- Should You Buy or Rent?
- Choosing a Home
- Buying New Construction
- Buying Existing Construction
- Should You Buy A "Handyman's Special?"
- A Detached Home or a Condominium?
- A Word about Cooperatives
The cooperative form of ownership (the co-op) is generally found only in large cities. Buying a co-op is quite different from buying a condominium. When you buy a condo, you are actually buying tangible real property. With a co-op, you buy shares in a corporation that owns the building in which your apartment is located. The number of shares you own is proportional to the amount of square footage your unit occupies in the building.
There is only one mortgage and one tax bill and each unit is billed based on the number of shares allocated to it. If you are buying a co-op, the items you need to consider are the same as if you were buying a condo, but pay closer attention to restrictions which may be placed on your ability to renovate or expand your unit or sell it in the future.
Co-op restrictions on who may buy a unit are attractive while you are resident in that co-op, but could become a big headache for you when you try to sell your interest, especially if time is important, such as with a relocation.Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Franklin Mint Federal Credit Union and Mint Wealth Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Mint Wealth Advisors, and may also be employees of Franklin Mint Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Franklin Mint Federal Credit Union or Mint Wealth Advisors. Securities and insurance offered through LPL or its affiliates are:
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Financial Learning Center content created by TrueBridge, Inc. The information provided is based upon sources and data believed to be accurate and reliable. The content contained herein is intended for information and illustrative purposes only, should not in any way be construed as a personal recommendation, and should be used in conjunction with individual professional advice.