like a down payment and a home inspection fee. plus, you’re responsible for paying your mortgage, property taxes and potential hoa fees. for an apartment, you typically pay a security deposit, and some landlords require first and last month’s rent. but it may be more...
Financial Health is one area where houses and condos vary greatly. Most of the time, with a condo, ahomeowners association (HOA)will be in charge of managing the financial health of the neighborhood. The owners typically pay a monthly or quarterly fee for insurance, landscaping, trash, snow ...
You’ll also face a one-timeVA funding feefrom the VA. FHA Loans Backed by the FHA and HUD,FHA loansare available to many low- and moderate-income borrowers. These mortgages usually allow for a lower minimum credit score than conventional loans. In some cases, borrowers may also be able...
are suited for anyone looking to stay in a prime location for a cheaper price near shopping, restaurant and entertainment centers. The big difference: Apartments typically mean you’re renting instead of owning, so there is no down payment (other than a security deposit or move-in fee) ...
A variation on condo ownership evolved inNew York Cityand other places during the mid-20th century, known as the cooperative. Instead of a 100-unit residential building being subdivided into 100 individual condo units owned infee simple, the building transfers ownership of the entire building to ...
The Homeowners’ Association or the HOA maintains the rest of the property. The owners pay a small fee for the maintenance of outdoor spaces and common areas to the HOA. How Do Condo Loans Work? There are various types of loans available for condos. Moreover, lenders may evaluate the ...
A typical condo is one unit on a multi-family property. You own the space inside your unit, but share ownership of common areas. Virtually all condos have a monthly HOA fee to pay, and the HOA is responsible for maintain...
In most instances, the board or management team of a condo or HOA is equipped to handle the wide variety of issues that arise day-to-day, from a leaky roof to dealing with municipal bureaucracy. There are other, bigger issues—things like embezzlement and fraud, for example—that require ...
A condominium complex often has more benefits than apartments, such as access to shared amenities and the ability to upgrade the unit. Condos tend to come with responsibilities such as paying an HOA fee and adhering to rules and regulations set by the condo board. And you, as the renter, ...
Condos are managed by a condo board or homeowners association (HOA) that sets rules and charges a monthly fee to oversee and maintain all common areas. Condo vs. single-family home When you buy a house, you own not only the house but also the land it sits on. You're also responsible...