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I just got a lowball offer on my home. Asking $525K. They offered $485K. Next door neighbor sold house for $535K 7 months ago.
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 Why is London so expensive why is a one bedroom flat just as much as a three bedroom home in the north?? |
It's crazy!!!! The govement should cap the price on all items!!! Do you agree?
Additional Details
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 Can my landlord successfully hold my money for this? |
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 What's the fairest way of dividing up the rent for a 2BR apartment with 3 people? |
It's a 2 bedroom apartment with 3 people living in it; 2 of whom share 1 bedroom, and 1 has his own bedroom.
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Godfather's Pizza | Other than renting vs. owning, what's the actual difference between an apartment and a condo? |
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Taryn
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That's really the main difference. You pay condo fees with a condo, plus your mortgage. You pay rent with an apartment.
A condo can be any type of building, really. An apartment, a townhouse, a semi-detached... even a detached single family home. If you pay condo or strata fees for maintenance etc, it's considered a condo.
With a rental, you are not responsible for repairs, the owner is. With a condo, you are often responsible for the cost of repairs. Large scale ones will be taken from the reserve fund (the money you pay in condo fees each month).
Common area maintenance is taken care of for you either way, usually.
If you have a condo, you can have more say in how things are done, by joining the condo/strata committee.
In an apartment, it's up to the owner/property manager/landlord. |
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insert.name.here
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Well the whole renting vs owning is a very big difference, it means a lot. Means you can do a lot more to your property then you would with renting.
But also things like condo fees need to be paid every month sometimes as high as $500-$1000/month, depending on the place. But these condo fees pay for things like pools, rec rooms in the building, also for things like repairs to the buildings and such.
But again when it comes to choosing it usually will depend on money you will need a much greater down payment to get a condo, you will have to sign a mortage and thats a lot tougher then a rent agreement. But at least with a condo when you decide to move away you have a potential to walk away with some money. Wouldnt that be nice.
Hope that helped a little. Good luck. |
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margie k
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You just said the major difference, which is building equity in a property you own instead of throwing your money away to make some landlord wealthy. Also with a condo, you have more rights and more freedoms, such as remodeling to your taste and needs, and condo associations who have meetings to take care of potential problems, and where you have a real say. When you rent you have some renter's rights, but no real control over your property or the cost of rent etc. |
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Emanon
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$$$$$$ |
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John
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The difference is how they are actually made. There are certain requirements for it to be a condo such as having its own water heater. An apartment can be converted to a condo. You can not own own an apartment but can own a condo. There is also a difference between a condo, townhouse & PUD. I own a PUD (Planned Unit Development). The owner is responsible for the upkeep of more things then in a condo. The difference in a condo and townhouse is the ownership of the land. |
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curious
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A condo is generally owned and operated by it's residents. A board of residents make decisions about managing the property. Residents generally pay a condo fee in addition to their mortgage. The fees are placed in an account run by the board for exterior repairs, updates, landscaping, etc. When living in a condo, you have the freedom to make changes to the inside of your unit as you like, as long as the board does not have stipulations against it. You also have the benefit of a purchase on your credit, and the money you pay is still yours, unlike a rental, where you won't see it again. |
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Zhi
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Home Owners Assoc. >>;; a worth(less) luxury to pay and uncalled 'laws' you must follow/obey =p, before you can do anything with your condo for exterior designs and what you must have and have not (blah,blah)
apartment.. all you have to deal is just pay rent that's it..and security deposit, after you enroll. Yes been to both here ^_^; |
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Michael
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You will have different insurance needs, but as far as living in them, I have seen apartment complexes turned into condos, and vice versa, so there's not really a functional difference. They just remodel and sell.
Condos builts as condos are generally nicer than apartments in appearance, etc. |
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That one guy
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renting vs owning has nothing to do with the price of tea in china. there really is no difference between an apartment and a condo. there is a difference when you go to buy a place. when you buy a condo you are not purchasing the land on which the condo is built. If you buy a house or a townhouse you are (usually) buying the rights to the land that is underneath the home. If somebody discovers a giant natural diamond mine under your condo you are SOL becuase it belongs to the people who own the condo complex. Find it under your house and you can bulldoze your house and become very wealthy. |
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clever girl
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Most renters do not take care of the building as well. When you are an owner, there is a common interest in maintaining your investment. Renting is throwing away your money and making the landlord rich. |
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Wisdom
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A couple of hundred dollars. |
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