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Apparments vs House

Would buying an apartment vs house better option ?
Do we have to pay property taxes on apartment ?
Whats average association fee ?
disadvantage of buying apparment ? 
  • November 18 2013 - New York
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Answers (1)

The answer really depend son the type of living you are interested in.  If you buy a coop you aren't responsible for the interior or exterior, personal property aside.  You pay a monthly maintenance which will vary from building to building.  Included in your maintenance will be your pro rata share of the buildings overall property taxes, care for common grounds, insurance for the building, and possibly heating fuel.  With a condo you are responsible for the inside of the unit but not the common area/exterior.  You will pay monthly common charges and pay yearly property taxes as well.  when buying a house you are responsible for everything.  Buying an apt can help you get used to home ownership for awhile.  Then you can decide whether you want to continue that way or buy a house.

Some disadvantages of a coop are you don't own the unit, you own shares in a corporation which entitles you to a proprietary lease, maintenance can go up frequently, assessments can be added to monthly costs for fuel or capital improvements.

Christopher Pagli
  • November 19 2013
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