While we're on the topic of real estate terms, don't make the same mistake I have read in several articles on home exchange. Just because a family lives in an apartment doesn't mean they are renting their home. Here in North America, people own apartments just as they own houses.
US swappers may refer to their apartments as "condos", "co-ops" or "townhouses". What should you, the home exchanger, expect from each of these residences?
CONDOS
A condominium, or condo for short, is an apartment whose owner owns everything from the walls inward. The condo association is in charge of maintaining common spaces such as the lobby, landscaping and building amenities like the pool or fitness center.
As you can see, there are benefits to apartment living. Apartment complexes may have extensive facilities including tennis courts, children's playrooms, party rooms, roof decks, concierge service, lounges, even a billiards room.
CO-OP's
A co-operative apartment building is one in which residents own shares of the corporation that owns the building. In return for their share ownership, they are allowed to live in one of the units. Like condos, co-ops charge monthly fees to cover maintenance and amenities.
WHAT'S THE DIFFERENCE?
The difference between condos and co-ops, from the perspective of the home exchanger, is primarily semantic. Both are apartments, both may have similar amenities, but laws governing how such apartments are constituted vary from state to state. Some regions may have only condos, others have both apartment ownership options.
AND WHERE DOES THE TOWN HOME FIT INTO ALL OF THIS?
Condos can be apartment units stacked one on top of another in a tall building, or they can be built as side-by-side narrow houses of two or more levels.
HOME SWEET HOME
The theme with all of the homes mentioned here is footprint. Apartment buildings and town home developments fit a large number of units in a relatively small amount of land. When you're in a city there isn't much land. That doesn't mean apartments are low-budget alternatives to houses.
WHY TRADE MY HUGE HOUSE FOR AN APARTMENT?
As always, it's location, location, location. A co-worker of mine lives in a 250-square foot one-room apartment in Harlem, which is a gentrifying area of Manhattan. Still, due to crime it's not the most desirable neighborhood and the apartment is noisy since it's located on the second floor. Of course that means there is no view. He's listing his condo for a price similar to what other studios in his building sold for recently, about $315,000. The average home price in the entire United States, according to the US Census bureau, is $313,600 and ten times the size of my friend's home.
HOMES COME IN ALL SHAPES AND SIZES
Houses can be homes, apartments can be homes. Both can be bought, sold, rented or vacation-swapped. Don't assume an apartment is less luxurious or cheaper than a house. And if you want to vacation in a city, an apartment is always going to be more convenient than a suburban house.
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