What to Expect When Purchasing a Co-op

In many areas, co-op apartments are viewed as affordable housing that offer a gateway to home ownership. First-time homebuyers and seniors are often drawn to co-ops as they require less upkeep than houses and the repairs and management of the common areas are cared for by a management company. Co-ops also offer owners seeking to cap their monthly housing costs a set maintenance fee that will usually encompass the costs of heat, hot water, upkeep of the common areas and real estate taxes in addition to any mortgage payments. While co-ops have much to offer, it is important to understand that buying a co-op is very different than purchasing other real estate. Here are a few tips to consider: Continue reading

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What to Expect When Purchasing Residential Real Estate

 

One of the most stressful decisions that individuals can make during their lives is the purchase of their first home. As buying a home is likely one of the largest purchases in a person’s life, the financial stress can be daunting and this pressure can be amplified if the purchaser lacks knowledge regarding the home-buying process. Knowing what to expect during this process can significantly reduce the anxiety that may accompany the purchase of a first home. Although real estate transactions can be complex, the following major steps can be expected by a purchaser:   Continue reading