Home Buying 101 Archive


How do I determine the value of a distressed property?

Wednesday, November 28th, 2007
One of the best ways is to get your hands on a comparable market analyses. See what price similar properties have sold for in the past and find out the listing price of others currently on the market. ...
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Is buying a fixer-upper in a “bad” area a good idea?

Wednesday, November 28th, 2007
It depends. So-called "bad" areas---often described as those that are residentially unstable or poor - have offered an affordable means of homeownership for many---particularly young, first-time buyers and low- to moderate-income families interested in a home they can call their own. Whether it is right for you to buy a ...
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Where can you find fixer-uppers?

Wednesday, November 28th, 2007
They are literally everywhere, even in wealthy enclaves. What sets them apart is price. They have lower market value than other houses in the immediate area because they have either been poorly maintained or abandoned. ...
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What are the benefits of having a co-op?

Wednesday, November 28th, 2007
In addition to being able to take advantage of tax deductions, the National Association of Housing Cooperatives (NAHC) says shareholders will find that co-ops have low turnover rates, lower real estate tax assessments, reduced maintenance costs, resident participation and control, and the ability to prevent absentee and investor ownership. ...
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What are co-ops?

Wednesday, November 28th, 2007
Cooperative apartments - known as co-ops - are not really owned by people as real property. Instead, people own shares of stock in the company that owns the building in which they live. But for all practical purposes, the experts say owning a co-op is almost like owning real ...
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What are the pros and cons of owning a townhouse?

Wednesday, November 28th, 2007
On the plus side, exterior maintenance and repairs are minimal; there are no neighbors above or below the home like in an apartment; and because the homes are attached, they may offer a greater sense of security. ...
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How do townhouses differ from condominiums?

Wednesday, November 28th, 2007
While most condominiums are apartments, a townhouse is attached to one or more houses and can run the gamut from duplexes and triplexes to communities with hundreds of homes. Buyers separately own their homes and the land on which the houses sit. With a condominium, the unit owners jointly own ...
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Are condos good investments?

Wednesday, November 28th, 2007
They are a good way to enter into homeownership. The high price of single-family homes and the influx into the housing market of more single homebuyers have made condos relatively hot national investments. They have held their value as an investment despite economic downturns and problems with some associations. ...
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How do you choose a good condo?

Wednesday, November 28th, 2007
Seek ownership in a well-maintained building, and pay special attention to the financial health of the condo association. Lax maintenance may be a sign of financial trouble, which could result in higher maintenance fees and problems trying to resale the property later. ...
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Why buy a condo?

Wednesday, November 28th, 2007
They are an appealing way to enter the housing market if the cost of a single-family home is out of your reach. Condos are especially popular among single homebuyers, empty nesters, and first-time buyers in high-priced housing markets. ...
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