Tina-Fountain blog

Condo or Co-op?

At first a condominium complex and a co-operative might seem to be one and the same. They are both buildings that house a number of people and you pay money in order to live there. However, it's not that simple (hey, nothing ever is). Condos and co-ops are very different from each other and a careful examination should be made before you choose one over the other.

One of the biggest differences between a condo and a co-op is ownership. If you buy a condo, you own the airspace in your unit and get an actual title to your property. In a co-op, you own shares in the non-profit corporation that owns the property and are granted a proprietary lease to the unit you occupy. You do not own your unit in a co-op.

Financing can be problematic for the potential co-op investor. Since co-op shares aren't an investment in a unit of real property, many lenders won't finance them, since the stake is in the whole building rather than just the part they are financing. Loans that homeowners take as a matter of course, such as home equity, lines of credit, etc. are often unavailable or extremely hard to find for the co-op buyer.

Monthly fees are something that both condo and co-op owners have to pay. Co-op members often pay a higher monthly fee that includes their mortgage, insurance, maintenance, etc. These are the same fees that condo owners have to pay; only co-op members generally pay them all in one lump sum to the same entity - the corporation. Co-ops also have the advantage in borrowing money for major repairs or improvements, being able to use the "blanket mortgage" to finance them. Condo owners can only borrow money on their particular unit, sometimes not enough to cover unexpected assessments.

Property taxes is where a co-op can have the advantage over a condo. Since the property is taxed as a whole instead of units with individual values, the property taxes can be lower when divided among the shareholders. A condo is taxed individually and, as a result, can have a higher individual tax than that allotted to the shareholder in a co-op. A condo owner can deduct their payments on mortgage interest and property taxes from their Federal taxes if they live in the unit and for maintenance if they rent it out. A co-op owner can deduct their share of the interest on the overall mortgage and property taxes easily enough, but deductibility for other matters can be more difficult.

Co-ops have more power over your property than condos do. Despite some condo boards' claims to the contrary, a board has very little power to affect one's ownership. A condominium is considered an individual piece of property and the owner is subject only to what laws concerning real property are extant in their area. A co-op, on the other hand, can deny a sale to an individual and, in some cases, literally vote your living space out from under you. This is not a common occurrence, but it can happen and must be taken into consideration.

If you sell your condo, it is a straightforward real estate transaction, with the attendant fees, taxes, etc. A co-op sale is somewhat different. Since you are not transferring the deed to real property, there are less taxes and fees on the transfer of co-op shares. If you're trying to avoid your transactions being track able by people off the street, the buying and selling of co-op shares also have the advantage of not being tracked like real estate transactions.

Choosing a condo or a co-op is subject to the individual's personal preference. Hopefully, this article has shed some light on the basic differences between these two types of living space. No matter what you choose, research and self-education on the laws of your area and how they view co-ops and condominiums will aid you greatly in your choice. Consider engaging the services of a good Realtor® to get qualified, professional advice.

Search Alpharetta GA townhomes at TinaFountain.com, the home of Alpharetta real estate experts.

Bicycle Storage in the Home

Whether your bicycle equipment is stored in your garage or a room in your home, there is no reason for it to look messy and dirty. Bicycle storage can be attractive and convenient with a few design techniques that can make a bicycle easy to store and use, even in a small apartment. This will not only keep your bicycle out of the way, it will also make it easier to maintain your equipment properly.

There are a number of storage options for the bicycle itself. Some people store their bicycles in a hall closet. Others install hooks from which their bicycles are suspended. Another great choice is a bicycle rack that can hold multiple bicycles and equipment, such as the Delta Cezanne Bike Rack at orsracksdirect.com. If you work on your bicycle yourself, using a bicycle work stand to store your bicycle can get it off the floor and maximize your storage potential.

Buckets, toolboxes and mesh bags can hold bicycle gear. Plastic tubs or rolling shelves - kitchen shelves can make good equipment stands - can hold larger items. A cute way to store small items is to get some bicycle baskets from secondhand stores and paint them to match the room decor. Use them to store your gloves, tools, even bicycle clothing.

It is important to have a place near the door to store cleaning item when your bicycle is wet and/or dirty. A mat of some kind that can absorb dirt and water will come in handy for cleaning and drying the bicycle on. A bucket containing a towel and a spray-on cleaning solution for a quick clean and dry will both preserve your floors and your bicycle. A mat placed underneath the area where you store your bicycle can take care of any stray drips.

An array of hooks can give you places to hang helmets, clothing and other paraphernalia. Panniers benefit from regular airings-out and will smell a lot better if you take the time to rinse them out and hang them to dry regularly. Clothing, too, benefits from being aired out. Many bicycle clothing items require being hung to dry instead of being tossed in a dryer, so these hooks can keep your clothing organized and help it last longer.

With a small outlay of money, you can design part of your home to accommodate your pedal-powered transportation and still have an attractive living space. Your equipment will be more easily found and will last longer when you have the materials at hand to keep it clean and dry.

Search Marietta real estate listings at TinaFountain.com, the home of Marietta real estate experts.

• Previous Posts:

• Condo or Co-op?
• Energy Perks for Home Buyers
• Bicycle Storage in the Home

• Related Posts:

• Landlord Tenant Relations, Tips To Improve Your Relationship
• The Complicated World of Leases
• Section 8 and How It Works
• Top Tips for Selling an Apartment versus a House.
• Whats In a Condo Name?
• Pricing an Apartment in Spain.
• 4 Steps to Renting the Perfect Apartment and other Real Estate
• Tips For Students: Apartment Hunting in Auburn Alabama