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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.
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.
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
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.
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"
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.
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?
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.
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.
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.
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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