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If you are thinking of buying
a new home, you must pay close attention to a great many details to ensure
that you find one that will suit your needs and preferences.
Before you start shopping, you should sit down with the members of your
household to discuss the features you would all like in a new home. You
should also determine how much you can afford to pay for a new home. Click
here to view an Online Mortgage Calculator
To organize your thoughts, write each separate feature that you want
on a 3X5 card, and arrange the cards in order of their importance to you.
For instance, if you like to cook, you may want a home with a large,
well-equipped kitchen. Or you may settle for a small kitchen so that you
can have extra space for a library, office or computer room.
Some home buyers seek large, open interior spaces, while others prefer
traditional rooms that afford more privacy. Some choose homes with large
yards. Others opt for condominiums where they can avoid yard maintenance
entirely.
While looking for a home, consider whether your needs are likely to change
over time. If you plan to add rooms, find out if there is enough space
on your site for such expansion and whether such additions are permitted
by your local jurisdiction.
Do You Want a Condominium or Cooperative?
A condominium is a home in a multi-unit complex, such as an apartment
building or a townhouse cluster. You own the home, and you and your neighbors
jointly own the common elements, such as the land around the complex,
the parking areas, building exteriors, hallways, utility pipes and recreational
facilities. A condominium owners association is responsible for maintaining
the jointly owned elements. The day-to-day business of the complex is
generally handled by a managing agency.
The owner of each condominium unit has a vote in the affairs of the community.
Each owner pays a fee to cover the operating expenses of the property
and usually contributes to a reserve fund for replacements (such as a
new roof) or improvements (such as decorative landscaping to improve the
value of the property). Changes and improvements to the complex may be
made only as you and your co-owners desire.
You are responsible for maintaining the interior of your condominium
unit. Typically, you will not have to perform outdoor chores.
Cooperatives offer lifestyles similar to condominiums, but rather than
owning your unit, you own shares of the stock of the complex. Stock owners
are jointly liable for the cooperative's debts.
Source: NAHB
Copyright © 2002 Merle Schneider
All rights reserved
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