How Do You Buy A Co-Op Or Condo?
If you’re considering buying a condominium or co-op instead of a single family home, be aware that there are distinct differences to owning each property. Single family dwellings require the homeowner to do routine maintenance and make necessary repairs. Condo and co-op owners leave the maintenance to the building’s association but pay monthly maintenance and/or association fees. Condos and co-ops differ from each other in their ownership structure. A condo is a single unit that is purchased individually, while a co-op has shares of the entire building. Get pre-approved for a mortgage. To estimate how much you can afford, take your total recurring debts—credit cards and loans—and divide that number by your gross monthly income. This will yield your debt-to-income ratio. Your mortgage should not exceed 28 percent of your gross monthly income; remember to include monthly fees plus mortgage and taxes. Locate potential properties that meet your needs. Co-ops, or cooperative housing pro
