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Co-ops/Condominiums
A co-op is a type of ownership where the owner buys shares
in a corporation that owns the building, giving each resident
the right to occupy an apartment. A condominium can be a townhouse
or a single unit in a building, but the purchase of a condo
gives the owner title to that specific unit. Condos and co-ops
can be less expensive than other types of homeownership since
you share the maintenance and operating costs for many services
as well as building-wide expenditures with others in the building.
Most often in a co-op or condo, you cannot make all decisions
about the building alone. Usually, you need the approval of
the other building owners.
Single-family home
A single-family home is a building intended to house one family.
Single-family homeowners have the freedom to make all decisions
about the property without consulting other co-owners. However,
you also must cover the costs of any repairs or renovations
that need to be done.
Multi-family home
Purchasing a small home with rental units can be a great way
to make homeownership more affordable. The rent you collect
can increase your income and provide you with more money to
pay your mortgage. Purchasing a home with rental units does,
however, require more responsibility on your part because
you are now both a homeowner and a landlord.
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