What is the Difference Between a Cooperative Apartment and a Condo?

Typically, co-ops and condos are units in apartment buildings wherein each space is owned by separate owners who pay monthly maintenance fees or common charges. The main difference between the two lies in the way that the owners hold their apartments.

Common only in large cities, co-ops are handled more like stock shares in a corporation. The corporation has control over renovations, maintenance, and sale of shares. The amount of the share is determined based on the size and value of the individual unit. It is nearly impossible to get traditional financing for this type of apartment.

Condo ownership is more like buying a home. The unit, generally coupled with part of the common area of the building, is considered a piece of real estate. When selling or leasing your unit is typically a decision you have complete control over.
If you’ve had experience living in a condo or co-op, share some of the advantages you experienced in the comments.

One of the greatest challenges that first time home buyers often face is coming up with a down payment to get the ball rolling. If you had the money, in savings, investment accounts, or work bonuses, you wouldn’t likely be inquiring. Here are some common places where others have found the money for a down payment on their mortgage.

• A withdrawal from a traditional IRA or Roth IRA
• A loan against a 401K
• Creative funding the same as someone who doesn’t qualify for a traditional mortgage

Before you borrow against a retirement fund, make sure that you thoroughly understand the risks and pitfalls. The company in charge of the fund will be able to explain the whys and why-nots of borrowing against your particular plan.

Buyer’s agents have a list of duties. They are paid well to carry them out. If you’re considering hiring one, you should know what it is you’re hiring them to do.
First of all, the agent should find and explore with you a list of homes that meets your needs and budget. He or she should then help you make a decision on which one is best for you.
After you have made your choice, a buyer’s agent should help you figure out the price you should pay for the home and bring an offer to the seller or selling agent.

Additionally, the agent should be helping you figure out how much you can actually afford to spend on a house. The contract you have with the buyer’s agent should include all of this as well as the length of time that he or she will be representing you and how the fees will be paid. As with any contract, you have the right to ask for what you want and hold out until you find something that meets your needs.
There are a plethora of good and bad experiences that people have had with buyer’s agents. Share yours in the comments.