cooperative apartment, condominium, or other type of house. With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these 4 choices, and determine, which might best serve your needs, and satisfy you.
1. Rent: Many people, either, decide, or can only afford, to rent a place to live, rather than make a purchase! Some may not enjoy the prospect of having the responsibilities, inherent with owning, while others, may be uncertain, about their employment plans, possibilities, security, and or potential need/ desire, to relocate, into another region/ area/ neighborhood, etc. Others, may not have the necessary credit, needed, to secure financing/ a mortgage! For some, they have not put aside the reserves, needed, for the down – payment, and other reserves, needed for closing costs, renovations, reserves, and moving/ furnishing, etc. At times, individuals, aren’t prepared, yet, for the entirety, of the home ownership experience!
2. Cooperative apartment: Owning a coop, or cooperative apartment, is not considered, owning real property, because one is purchasing shares, rather than real estate! Securing a mortgage, for these, generally, requires different standards, as well as, a larger down – payment, etc. In general, this is, less – expensive, up – front, than buying a condominium, but, often, has larger, monthly, carrying charges/ costs!
3. Condominium: Condominium ownership, generally, means, you own your home, outright, but, there is common – ownership, of what we refer to, as the common – areas, such as streets/ roads, yards, etc! Mortgage terms and requirements, often, are very similar to purchasing a house! Some are attracted to this, because, it requires less individual maintenance, etc.
4. Houses: Decisions needed, when buying a house, include, not only the area, etc, but what you can afford, meets your needs, and which style of house, is best, for you! Consider, how much land, you want, considering, maintenance, costs, etc, as well as personal needs, and what makes you happiest! In addition, which style of house, makes sense, and will you like (ranch; split – level; Colonial; etc)? While a ranch – style, is on, one – floor, the others, often, require climbing steps, etc, and, for some, that matters!
Since, for most of us, our house represents our single – biggest, financial asset, doesn’t it make sense, to proceed, wisely, and with, considerable thought, etc! Will you become a wiser homeowner?