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Old 04-07-2008, 01:11 PM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,229,651 times
Reputation: 21890

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In most places that I have ever been to people rent apartments, not buy them. Is buying an apartment an east coast thing? If you do buy an apartment do you have to pay rent as well, or when your mortgage is paid off are you free and clear? Could someone please explain how this all works. Where I am from people live in apartments till they can afford to purchase a home. Sounds kind of like buying a condo or something.
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Old 04-07-2008, 10:15 PM
 
395 posts, read 487,832 times
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Dude u must be from another country. U can't buy an apt unless it has been converted to a condo/coop in US. And don't ask me what are those. Google it up son.
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Old 04-08-2008, 06:56 AM
 
Location: US
3,090 posts, read 3,954,690 times
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Here in Florida, a few years ago, a big rush came about to convert some apartment complexes to condos (a/k/a condominiums) to sell. So what may have been an apartment complex 5 years ago is now condominium complex with a mortgage payment and maintenance fees. If you buy a condo, once you pay off the mortgage, you own it, but you will always have maintenance fees. If you rent an apartment, it is managed by a property management company, you pay a deposit to get into the apartment and pay rent on a monthly basis. You will sign a lease agreement for six months to one year and then you can renew your lease or move on. You are right and people still rent apartments, save their money for a down payment for a house and then buy a house. But you can also buy a condominium. Hope that helps.

Quote:
Originally Posted by SOON2BNSURPRISE View Post
In most places that I have ever been to people rent apartments, not buy them. Is buying an apartment an east coast thing? If you do buy an apartment do you have to pay rent as well, or when your mortgage is paid off are you free and clear? Could someone please explain how this all works. Where I am from people live in apartments till they can afford to purchase a home. Sounds kind of like buying a condo or something.
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Old 04-08-2008, 09:05 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,229,651 times
Reputation: 21890
Quote:
Originally Posted by vincentnyc View Post
Dude u must be from another country. U can't buy an apt unless it has been converted to a condo/coop in US. And don't ask me what are those. Google it up son.
That is so funny. Then why are these people within this forum stating that they have bought an apartment, are closing on an apartment, or trying to sell an apartment? Also in many east coast based TV shows you some times here how someone is buying their first apartment. In this forum try a search on "apartment purchasing, or buying"
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Old 04-08-2008, 09:18 AM
 
395 posts, read 487,832 times
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Quote:
Originally Posted by SOON2BNSURPRISE View Post
That is so funny. Then why are these people within this forum stating that they have bought an apartment, are closing on an apartment, or trying to sell an apartment? Also in many east coast based TV shows you some times here how someone is buying their first apartment. In this forum try a search on "apartment purchasing, or buying"
cuz these ppl dont know what they are talking about...they are purchasing a condo and dont know any better and called it apartment cuz they watch it on tv and live in the boondocks. but im sorry...here in nyc...apartment are unit u rent and condo/coop are unit u buy. u probably live in the boondocks somwhere and watch too many 80's tv shows...dont expect me to answer u again. i already feel it is a waste of my life answering ur thread.
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Old 04-08-2008, 10:40 AM
 
Location: Living on the Coast in Oxnard CA
16,289 posts, read 32,229,651 times
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Quote:
Originally Posted by vincentnyc View Post
cuz these ppl dont know what they are talking about...they are purchasing a condo and dont know any better and called it apartment cuz they watch it on tv and live in the boondocks. but im sorry...here in nyc...apartment are unit u rent and condo/coop are unit u buy. u probably live in the boondocks somwhere and watch too many 80's tv shows...dont expect me to answer u again. i already feel it is a waste of my life answering ur thread.
If you call the west coast the boondocks then I guess you are correct. If you call living in an area where people buy homes and rent apartments than you are correct. If you call an area just north of Los Angeles at the Ocean the boondocks then you would also be correct. But within this forum people have stated that they buy apartment units. So sorry to bother one that knows so much about the boondocks that he must be from them.

Does anyone have an answer on this subject or is it an idea that will die out?
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Old 04-08-2008, 11:17 AM
 
Location: GA
2,791 posts, read 10,782,361 times
Reputation: 1181
When an apt building is converted to either a condo or co-op, they can be purchased. When you buy a condo, you are buying the apt (interior). People *say* they are buying an apt. When you buy a co-op, you are buying shares of a corporation. Carolac explained it well. Read her response.
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Old 04-08-2008, 12:16 PM
 
Location: The Woods
18,337 posts, read 26,389,566 times
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When you're buying a condo, essentially you're buying an apartment, and getting the negatives of both owning a home and having an apartment with few of the benefits of either. You're still in an apartment building, basically, with people stacked around you, you pay taxes on it generally, and you're responsible for maintenance costs, and you can't leave it as easily as an apartment. But some people like the idea apparently or they wouldn't sell.
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Old 04-08-2008, 04:39 PM
 
Location: LEAVING CD
22,974 posts, read 26,895,003 times
Reputation: 15644
Quote:
Originally Posted by vincentnyc View Post
cuz these ppl dont know what they are talking about...they are purchasing a condo and dont know any better and called it apartment cuz they watch it on tv and live in the boondocks. but im sorry...here in nyc...apartment are unit u rent and condo/coop are unit u buy. u probably live in the boondocks somwhere and watch too many 80's tv shows...dont expect me to answer u again. i already feel it is a waste of my life answering ur thread.
If you can't answer a perfectly valid question with some respect then perhaps you should refrain from answering at all. The insults are getting REALLY tiring.
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Old 04-12-2008, 10:40 PM
 
Location: Hernando County, FL
8,488 posts, read 20,567,144 times
Reputation: 5397
Quote:
Originally Posted by vincentnyc View Post
cuz these ppl dont know what they are talking about...they are purchasing a condo and dont know any better and called it apartment cuz they watch it on tv and live in the boondocks. but im sorry...here in nyc...apartment are unit u rent and condo/coop are unit u buy. u probably live in the boondocks somwhere and watch too many 80's tv shows...dont expect me to answer u again. i already feel it is a waste of my life answering ur thread.
An apartment is the divided portion of a building deemed to be one unit of that building.
Condos and Co-op's are different ways that unit can be owned.

Instead of continually attacking other posters you may want to read a little more. You might learn something.
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