What are the differences between a condominium, a townhouse and a co-op?

A townhouse is a style of construction, whereas condominium and co-op are types of ownership. A townhouse is basically a building or unit that shares a common wall with the building or unit next door. The walls are usually straight and entry is usually from the ground floor. Townhouses usually have two or more stories. A townhouse can be a style of condominium.

A condo is where you own the actual structure of the building jointly with the other members of the association, along with common areas such as swimming pools, tennis courts or other common areas. Individually, you own the airspace and interior of the structure, but not the building itself. You and the other members of the association own the structure together.

A co-op is where you own shares of a corporation or organization that owns the larger structure, and ownership of those shares gives you the right to occupy a specific unit or apartment.

What is Freddie Mac?
Freddie Mac is a stockholder-owned corporation established by Congress in to support homeownership and rental housing. Freddie Mac purchases single-family and multifamily residential mortgages and mortgage-related securities, which it finances primarily by issuing mortgage passthrough securities and debt instruments in the capital markets. Freddie Mac has opened the doors for one in six homebuyers and more than 2 million renters across America. Visit www.freddiemac.com for more information about Freddie Mac, and www.freddiemac.com/hve for information about Home Value products.

What is the value of my home?
Your home value depends on current market conditions. Major influences on market conditions are mortgage rates and the local economic conditions. You can use 'appraised value' basaed on square footage, lot size, view, landscaping, location, construction quality, design, shopping and schools. If you choose this method, you should use a certified appraiser. Normal cost is around $300.

Most real estate agents use 'comparative market analysis' to determine value and sale price. Most agents will give you a free market analysis or you can do it yourself by looking up recent sales in public records or on the internet. The key here is to be sure recent sales of comparable properties are used. When done right, this should lead you to an 'good estimate' of the value and market price of your home.



....and have a nice day.