The Best Home for You Cambridge MA
The Best Home for You
The perfect home, the one that you imagine in your mind, is a great image. However, it is an image that is not all that simple to create.
There is no perfect home because all homebuyers have different wants and needs. Some people have families, others are single; some want to have a swimming pool, others do not. Home ownership is a many faceted ideal.
Condos, Co-ops, and Town homes
There are many different types of homes and depending on your situation, you may want to consider the following:
Single Family Detached
It can be an old fixer-upper or it can be a fantastic new home with all the trimmings. However, the fact remains that it is a starter home on its own bit of property. The great thing about a single family detached home is that you get to decide the exterior style and make your own rules (noise, etc.). But remember that you also have to do all the repairs.
Although condos take many different forms, they still abide by two basic principles. First, the owner owns the interior, from the walls in and a portion of the exterior (the roof and communal areas). Second, all owners pay dues to fund a homeowner’s association that handles maintenance, common-area repairs, insurance, and unpleasant surprises. For some buyers, for example singletons and couples without children, condos are an excellent choice. They usually come at a lower cost and the owners do not have to worry about maintenance, while oftentimes they still have all the desired amenities like a swimming pool. The downside, however, is that you have to share many of the amenities, there is more noise, and you will likely appreciate less when it comes time for you to sell.
Co-op is short for cooperative apartment, but they are more rare than other forms of property and usually only exist in densely populated areas. People who own co-ops own properties similar to condos with a medium-sized exception. Owners do not own their own unit, they own a share of the corporation that owns the entire property. The corporation manages the property and deals with homeowner’s association dues, maintenance, and pays the mortgage and other bills. The positive is that shareholders get to vote on all major decision, including who gets to live their. Therefore they can prevent prospective buyers from moving in based on financial or reputation issues, though they cannot discriminate by law. However, the negative is that it may be as difficult to leave as it was to move in.
The term “townhouse” is a decorative title, not a legal one. These homes are entirely owned by the buyer, but the walls are shared by another home. They serve as middle ground between houses and condominiums. The compromise is that you do own the land, which comes with a yard, albeit a small one and there are amenities such as swimming pools and other facilities. However, the flip side is that there are noise, privacy, and stylistic issues. They appreciate more than condos when it comes to sell, but less than detached homes.
Detached homes, co-ops, and townhouses all have their benefits. What you buy depends on what will suit your needs best.
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