and living space. Townhomes share two walls with neighbors unless the townhome is located at the end of a building. In some markets, the terms “townhome” and “townhouse” are used interchangeably. 5. Condominiums, known colloquially as condos, are buildings made up of individually owned units. They can look and feel like an apartment building or a community. You own the interior space of the unit. The common area is typically managed by a homeowner's association, with fees being assessed to owners for common area expenses. 6. Co-ops may physically resemble an apartment building, but the ownership model is different than any other type of residential real estate. The building is owned by a cooperative corporation. As a co-op owner you are a shareholder of the corporation that owns and manages the building. You are purchasing shares in the corporation that owns the building not an individual unit. As a shareholder you have the right to lease a specific unit for your own use. The cooperative corporation is run by a board of directors, elected by the shareholders, and are responsible for financial oversight, common area maintenance and repairs.
STEP 8: GO HOME SHOPPING
Now comes both the fun part as well as the tricky part — looking at homes. The fun part is searching and viewing homes online that meet both your budget and criteria, as well as visiting open houses, allowing you to feel and see for yourself what is and isn’t the right home for you, and then identifying it. Make a thorough search of the available homes that fall within your price range and meet all your needs — and at least several of the wants — from the lists that you wrote out in step three. The tricky part? You need to examine each property’s condition
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