Evanston IL Real Estate

How to Downsize to a Smaller Home:You have been living in your house for over 20 + year. You have raised your children in your home and they have all moved out. You have lots of equity in your house and the thought of moving to a smaller home has crossed your mind?

Learn how to downsize with simple easy steps. With today’s real estate market being a buyers market its a good time to buy a retirement home but what do you do with the home you got? Well I have the steps to help plan your move.

If you are planning to do something in the next 6-12 months and need help with this planning then give me a call. I have set up a 24/7 hotline number just for you.

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1-888-307-7311 EXT 17

Townhomes are an excellent alternative to a single family home and a condominium. A townhouse is attached to one or more homes but often have a back yard and in some cases with end units will have both back and side yards. Townhomes like condominiums have common area space which is shared between all unit owners. The cost to maintain this common area is a monthly fee called a homeowners association fee. This monthly fee is usually less than those fees associated with condominiums. There is quite a variety of different townhouse styles. Some of the newer townhomes have attached garages, full finished basements, decks, porches and depending on size of the complex may have amenities like a pool, and tennis court.

The major difference between a Condo and a Cooperative (Coop) is in the type of ownership. With a condo the owner actually owns real estate and gets title to this unit usually in a fee simple title. With this ownership comes and undivided interest in the unit and the common areas of the building.

In a Coop you do not own real estate rather your ownership is a percentage in a not-for-profit corporation. As a shareholder you get to lease space in the building. The corporation owns the common area space.

Because condos are owned individually and as such each condo unit has its own seperate real estate tax bill.

With coops there is one real estate tax bill which the corporation pays and passes along the cost to the shareholders. Real Estate taxes tend to be lower in coops because sales are not recorded.

Both condos and coops have monthly assessments to cover common area costs. Usually coops have a higher monthly assessment because real estate taxes for the corporation are collected monthly from shareholders. Other expense items such as utilities (heat, water, electric) are also included.

Financing is available for both condos and coops. The association of a coop may require a bigger downpayment from a shareholder.

If you would like to receive more  information about condos or coops please feel free to contact me personally at www.jacklewitz.com.