Before you start shopping around for your dream pad, weigh out the pros and cons of the three types of home ownership. We've got the deets on maintenance, property taxes, buying, and selling for condos, co-ops, and homes.
What It Is: You own an individual apartment.
Maintenance: Stuff like hallway cleaning and landscaping is taken care of, but you have to pay a monthly fee.
Property Taxes: Paid individually.
Buying and Selling: Board approval is almost never required.
Co-op
What It Is: You own shares in a cooperative, not your individual apartment.
Maintenance: Same as a condo.
Property Taxes: Part of your monthly maintenance fee -- that’s why these fees are generally higher than a condo's.
Buying and Selling: Any buyer must be approved by the co-op board.
Single Family Home
What It Is: You own a home and the land it’s on.
Maintenance: It all falls on you -- either do it yourself or hire someone.
Property Taxes: Paid individually.
Buying and Selling: You’re free to sell to anyone you want.
Get more real estate advice at TheNest.com.
-- Betsy Wiesendanger
Oct 05, 2009
See More: Buying a Home , Real Estate