Home is the place where your loved ones gather, where entering the door is as comforting as a hug, and where you go to relax and rejuvenate. Where you choose to make that home is up to you!
Whether you choose to live in a single-family home, rent an apartment, or share ownership responsibility in a cooperative housing community like Ash Street Cooperative, the home of your dreams is waiting for you. If you've ever been interested in the differences between co-op living, renting and owning, check out the article below.
The main differences between these three housing options:
A Single-family Home
Single-family homes are probably the most traditional of choices when it comes to homeownership. This form of home ownership comes with a heavy set of burdens and responsibilities, but it also has the most freedoms as far as design and construction.
When you own your home, you are responsible for any and all upkeep whether inside the home or out. You usually have a monthly mortgage to pay plus yearly property taxes and home insurance premiums. However, since you own the home you also get to choose how you want to care for it - be it bathroom remodel, gutter replacement or a fresh coat of paint everywhere!
Renting an Apartment
If you need somewhere to live but don’t want to be tied down to a mortgage, living in an apartment is a great choice. You do pay typically twice or three times that in monthly rent payments over a mortgage payment for the same space, but you also don't have to worry about the yearly tax liability either.
Unfortunately, you have no choice or freedoms as far as painting and other design modifications. In fact some landlords even restrict regular nail holes - so no hanging pictures or décor. At times because of the non-commitment factor, your neighbors can be unruly or loud and depending on the landlord, you might be stuck with a slumlord with no options for voicing your opinion.
Shared Housing Co-op
A housing cooperative is a great middle ground for home ownership. You typically pay a low monthly fee which contributes towards taxes and upkeep for the entire housing unit. You also own shares of the co-op which allows you to participate in community decision making for the co-op.
The low monthly fee is usually about half of the average monthly mortgage and only a third of the cost of renting. The great thing about housing co-ops is that major maintenance and repairs are handled by the co-op management even though you own your unit. And since you own your own unit, you have full design liberties when it comes to the inside of your home which means if you choose to install a ceiling fan or redo the bathroom, you have the freedom to do so after approval from management.
These three options all offer something a little different. You can be more independent but bear more responsibility with a singly-family home. Apartments will keep the responsibility a little lighter but also limit what you can do to make it your own. And last but not least, housing cooperatives allow you to save quite a bit of money while relieving most of your major responsibilities when it comes to maintenance.
If you're ready to take the plunge into co-op home ownership, give Ash Street Cooperative a call to discuss availability, pricing and requirements.