It’s common for people to confuse condos and co-ops, but there are significant differences between these two types of residences. Let’s take a look at these differences in order to answer the question “what are condos?”
Here are three ways to distinguish between condos and co-ops:
- Condos typically cost more than co-cops, although the difference isn’t as drastic when you compare ones that are roughly the same size and have the same amenities. You do pay more in closing costs with a condo, and you have to factor in the cost of title insurance and a mortgage recording tax.
- Co-ops generally have much tighter financial requirements than condos. You have to provide financial information on liquid assets, your income and your net worth. With a condo, you don’t have to disclose as much. You also have to come up with a higher down payment, ranging from 20 to 50 percent, for a co-op.
- Co-ops usually have more rules and restrictions than condos, but you’re also protected under landlord-tenant laws as a co-op shareholder.
Still need more info to answer the question “what are condos”? Visit United Real Estate and stop by our Facebook page for more help!
Looking to buy or sell a home in the Lexington area? Either way, you’re in luck! United Real Estate just opened a branch in that area this summer. That means you now have access to the best real estate agents in Lexington.
The new branch is owned by Bonnie Mays, who is ranked among the real estate industry’s top 25 most influential women. Mays has worked in the industry for 25 years and possesses the skills needed to focus on United Real Estate’s agent-centered business.
What does this mean for buyers and sellers? It means that you’ll get excellent service whether you’re putting your home on the market or searching for a new one. United Real Estate agents have access to technological tools, marketing techniques and professional training that provide them with everything they need to help buyers and sellers.
They also earn 100 percent commission on each sale, so they’re highly motivated to help you get the best deal. You’ll also be able to meet with your agent in a contemporary, comfortable setting.
Want to work with the most reliable real estate agents in Lexington? Stop by United Real Estate and visit our Facebook page for more info!
Searching through page after page of property listings online or looking through them in your local paper can be time-consuming. Fortunately, there’s a much more efficient and convenient way to find potential homes.
Real estate search apps make it easy for you to browse through home and condo listings on the go. United Real Estate offers browsing apps for several different devices. You can download and use these apps on your iPad, iPhone, BlackBerryor Android device. These apps also let you keep track of properties that have had a price reduction and those that are having an open house. With these convenient apps, you don’t have to wait until you’re sitting in front of your computer or laptop at home in the evening to search for properties. Search for your next home no matter where you are.
Providing browsing apps is just one of the ways that United Real Estate makes the home-buying process run smoothly. The company has other technological tools, as well as seasoned professionals, available to help you find your next home.
Need more tips on making the most of our real estate search apps? Visit United Real Estate and stop by our Facebook page.
Going house hunting for your very first home is exciting, but it’s not something to rush into. Making sure you get the house of your dreams at a price that’s within your budget should be your ultimate goal, and that’s going to take some time and require careful consideration.
Keep these essential tips on home buying for first time home buyers in mind as you start your search:
- Know how much you can afford. Use online tools, such as an affordability calculator and a mortgage calculator, to determine what’s within your budget and get an estimate of how big your monthly mortgage payment would be.
- Follow this rule of thumb when figuring out how much you can afford each month for a mortgage payment: your payment shouldn’t exceed 28 percent of your monthly income.
- Gather information about the real estate market in your area by contacting United Real Estate agents. They should be able to tell you if you’re better off buying now or if you should wait a bit more until prices fall again.
Need more tips on home buying for first time home buyers? Visit United Real Estate and stop by our Facebook page for expert advice!
Whether you’re buying or selling a home, it’s good to have the best professional help available. That’s exactly what you’ll get from United Real Estate. We offer outstanding service and make the new home buying or selling process go as smoothly as possible.
As part of our service, we’ve set up this blog for our customers. Check back here often for tips and advice aimed at buyers and sellers and info on real estate markets. You’ll learn how to attract potential buyers, choose the perfect home and figure out how much of a mortgage you can afford. You’ll also know what to expect when you’re closing on a home or handing over the keys to a new owner. Our blog will keep you up-to-date on the latest real estate trends and provide you with recent news about our company. You’ll learn more about the apps and other tools we offer to buyers and sellers as well. Don’t forget to bookmark this site for quick and easy access to it!
Stop by and “like” the United Real Estate Facebook page and follow us on Twitter. You’ll get unique condo highlights, new home buying tips, spotlights on nationwide markets and much more!